India’s largest mobile payments and commerce platform, Paytm has announced that the company has registered over 25 million offline transactions worth over Rs. 150 Crores in the last 6 days, backed by its strong payment ecosystem of customers and merchants.
The company which aggresively encouraged consumers and small merchants across the country to switch to mobile payments post the announcement to demonetise Rs.500 and Rs.1,000 denomination notes has instituted a 4,000 strong merchant acquisition team to ensure consumers find more Paytm merchants in their neighborhood than ever before.
The company’s merchant onboarding team continues to help over 25,000 offline merchants on a daily basis to accept mobile payments at zero transaction fee or TDR.
“We are proud to announce that we have been able to help millions of Indians adopt digital payments during the recent cash crunch. It’s heartwarming to see merchants, small or large accepting mobile payments using Paytm. Our recently launched feature Nearby has been used extensive over the last few days, garnering over 2 million queries on a daily basis. This is a great showcase of how fast consumers and merchants across the country are adopting mobile payments.” Snr. Vice President – Paytm, Kiran Vasireddy said.
Merchants across India can start accepting Paytm at zero extra cost. They have to simply log on to Paytm.com/business and fill an online form or give a missed call to +91 7210972109. The company has even waived off its 1 per cent transaction fee for transferring money to the Bank for KYC-enabled merchants to facilitate this shift in merchant behavior.
Within a year of launching its Online-to-Offline (O2O) payment solution, Paytm has emerged as the fastest growing QR Code-based POS network in the country. The company has registered a 5X surge at Parking lots, 4X increase in restaurants and local travel spends, 3X surge at grocery outlets including Mother Dairy stores and 2X surge at pharmacies and metro recharge. Its utility bill payments platform saw a 150 per cent surge despite the government allowing old currency as millions of Indians opted to avoid the long queues outside bill payment counters.
Over 850,000 offline merchants across India accept Paytm as their preferred payment mode. Paytm is accepted literallyeverywhere such as taxi, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops, newspaper vendors and many more. Paytm can also be used to pay at thousands of apps & websites for services like recharges and bill payments, movie tickets, travel bookings, food ordering and shopping. With its assertive focus on mobile payments, the company is inching closer to its aim of making cashless transactions a way of life across India.