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.