Tuesday July 23, 2019
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Paytm Records Over 600% Growth in UPI Transactions in 6 Months

With this, Paytm has over 80 per cent share of all offline merchant transactions being conducted on UPI

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Security, Paytm
Paytm rolls out women exclusive 'Social Community Platform'.

Alibaba and SoftBank-backed Paytm on Friday said it witnessed 600 per cent growth in the Unified Payments Interface (UPI) transactions in the last six months.

One97 Communications Limited, that owns the brand Paytm in India, said the platform registered over 179 million UPI transactions in October.

“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,” said Deepak Abbot, Senior Vice President, Paytm.

paytm wallet
Paytm, Wikimedia

In September, Paytm had registered over 137 million UPI transactions, becoming the leading contributor to Unified Payments Interface (UPI) payments with over 33 per cent of the overall market share.

The company said that 50 per cent of all utility payments are being made using Paytm UPI.

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Over 6 million offline merchants out of its 9.5 million offline merchant-base accept Paytm UPI for various purchases.

With this, Paytm has over 80 per cent share of all offline merchant transactions being conducted on UPI. (IANS)

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Paytm Not to Charge Users Extra Amount for Digital Transactions on its Platform

“In such cases, we recommend our users to pay through their debit cards and UPI to avoid these charges. We would like to reiterate that these charges aren’t levied by Paytm in any scenario,” said the company, adding that it does not have any plans to levy any such fee in the future

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Not charging extra for digital transactions: Paytm. Wikimedia Commons

Digital wallet Paytm on Monday refuted reports that it is going to charge users extra amount for digital transactions on its platform.

“We would like to clarify that Paytm app/payment gateway owned by One97 Communications Limited does not charge or levy any convenience/transaction fee from our customers on using any payment method which includes cards, UPI, net-banking and wallet.

“Paytm customers will continue using all the services available on the platform without any fee,” the Noida-headquartered company said in a statement.

Paytm Logo. Wikimedia Commons

The ET report on Sunday said that Paytm is going to allegedly charge 1 per cent on payments via credit cards, 0.9 per cent for debit cards and up to Rs 12-15 through net banking and UPI-based methods.

According to the digital payments company, there have been few merchants like educational institutes or utility service providers who do not absorb credit card charges and expect customers to pay the same.

Also Read: South Korean Tech Giant Samsung Ready to Work with Telcos for Secure 5G Roll out in India

“In such cases, we recommend our users to pay through their debit cards and UPI to avoid these charges. We would like to reiterate that these charges aren’t levied by Paytm in any scenario,” said the company, adding that it does not have any plans to levy any such fee in the future. (IANS)