Helped users avoid 1.6 billion trips to ATM, Delhi-NCR top digital spenders: Paytm

BENGALURU:  Payments and financial services company Paytm on Wednesday said it helped users avoid over 1.6 billion trips to ATMs and that Delhi-NCR has emerged as the country’s digital payments capital.

In its new report- Paytm 2022 Recap, which highlights interesting trends of transactions made through Paytm in 2022, said that one user has made transactions in 106 cities across 20 states and another user booked flights between Mumbai and Delhi, 358 times using Paytm app.

The company’s report shows Tamil Nadu’s Katpadi is the fastest-growing city for digital payments with 7X growth in 2022. Chennai and Trichy in Tamil Nadu have the highest percentage of offline payments on food and beverages while Noida and Nagpur saw the highest percentage of spending via Paytm on micro sellers or streetside vendors.

The report said that one user referred more than 1,300 of his friends and family to Paytm last year and earned over Rs 1 lakh. “Over the last year, we have seen greater adoption amongst consumers and merchants, leading to some interesting trends with Paytm UPI leading the way,” a spokesperson from Paytm said.

Paytm’s loan distribution business in November stood at an annualised run rate of Rs 39,000 crore in November and the value of loans disbursed grew 374% y-o-y to Rs 6,292 crore. It said over 5.5 million merchants are currently paying subscriptions for payment devices.