 "Diwali season: Paytm Wallet processes $1.6-bn transactions")
Digital wallet major Paytm on Monday announced that it processed over $1.6 billion worth of payments on its platform during the month-long Diwali festive season spanning from September 20 to October 20.
The platform witnessed 3.5 times increase in online and offline payments during the festive season as more consumers used its payments service during September 20 to October 20 as compared to the same period last year.
“Paytm registered growth across all its payment use-cases and categories. Food outlets, transportation and offline retailers have contributed the most to the overall surge in transactions, with more than 60 per cent of the incoming growth from Tier-II and Tier-III cities,” Kiran Vasireddy, chief operating officer of payments business, Paytm, said.
The company had kept aside over Rs 250 crore during this period to bring the next leap of mobile payments growth across the country. “Mobile payments have become part of the mainstream over the last few quarters. It is helping in majority of growth in offline payments from smaller towns and cities. This has resulted in over $1.6 billion worth of transactions in a month, making this the largest Diwali for mobile payments in India,” Vasireddy said.
Paytm Mall on Sunday said the company has been able to achieve gross merchandise value (GMV) run-rate of $4 billion, a target it had hoped to achieve by end of this year.
The company also claimed that its offline-to-online strategy has helped it capture almost 20 per cent of the market share. “Our plan was to get to an annualised GMV run-rate of $4 billion by the end of the year; however, we reached the target during the festive season itself. This is a great showcase of our widespread adoption in just six months of launch,” said Amit Sinha, chief operating officer, Paytm Mall.
According to Sinha, home appliances, smartphones, laptops and two-wheeler sales contributed most to GMV during the festive season.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%