Zerodha CEO applauds Paytm's payment speaker as fintech game changer
1 min read . Updated: 07 Apr 2023, 07:03 AM IST
Premium- Paytm's sound box device, introduced in 2019, has become a popular choice among small Indian businesses, including stores and street vendors.
Zerodha founder Nithin Kamath praised Paytm's payment speakers as a significant development for fintech innovation among Indian vendors.
Kamath emphasized that the new technology has the potential to revolutionize the industry and is a game changer.
Paytm's sound box device, introduced in 2019, has become a popular choice among small Indian businesses, including neighbourhood stores and street vendors.
Paytm speakers, which bear Paytm's logo and have a built-in SIM card, can read out payment confirmation messages in English and several Indian languages, such as Hindi, Tamil, Telugu, Bengali, and Punjabi.
Meanwhile, Reserve Bank of India governor Shaktikanta Das in March 2023 said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, from 24 crore in February 2022.
"A recent pan-India digital payments survey (covering 90,000 respondents) revealed that 42 per cent of respondents have used digital payments," said RBI governor Shaktikanta Das.
Furthermore, Fintech giant, Paytm has touched a new milestone of 4.3 million users on UPI Lite. Its Paytm Payments Bank recorded over 10 million UPI Lite transactions so far through the Paytm Super App.
According to a filing with the stock exchanges on Wednesday, Paytm experienced a significant 40% YoY increase in its Merchant Payment Volumes (GMV), which amounted to ₹3.62 lakh crore ($44 billion), up from ₹2.59 lakh crore in Q4FY22.
The digital payments company further informed that it disbursed loans amounting to ₹12,554 crore in the quarter ending March, registering a growth of 253 per cent year-on-year (YoY). Paytm disbursed loans worth ₹3,553 crore in the last quarter of the financial year 2021-2022.
In March, the company deployed 68 lakh devices and facilitated loan disbursements of ₹4,468 crore via the Paytm platform.