Published
Oct 24, 2017
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Paytm’s witnesses rise in offline payments, reports $1.6 billion transactions during Diwali

Published
Oct 24, 2017

​Indian digital payments major Paytm said that it witnessed a 65% rise in offline payments resulting in the largest Diwali season for mobile payments in India with transactions worth $1.6 billion during the period.
 

Paytm- Facebook


The major contributors to the offline transactions for Paytm were from smaller towns and cities. The digital payments firm’s offline transactions were below 20% during the festive period last year.
 
Overall, Paytm processed $1.6 billion worth of transactions during the festive month, with a 3.5x increase in volumes over last year, crossing the highs seen during demonetisation. The number does not include transactions from Paytm Mall, the company said in a statement.

It has been a great festive season for Paytm as it has witness growth across all verticals. Paytm had witnessed a 12% surge in overall gold sales on its platform during the period which helped it sell gold worth Rs 120 crore (approx $18.5 million) on its platform.
 
Paytm Mall, the e-commerce vertical of the firm had also recently announced that it took around 20 percent of total market sales this festive season.
 
“Offline growth has happened in the last one year after demonetisation, with Paytm acquiring over 5 million merchants with QR code acceptance in one year,“ said Kiran Vasireddy, COO, Paytm in a statement.
 
“It's encouraging to see that a majority of growth in offline payments is from smaller towns and cities. This has resulted in over $1.6 billion worth of transactions in a month, making this the largest Diwali for mobile payments in India,” he added.
 
Paytm with the backing of Japan's SoftBank Group & China’s Alibaba has been expanding aggressively across all verticals and looking to expand its user base to maintain its market lead in digital payments space. Paytm is also slowly making inroads into the lucrative e-commerce market currently dominated by Flipkart and Amazon India.

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