Digital payment major Paytm announced that it has registered 68 million Unified Payments Interface (UPI) transactions in the 28 days of February alone, thus emerging as the largest contributor to the overall volume of UPI transactions.
In December last year Paytm had contributed 33 million to the overall transaction volume for UPI, which rose to 51 million in January 2018 and 68 million in February.
The spike, Paytm said, comes in the backdrop of its vast user-base, wide acceptability and the network effect of multiple use-cases. Paytm UPI IDs are also accepted across all banks and BHIM UPI apps, making Paytm a comprehensive payments system.
"We are happy to contribute the largest share of UPI transactions within three months of launch. Paytm is the largest mobile payments ecosystem in the country, and we are seeing exponential growth. Paytm UPI is a part of our efforts to make money transfers simpler, and bring convenient mobile payments to new and existing consumers across India," said Paytm's senior vice president Deepak Abbot.
In the recent past, Paytm has been accepted at over six million small stores as well as large retail chains across the country. Paytm customers can pay at merchant outlets using their preferred payment methods such as Paytm, UPI, Cards and Net-Banking. This comes as part of the company's efforts to democratise mobile payments for both merchants and consumers by offering them more choices and convenience.
The company has also been consistently investing in expanding its payments network and aims to bring every small and large merchant access to the power of convenient mobile payments.