Delhi-NCR emerged as the digital payments capital of India in 2022, according to a year-end report by fintech company Paytm.
The report also revealed that the town of Katpadi in Tamil Nadu's Vellore district emerged as the fastest growing digital payments city in India. Katpadi saw a 7x growth this year.
In terms of regions, the North East emerged as the fastest growing with majority of the online transactions happening, specifically, in Lohit (in Arunachal Pradesh), South Sikkim and Ranipool, and Assam’s Guwahati, Dibrugarh, Jorhat and Kamrup.
Paytm highlighted that by enabling digital payments within the country, it has helped its users avoid 1,618,796,629 trips to ATMs. Infact, one user made transactions in 106 cities across 20 states. Another user booked flights between Mumbai and Delhi 358 times using the Paytm application.
The spokesperson of the company highlighted that this year saw greater adoption of digital payments. “As the pioneer of QR and mobile-based payments in India, we continue to see widespread love for the most trusted payments app - Paytm. Over the last year, we have seen greater adoption amongst consumers and merchants, leading to some interesting trends with Paytm UPI leading the way. With the trust bestowed upon us by our users, we remain focused on driving financial inclusion in India,” the spokesperson said.
Another surprising fact pointed out by Paytm was how a user earned Rs 1 lakh by referring over 1,300 of his family members and friends.
The festival season also set the cash registers ringing this time, Paytm shared. During the online Diwali sale season, the highest amount spent by a single user was Rs 2.8 lakh.
In all, Paytm has now onboarded 5.5 million merchants on a subscription basis. Recently, the One97 Communications-owned company also announced the launch of a group insurance plan in partnership with HDFC ERGO General Insurance.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today