Paytm UPI transactions grow 600% in 6 months; becomes largest UPI player in October

By: | Published: November 2, 2018 2:12 PM

The Chinese e-commerce giant Alibaba-backed Paytm had recorded more than 137 million UPI transactions in the month of September, with about 33% of the overall market share.

Paytm, One97 Communications, net loss to Rs 1,490 cr, Paytm owner One97 Communications, loss 1,490 cr, financial express hindiAlibaba-backed Paytm had recorded more than 137 million UPI transactions in the month of September, with about 33% of the overall market share.  (Photo source- Reuters)

Digital payments company Paytm Friday said it has recorded a growth of 600% in the Unified Payments Interface (UPI) transactions in the last six months, claiming it was the largest contributor to the volume of UPI payments in India. In the month of October, Paytm, which is which One97 Communications Ltd, registered over 179 million UPI transactions, grabbing an overall 37% transaction share in during the month.

“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. We appreciate BHIM UPI, for its contribution and facilitation of seamless digital payments in the country. We will continue investing our efforts towards increasing its adoption,” Deepak Abbot, senior vice-president, Paytm said in the statement.

According to data by the National Payments Corporation of India (NPCI), which developed the instant payments platform ‘Unified Payments Interface’, a total of 482.36 million UPI transactions worth Rs 74,978.27 were registered in October, an increase of 18.8% from September, when the total number of UPI transactions were reported at 405.87 million.

The Chinese e-commerce giant Alibaba-backed Paytm had recorded more than 137 million UPI transactions in the month of September, with about 33% of the overall market share.

According to Paytm, in the last six months, the major portion of the payments via its platform was done with Paytm BHI UPI for electricity bills, water bill, mobile recharges, DTH recharges, among others. According to the company, about 50 % of all utility payments are being done through Paytm UPI.

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