Digital financial services firm Paytm said Thursday it achieved over 1.4 billion transactions in March, led by growth in offline payments and financial services.
The firm said it continues to register, on average, 15 per cent month-on-month growth. In February, Paytm had touched the 1.2 billion transactions mark, making this a nearly 17 per cent increase from the previous month.
"Paytm is the only company that provides the widest range of options to both merchants and customers which has helped us to achieve over 1.4 billion monthly transactions. Consumers can pay from Paytm wallet, UPI, Paytm postpaid, credit or debit cards, and bank accounts. Similarly, merchants can accept payments into their wallet or in any bank account. Paytm has the widest network of merchants in the country with over 20 million merchants partners. We want to serve all spectrum of merchants, from street vendors to large retailers as we continue our efforts to enable them with IoT-based digital payments services," said Narendra Yadav, Vice President, Paytm.
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The company has recently launched a slew of new products and services aimed at helping seasoned as well as new-to-investment users. It aims to achieve over 10 million users and 75 million yearly transactions in financial year 2022 with the majority of users from small cities and towns.
The firm launched two new Internet of Things (IoT)-based payment devices, Soundbox 2.0 and Paytm Smart PoS (Point of Sale) for Android phones which will allow businesses to accept card payments through their phones in March, in a bid to reach more offline merchants. It aims to enable 50 million merchants with IoT-based payment devices including All-in-One QR, All-in-One PoS, Android Smart PoS, and Soundbox over the next few years.
On Wednesday, Paytm said its stocks and mutual fund investment platform Paytm Money launched a technology development and innovation centre in Pune. It plans to hire over 250 front-end, back-end engineers and data scientists to build new wealth products and services.
This the new facility will focus on driving product innovation, specifically for equity, mutual funds, and digital gold.