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.
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.
Digital payments player Paytm on Wednesday announced its digital gold platform — ‘Paytm Gold’ is now redeemable at jewellery stores across the country as part of Paytm Mall’s ‘O2O’ strategy.
The company is aiming for three times growth with the sale of Paytm Gold during the festive season.
The facility is now live in 100+ stores and the plan is to add another 250 stores in the next 20 days.
“We are overwhelmed with the growth we have witnessed in the last 2 years. Our partnership with leading jewellers is an important landmark as our customers can now conveniently redeem their gold savings at nearby jewellery stores. Going forward, we will continue expanding our partnerships and offerings to make savings in Paytm Gold a habit,” Narendra Yadav, Vice President at Paytm, said in a statement.
The company, owned by One97 Communications, has collaborated with Kalyan Jewellers, Malabar Gold & Diamonds, PC Jeweller, Senco Gold & Diamonds and Caratlane to let users purchase jewellery by redeeming their accumulated gold.
Buyers will receive upto 5 per cent ‘goldback’ as part of inaugural offer on the transactions done using Paytm Gold.
According to the firms, within two years of its launch, Paytm Gold has become the country’s largest platform for savings in digital gold.
It is a unique wealth management offering that enables every Indian to buy, store and sell the world’s highest quality of gold for as low as Re 1 from its partnered sellers.
“Till now, more than 30 million customers have transacted more than 4.2 tons of Paytm Gold. The platform leads the digital gold market with a 70 per cent share. Paytm Gold offers free insured lockers, real-time market-linked prices, delivery across 25,000 PIN codes, ‘Gold Savings Plan’ and ‘Gold Gifting’,” the company added.
The tier 2 and tier 3 cities in India have contributed to a staggering 70 per cent of the total sales and the company expects this trend to increase during the run-up to the upcoming festive season.
“Millennials and housewives are leading the surge in demand for Paytm Gold. As per our customers’ feedback, they prefer saving in Paytm Gold for their long-term wealth creation which can be later used during celebrations and emergencies as well,” added Yadav. (IANS)