Pioneering Innovation: How Paytm Is Capitalizing On Its Growth Potential

When it comes to mobile payments, one name stands out – Paytm. The fintech giant is one of India’s most trusted brands with ‘Paytm Karo’ becoming a verb for transactions.

Paytm has been the first to launch many technology-led innovations, driving convenience for users across the country. For its outstanding work, the company has already won seven awards in just the first five months this year across different categories for innovation in UPI, operational excellence, business technology solutions and even ESG solutions.

Many Firsts

Since its inception, Paytm has been building disruptive solutions, capitalising on its growth potential. The journey started with mobile recharges and ticketing services. With the launch of Paytm Wallet in 2014 and subsequently the QR Code, the company forever changed the payments landscape in India. From tea stalls to the neighbourhood kirana store, QR codes have become ubiquitous, emerging as the merchant favourite. In 2020, the All-in-One QR Code was introduced, empowering users to pay through any third party source.

Paytm Soundbox

With the launch of the iconic Paytm Soundbox in 2020, the company further revolutionised merchant payments. This IoT device provides instant audio alerts, ensuring that the merchants don’t have to constantly look at their phones to check if payments have been received. This industry-first solution has given a boost to Paytm’s leadership in merchant payments.

PoS machine

Another transformative product by the company is the Paytm PoS machine. Providing customisable billing and payment solutions, the All-in-One PoS machine has gained wide acceptance across businesses. Built for smart retail, it also provides invoicing and tracking solutions. With Smart PoS and Linux PoS, Paytm has taken its product offerings to another level, providing many benefits. The company continues to strengthen its leadership in merchant payments with over 75 Lakh devices, both Soundbox and PoS, deployed across the country.

Popularity on Rise

The growing popularity of the payment solutions app has led to expansion of its consumer base with average monthly transacting users (MTU) at 9.2 crore for April & May 2023, growth of 24% YoY, as per the latest earnings release. Paytm Super App is the first choice for millions of Indians for all their payment needs be it paying utility bills, booking tickets, or money transfer.

Paytm is the only payments platform to have both a payment gateway and a PSP (payment service provider) under the same banner supported by the groundbreaking superior technology stack of Paytm Payments Bank.

Building on their pioneership in UPI, their associate Paytm Payments Bank Limited is also at the forefront of fintech innovations. Powered by the latest infrastructure in banking, Paytm Bank ensures superfast, secure and seamless transactions with one of the lowest transaction decline rates. The Bank has always been the first on the block to take NPCI’s UPI inventions to the masses.

Paytm Bank was the first to launch UPI Lite for lightning fast payments that never fail. Within three months of its launch, Paytm UPI Lite crossed 9 million users, resulting in 10 million transactions. After UPI Lite for consumers, the company brought Paytm UPI SDK for its merchants, a game-changing product that enables quick, one step UPI payments that never fail. The Bank was one of the first to enable UPI payments through RuPay credit cards.

As the market leader in UPI, Paytm Bank is one of the most preferred destinations for most of India’s UPI transactions, especially for UPI person-to-merchant payments. Merchants on the Paytm ecosystem, where Paytm Bank is the Payee PSP, accounts for almost 40% of all UPI person-to-merchant (P2M) transactions.

Paytm Payments Bank is also responsible for products like Paytm Food Wallet, automating recurring payments such as EMIs, insurance payments, SIP deductions through NACH or National Automated Clearing House and providing FASTags for ease of travel. At present, Paytm Bank is the largest issuer of FASTags in India.

Technology is at the core of Paytm’s business and it has leveraged it to create a comprehensive range of simplified products and services that can be accessed by everyone. The homegrown brand is driving financial inclusion in the country, taking mobile payments to India’s farthest corner. Innovation and security are in the DNA of this OG of fintech that is taking Digital India to new heights.

Consumer Connect Initiative