Since January 2018, Paytm has processed over 400 million Bhim UPI transactions
Indian digital wallet company Paytm revealed that 50 percent of their total user base come from tier II & tier III cities, with cities such as Surat, Rohtak, Panipat, Mangalore, Ranchi, Puducherry, among others, leading the wave of digital payments adoption in the country.
The surge in digital transactions has helped the Vijay Shekhar Sharma-led company to achieve an annual run rate of five billion transactions and USD 50 billion in gross transaction value (GTV). The GTV for the financial year 2017/18 was USD 14 billion, which means there's been a growth of more than three times since then.
According to a report by Paytm, their success in smaller cities is attributable to their multilingual app.
"Around 25% of our users prefer using the app in their regional language. Hindi is the most used language after English, followed by Gujarati, Telugu, Marathi, Bengali, Tamil and Kannada among others," said the report.Tier II and tier III Cities are leading the wave of digital payments adoption.
— Paytm (@Paytm) July 9, 2018related news
Paytm further revealed that with a payments network of over 8 Million offline partners, their merchant base is three times larger than any other card payments network in the country.
"An encouraging trend that has been seen is increased usage among women. Over the past year, female users on our platform have grown more than 100 percent. While millennials continue to be the most active users of digital payment, we have been witnessing an increase in the users above the age of 35 years as well!"
Since January 2018, Paytm has processed over 400 million Bhim UPI transactions. They also witnessed a 500 percent growth in money transfer transactions in the last quarter.