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Financial services platform Paytm today said that it is the largest contributor to the overall volume of UPI transactions in 28 days of February 2018.
Paytm said that this is within two months after the full rollout in Jan'18, and it supports all payments instrument and has driven the overall growth in BHIM UPI transactions over the past month.
Deepak Abbot, Vice President - Paytm said, "We are happy to contribute the largest share of UPI transactions within three months of launch. 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."
Last year in December Paytm contributed 33 million to the overall transaction volume for UPI, which rose to 51 million on January 18 and 68 million in last month. This rapid growth is on the back of its vast user-base, wide acceptability and the network effect of multiple use-cases. Paytm UPI IDs are also accepted across all banks and BHIM UPI apps, making Paytm one of the most comprehensive payments systems in the country.
To recall, last year in December Paytm announced that its app has crossed the 100 million milestones on Google Play Store.
Paytm Payments Bank is India's truly mobile-first bank with zero charges on all online transactions and no minimum balance requirement.
The bank has been designed to help achieve financial inclusion in the country and is in line with Paytm's mission of bringing half a billion Indians on to the mainstream economy. The company has planned an investment of $500 million in KYC (Know Your Customer) operations. It is setting up KYC centers across India to complete KYC for customers and make them eligible for a Payments Bank account.