Paytm has been the primary to launch many technology-led improvements, driving comfort for customers throughout the nation. For its excellent work, the corporate has already received seven awards in simply the primary 5 months this 12 months throughout totally different classes for innovation in UPI, operational excellence, enterprise expertise options and even ESG options.
Many Firsts
Since its inception, Paytm has been constructing disruptive options, capitalising on its progress potential. The journey began with cellular recharges and ticketing companies. With the launch of Paytm Wallet in 2014 and subsequently the QR Code, the corporate endlessly modified the funds panorama in India. From tea stalls to the neighbourhood kirana retailer, QR codes have change into ubiquitous, rising because the service provider favorite. In 2020, the All-in-One QR Code was launched, empowering customers to pay by any third occasion supply.
Paytm Soundbox
With the launch of the enduring Paytm Soundbox in 2020, the corporate additional revolutionised service provider funds. This IoT gadget offers instantaneous audio alerts, making certain that the retailers don’t must continuously have a look at their telephones to examine if funds have been acquired. This industry-first resolution has given a lift to Paytm’s management in service provider funds.
PoS machine
Another transformative product by the corporate is the Paytm PoS machine. Providing customisable billing and fee options, the All-in-One PoS machine has gained vast acceptance throughout companies. Built for good retail, it additionally offers invoicing and monitoring options. With Smart PoS and Linux PoS, Paytm has taken its product choices to a different degree, offering many advantages. The firm continues to strengthen its management in service provider funds with over 75 Lakh units, each Soundbox and PoS, deployed throughout the nation.
Popularity on Rise
The rising recognition of the fee options app has led to enlargement of its shopper base with common month-to-month transacting customers (MTU) at 9.2 crore for April & May 2023, progress of 24% YoY, as per the most recent earnings launch. Paytm Super App is the primary selection for tens of millions of Indians for all their fee wants be it paying utility payments, reserving tickets, or cash switch.
Paytm is the one funds platform to have each a fee gateway and a PSP (fee service supplier) beneath the identical banner supported by the groundbreaking superior expertise stack of Paytm Payments Bank.
Building on their pioneership in UPI, their affiliate Paytm Payments Bank Limited can be on the forefront of fintech improvements. Powered by the most recent infrastructure in banking, Paytm Bank ensures superfast, safe and seamless transactions with one of many lowest transaction decline charges. The Bank has at all times been the primary on the block to take NPCI’s UPI innovations to the plenty.
Paytm Bank was the primary to launch UPI Lite for lightning quick funds that by no means fail. Within three months of its launch, Paytm UPI Lite crossed 9 million customers, leading to 10 million transactions. After UPI Lite for shoppers, the corporate introduced Paytm UPI SDK for its retailers, a game-changing product that permits fast, one step UPI funds that by no means fail. The Bank was one of many first to allow UPI funds by RuPay bank cards.
As the market chief in UPI, Paytm Bank is without doubt one of the most most popular locations for many of India’s UPI transactions, particularly for UPI person-to-merchant funds. Merchants on the Paytm ecosystem, the place Paytm Bank is the Payee PSP, accounts for nearly 40% of all UPI person-to-merchant (P2M) transactions.
Paytm Payments Bank can be chargeable for merchandise like Paytm Food Wallet, automating recurring funds akin to EMIs, insurance coverage funds, SIP deductions by NACH or National Automated Clearing House and offering FASTags for ease of journey. At current, Paytm Bank is the biggest issuer of FASTags in India.
Technology is on the core of Paytm’s enterprise and it has leveraged it to create a complete vary of simplified services that may be accessed by everybody. The homegrown model is driving monetary inclusion within the nation, taking cellular funds to India’s farthest nook. Innovation and safety are within the DNA of this OG of fintech that’s taking Digital India to new heights.
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Consumer Connect Initiative
