Paytm reports 1.2 billion merchant payments in FY20 Q1
today Sep 11, 2019
Digital payments and e-commerce business Paytm has reported 1.2 billion merchant payments over the first quarter of the 2020 financial year fuelled by using its QR code services to onboard non-metro merchants.
Paytm facilitated 1.2 billion merchant payments in the first quarter of the current financial year, the One97 Communications owned business said on September 10, as reported by Indo-Asian News Service. The figure does not include P2P and money transfer transactions.
The business cited its new QR code payments service as a major reason for the high number of payments. The service allows shoppers to purchase items by scanning a QR code and it is one of the main ways Paytm is tapping into India’s growing rural market.
"Our latest innovation has enabled more such users to scan any QR code using the Paytm app for instant payments,” said Paytm’s senior vice president Deepak Abbot, as reported by Indo-Asian News Service. “This has resulted in an increase in the overall transactions for merchant payments and further acceptance in smaller cities/towns."
The business also recently reported a 163% year-on-year increase in losses and 6% year-on-year increase in revenue for the 2019 financial year in its annual report sent to shareholders and accessed by the Times of India. Expenses had increased by 60% year-on-year during the same time period.
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