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Paytm Payments Bank led Digital Transactions in July: Report

For other banks, the numbers are less than 1 per cent barring Canara Bank which reported more than 1.4 per cent transaction declines on UPI, the MeiTY report said

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Paytm Logo. Wikimedia Commons

Paytm Payments Bank (PPB) led the rankings in number of digital transactions reported in the month of July, a report by Ministry of Electronics and Information Technology (MeiTY) has said.

“MeiTY has set up the ”Digital Payment Mission” with a target of 4,019 crore digital payment transactions in FY 2019-2020 and Paytm Payments Bank reached 102.01 per cent of the set target,” Paytm Payments Bank said in a statement.

According to a Paytm Payments Bank spokesperson, the company was set a target of 5 billion digital transactions for the full year but it recorded 1.3 billion transactions in the first three months of the year.

The bank has also on-boarded almost 1 million rural merchants in the same period.

Paytm has also displayed one of the highest rates of successful transactions in the month, with just 0.03 per cent of the transactions on UPI being declined, among the best in the industry, as per the report card.

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For other banks at the top, the numbers are less than 1 per cent, except for Canara Bank which reported more than 1.4 per cent transaction declines on UPI.

The public-sector entities that have been rated ”good” in the list include Canara Bank and IDBI Bank while HSBC is the only foreign bank to feature in the top seven list.

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Paytm also saw the highest rates of successful transactions in the month with just 0.03 per cent of the transactions on UPI being declined, according to the report card.

For other banks, the numbers are less than 1 per cent barring Canara Bank which reported more than 1.4 per cent transaction declines on UPI, the MeiTY report said. (IANS)

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For 3X Growth, Paytm Becomes Redeemable at Stores

According to the firms, within two years of its launch, Paytm Gold has become the country's largest platform for savings in digital gold

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Paytm
The company is aiming for three times growth with the sale of Paytm Gold during the festive season. Pixabay

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.

Pixabay
Paytm 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. Pixabay

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.

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“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)