Paytm tops UPI payments with over 33% market share

Alibaba and SoftBank-backed Paytm on Monday said it registered over 137 million UPI transactions in September, becoming the leading contributor to Unified Payments Interface (UPI) payments with over 33 per cent of the overall market share.

One97 Communications Limited, that owns the brand Paytm, said the company is enabling BHIM UPI for offline payments and over five million offline merchants, out of its 9.5 million merchant-base, now accept Paytm UPI.

"It is encouraging to see the widespread adoption of Paytm BHIM UPI as it is fast becoming a preferred payment method for millions of users, making us the leader in UPI payments," said Deepak Abbot, Senior Vice President, Paytm.

More than 20 per cent of all payments on Paytm are made using BHIM UPI for mobile recharge and payments, electricity and water bills and DTH recharges, among others.

"We will continue to invest our efforts to introduce more consumers and merchants to the convenience of Paytm UPI for online and offline use cases," said Abbot.

The company also announced the launch of its Spam-proof "SMS Inbox" as part of its "Paytm Inbox".

The "Spam-proof SMS Inbox" uses Machine Learning (ML) algorithms to classify SMS into personal, transactional and promotional categories.

Once activated, the app educates users about the various classifications of the SMS categories and their utility value.

"While filtering spam and categorising SMS, it brings a lot of features that would add value to the lives of our users," Abbot added.

--IANS

na/sed