New Delhi: In a development which further validates the mass adoption of UPI payments, One97 Communications Limited, which owns Paytm – India’s largest digital payments company today announced that over 5 million offline merchants out of its 9 million merchant-base now accept UPI-based payments. This large-scale acceptance at merchant offline stores is now contributing over 40 percent of all UPI based transactions on Paytm.
The company has also witnessed that merchants across Bangalore and Hyderabad are leading the acceptance of Paytm UPI payments followed by Delhi, Pune and Mumbai respectively. Organized electronics retail , fashion & departmental stores are witnessing more traction as users are finding it easier to pay larger amounts using Paytm BHIM UPI. Users can scan Paytm QR to pay using their preferred payment method including cards, UPI and Paytm Wallet. More number of Paytm users are linking their multiple bank accounts with Paytm BHIM UPI to conveniently pay from any of their account for large or frequent payments.
“We are excited to lead the Paytm BHIM UPI adoption at the offline stores ranging from local street vendors to organized,large format retail stores. It is a big milestone for us where 40% of all UPI transactions on Paytm are now merchant transactions. We will continue investing in our efforts to drive the adoption of UPI and take it to the grassroots of India by educating and introducing more consumers and merchants to the convenience of payments directly from their bank account,” said Deepak Abbot, SVP – Paytm.