India Records 26 Billion Online Transactions in 2019, Says Paytm

India recorded 15 billion merchant payments against total online money transactions of 26 billion in 2019, of which 9 billion were mobile payments, according to a Paytm’s report. “Over the past few years, India has taken a leap to become a leading nation to drive payment adoption and technology to masses,” country’s e-commerce payment system said.

“From online-only to full 360-degree adoption of payments via mobile phones, primarily through QR codes, wallets, cards, and UPI, India now shows the way to the world how digital payments can become mainstream,” it added. In the report, released on Tuesday, Paytm has analysed how the country’s payments ecosystem is evolving and the role Paytm plays in the same.

Paytm said its payment app had more than 300 million wallets, 100 million UPI handles, 200 million saved cards and 55 million bank accounts in 2019. With its wallet, credit card, debit card and UPI services, it claimed to own the largest market share in the merchant mobile payments.

The digital payments company has about 16 million merchant partners. In 2019, Karnataka, Maharashtra and Delhi saw the highest merchant sign-up. Bihar, West Bengal and Assam witnessed the fastest growth in merchant transactions.

Restaurant and dairy categories witnessed the largest transactions in Delhi. Chennai was the fastest growing city for grocery payments. Ahmadabad witnessed fastest growth in payments at restaurants, it said.
In Kolkata, petrol pumps and transport merchants were the most active. Tier 2 and 3 towns such as Varanasi and Udaipur saw fastest growth in transactions, Paytm said.

Source: CNBC

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