78% of Paytm’s 325 million account holders use their service daily. Their Wallet services are seeing a growth of 15% transactions month-on-month.
Paytm Payments Bank has registered 970 million digital transactions in March 2021 with growth reported across its various domains, including Wallet, UPI, and internet banking, among others. The Noida-based company is opening an average of one million current and savings accounts per month.
78% of Paytm’s 325 million account holders use their service daily. Their Wallet services are seeing a growth of 15% transactions month-on-month. Citing the NPCI data, Paytm said it has the lowest technical decline rate at 0.11% among all UPI remitter banks, which has enabled it to become one of the largest beneficiaries for UPI transactions. Google Pay, PhonePe, and BharatPe are other big players that lead the UPI transaction landscape in India.
The pandemic has fuelled a massive growth in digital payments in India, especially across tier-2 and tier-3 cities across the country. As per a report by ACI Worldwide and Global Data Payments enabled by UPI more than doubled from April 2020 and helped India attain the tag of the world’s largest real-time digital payments market, outperforming the USA and China. The report also noted that by 2025, over 70% of all payment volumes in India are expected to go digital, leaving cheques and cash at below 30 percent.
Source: Business World