‘Germany is 20 years behind on digital money’: German customer applauds India’s digital payments ecosystem

Many advanced economies across the world have taken notice of India’s digital money ecosystem. A post shared by entrepreneur Sandeep Mall on the social media platform, Twitter, revealed how a German customer was taken by surprise when he saw how easy it was to transact digitally in India.
 
He also tagged Paytm boss Vijay Shekhar Sharma in the post.  
 
Mall wrote, “Was out for breakfast with my German customers and I paid using @Paytm and he was surprised and pleased and said Germany is 20 years behind India on digital money. So I recorded this for you @vijayshekhar.”

India’s digital payment ecosystem has expanded considerably over the years. According to estimates shared by the government, India recorded more than 9000 crore digital transactions in 2022 worth Rs 2,050 lakh crore. Paytm apart, there are several players operating in this space including PhonePe, BharatPe, among others. 
 
In another development, shares of One97 Communications, which is the parent company of Paytm, gained in Wednesday's trade after the new age company said its merchant payment volumes (GMV) grew 40 per cent for the March quarter while its average monthly transacting users (MTU) rose 27 per cent YoY to 9 crore during the same period, reflecting continued expansion of customer base.
 
In a filing to the exchanges, Paytm said it saw continued growth in payments and loan distribution business. In March, the company deployed 68 lakh devices and saw loan disbursements of Rs 4,468 crore through the Paytm platform.
 
GMV for the March quarter stood at Rs 3.62 lakh crore ($44 billion), up 40 per cent. Paytm said its  focus over the past few quarters continued to be on payment volumes that generate profitability, either through net payments margin or from direct upsell potential.

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