Mon, Dec 5, 2016 | updated 10:00 AM IST

Paytm helps India adopt mobile payments post demonetization

Updated: Nov 17, 2016 11:10 IST

New Delhi [India], Nov 17 (ANI): India's largest mobile payments and commerce platform Paytm is helping consumers and small merchants across the country to switch to mobile payments.

As millions of new consumers and merchants try mobile payments for the first time with Paytm, the company has instituted a 4,000 strong merchant acquisition team to ensure consumers find more Paytm merchants in their neighborhood than ever before.

Backed by a strong payment ecosystem of customers and merchants, Paytm has registered over 25 million offline transactions worth over Rs. 150 crore in the last six days. The company's merchant on-boarding team continues to help over 25,000 offline merchants on a daily basis to accept mobile payments at zero transaction fee or TDR.

"At Paytm, we are proud to announce that we have been able to help millions of Indians adopt digital payments during the recent cash crunch. It's heartwarming to see merchants, small or large accepting mobile payments using Paytm," said SeniorVP- Paytm, Kiran Vasireddy.

Within a year of launching its Online-to-Offline (O2O) payment solution, Paytm has emerged as the fastest growing QR Code-based POS network in the country. The company has registered a five times surge at Parking lots, four times increase in restaurants and local travel spends, three times surge at grocery outlets including Mother Dairy stores and two times surge at pharmacies and metro recharge. Its utility bill payments platform saw a 150 percent surge despite the government allowing old currency as millions of Indians opted to avoid the long queues outside bill payment counters.

Over 850,000 offline merchants across India accept Paytm as their preferred payment mode. Paytm is accepted literally everywhere such as taxi, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops, newspaper vendors and many more.

Paytm can also be used to pay at thousands of apps and websites for services like recharges and bill payments, movie tickets, travel bookings, food ordering and shopping. With its assertive focus on mobile payments, the company is inching closer to its aim of making cashless transactions a way of life across India. (ANI)