Chinese e-commerce giant Alibaba-backed Paytm on Friday announced it had registered an increase of 600 per cent in the Unified Payments Interface transactions over the past six months. It further claimed that it was the most significant contributor to the total number of UPI transactions in India. Paytm crossed over 179 million UPI transactions, capturing almost 37 per cent transaction share in October.
National Payments Corporation of India (NPCI)'s data said, a total of 482.36 million UPI transactions worth Rs 74,978.27 crore were recorded. Paytm had recorded over 137 million UPI transactions in September, with almost 33 per cent of the entire market share.
"It is encouraging to see the widespread adoption of Paytm BHIM UPI for various services such as mobile recharges, electricity and water bills, metro commute and also at the offline stores. We appreciate BHIM UPI, for its contribution and facilitation of seamless digital payments in the country," said senior vice-president of Paytm, Deepak Abbot, reported Financial Express.
According to Paytm, the significant share of the payments made through its platform was for mobile recharges, DTH recharges, electricity bills, water bill among others. Nearly 50 per cent of all utility transactions were made through Paytm UPI.