Paytm on Monday said that transactions on its platform crossed $1.6 billion during the Diwali season, which was three-and-half times more than it did last year.
Volumes during the month-long period ended 20 October were driven by the food and transportation categories, while increase in payments at mom-and-pop stores through the Paytm app also contributed to the surge, the company said in a statement as per the source Mint.
“Mobile payments have become mainstream over the last few quarters. Owing to the convenience and security, people prefer Paytm to card and other modes of payments,” Paytm chief operating officer Kiran Vasireddy said in the statement.
According to the data from RBI the net transactions in the month of August touched Rs 45,710 crore through Debit and Credit cards, Rs4,130 crore over the Universal Payment Interface, and Rs2,720 through pre-paid payment instruments.
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Tier 1 cities- Delhi, Mumbai, Bengaluru and Pune recorded the highest number of Paytm transactions and its usage also increased in the cities of Jaipur, Ahmedabad, Mysore and Visakhapatnam.
“It’s encouraging to see that a majority of growth in offline payments is 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 added.
Paytm has also started Paytm Mall and run it as an independent entity since last year. It recently reported a net loss of Rs 13.63 crore in 2016-17.
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