Paytm clocked 1.2 billion transactions across platforms in February

Mumbai: Paytm clocked more than 1.2 billion monthly transactions in February across platforms, courtesy the massive growth in offline payments and financial services, India’s most-valued fintech startup said.

The February run rate is consistent with January, a company spokesperson said but didn’t disclose the previous month’s numbers.

Paytm claims to have spread digital payments across 500,000 villages and provided training to more than two million merchants, enabling the rise in online transactions. Its offline merchant payments are growing at 15% month-on-month, the Noida-based fintech startup said.

According to Narendra Yadav, vice president at Paytm, the company has promoted digital payments by offering multiple products to consumers and merchants. “Street hawkers, small shopkeepers have been adopting our Soundbox (voice-enabled point-of-sale machine) that has helped in building trust over digital payments as now they get confirmation on every payment they get,” he said.

Paytm has payments businesses across categories such as Unified Payments Interface (UPI), wallet, offline, and quick response (QR) codes.

The Economic Times had last week reported that Paytm is joining hands with cab aggregator Ola and private lender IndusInd Bank Ltd. to apply for a new umbrella entity (NUE) licence from the Reserve Bank of India (RBI) and set up its own national payment network.

Through Paytm Payments Bank, it also runs a payment gateway service for merchants. It consistently reports third-highest UPI transaction volumes behind PhonePe and Google Pay.