The pandemic has imbibed the culture of mobile payments in the country dramatically rather than carrying cash everywhere you go. Mobile payments have become so common that India is now the world’s largest growing mobile payments market. In this journey of digital revolution, Paytm has contributed massively to now becoming India’s largest mobile payments and commerce platform. In fact, we are extremely bullish on the mobile payment acceptance in the country especially due to its new innovative products offerings.
We have not only pioneered mobile payments and QR technology but also become a household name with our innovations. Our reach has deepened even into the remotest parts of the country with ‘Paytm Karo’ being the synonym of mobile payments. We have played a significant role in promoting mobile payments and reducing the reliance on cash transactions.
However, we believe that there is ample scope to further deepen penetration as customers and businesses are adopting affordable and easy-to-use technology. “We believe these consumers and businesses can be served through world-class, technology-led, mobile payment and financial services,” shared Paytm Annual Report 2023.
Mobile payments have continued to scale rapidly given the increasing shift towards a cashless economy and user preference for transacting via smartphones. This is further boosted by the growth of mobile commerce and services. Our Annual Report shared that unique online transacting users, transacting for services such as online banking, mobile top-ups, in-store payments etc. are expected to grow rapidly.
We have leveraged this growth of payments across the country as we offer a suite of payment solutions to both consumers and merchants. Consumers have a wide variety of use cases on the Paytm app, such as bill payments, recharge, making payments from wallet, money transfers, etc. We enable both consumers and merchants to use a variety of payment instruments to make and accept payments. On the other hand, merchants can leverage the platform by offering deals and gift vouchers to customers thereby encouraging them to make transactions on the platform regularly.
With our innovative payments solutions including All-in-One QR, Soundbox, Card Machine, Pocket Soundbox, Music Soundbox, Card Soundbox, we have been consistent in providing seamless and secure mobile payment experience. As a result, we have also contributed to greater financial inclusion and transparency, reducing the environmental impact associated with the production and circulation of physical currency.