Mobile payments penetration in the country has witnessed exponential growth over the past few years, as more people embrace online transactions across the length and breadth of the country. As the pioneer of India’s QR and mobile payment revolution, we continue to play an important role in driving deeper financial inclusion to empower citizens.
Recently, we onboarded a tea stall vendor in Uttarakhand’s Mana village, which is also known as the ‘last village of India’. This shows our constant effort towards reaching out to the farthest corners of the country and enabling people from the remotest regions to experience the power and convenience of mobile payments. And this is also aligned to our mission of bringing half a billion Indians into the mainstream economy.
Our efforts in leading India’s mobile payments revolution was recently lauded by the honorable Prime Minister of India Narendra Modi during his visit to Mana village. He said women entrepreneurs in Mana village are now accepting digital payments with Paytm and have QR codes in their shops.
Similar to the women entrepreneurs of Mana village, our innovative payment solutions like the QR and Soundbox are widely used by merchants across the country – from small villages to biggest cities and towns. At a recent event, our Founder, CEO and MD Vijay Shekhar Sharma outlined how we are focused on solving problems with the smallest of shopkeepers and consumers in the country.
“Our purpose is to reduce the technological divide between the rich and the poor. The main challenge was to change the culture of India, where once the internet and smartphones were both unaffordable. When people think of Paytm today, it is the pioneer of mobile payments,” he said.
Our wide reach across India is reflected through our growing merchant base, which stood at nearly 3 crore as of Q2FY23 and growing user engagement with monthly transacting users (MTU) achieving a new milestone every month. This has helped us strengthen our offline payments leadership.
With this, we remain committed to our mission of driving greater financial inclusion in the country, which is in line with the government’s vision to transform the country into a fully digital economy.
