You are here: Home » Companies » News
Business Standard

Paytm emerges as largest UPI transaction platform in February

Google had earlier claimed its payments platform Tez was the largest contributor to UPI transactions

Karan Choudhury  |  New Delhi 

Paytm
Paytm | Photo: Wikimedia Commons

With around 68-million transaction financial services platform, Paytm, on Thursday said it was the largest contributor to the overall volume of Unified Payments Interface (UPI) in February.

This is within two months after the full roll out in January. Google had earlier claimed its payments platform Tez was the largest contributor to UPI transactions. The platform supports all payments instrument and has driven the overall growth in transactions over the past month.

"The company has consistently contributed a larger share of UPI transactions with every passing month. In December, Paytm contributed 33 million to the overall transaction volume for UPI, which rose to 51 million in January. This rapid growth is on the back of its vast user-base, wide acceptability and the network effect of multiple use-cases," the company said.

Paytm UPI IDs are also accepted across all banks and apps. “Paytm is the largest mobile payments ecosystem in the country, and we are seeing exponential growth. Paytm UPI is a part of our efforts to make money transfers simpler and bring convenient mobile payments to new and existing consumers across India," Deepak Abbot, senior vice-president, Paytm, said.

First Published: Fri, March 02 2018. 07:02 IST
RECOMMENDED FOR YOU