Sunday, March 3, 2024
HomeBusinessDelhi-NCR Emerges As India's Digital Payments Capital; Most Offline Payments On F&B...

Delhi-NCR Emerges As India’s Digital Payments Capital; Most Offline Payments On F&B In Chennai: Paytm Study

[ad_1]

Edited By: Mohammad Haris

Last Updated: December 28, 2022, 13:37 IST

Paytm continues to strengthen its leadership in offline payments with more than 5.5 million merchants now paying subscriptions for payment devices.

Paytm continues to strengthen its leadership in offline payments with more than 5.5 million merchants now paying subscriptions for payment devices.

Chennai, Trichy in Tamil Nadu have the highest percentage of offline payments on food and beverages, while Amritsar sees the highest spend on health and grooming through Paytm

Delhi-NCR has emerged as India’s digital payments capital, whereas Tamil Nadu’s Katpadi is the fastest-growing city for digital payments with 7X growth in 2022, according to a study by Paytm. It added that Chennai and Trichy in Tamil Nadu have the highest percentage of offline payments on food and beverages, while Amritsar saw the highest spend on health and grooming through Paytm.

“Noida and Nagpur saw the highest percentage of spending via Paytm on micro sellers or street side vendors. Paytm’s market in the North East also saw huge growth. The fastest growing cities in the North East for UPI transactions are – Lohit in Arunachal Pradesh, South Sikkim and Ranipool, and Assam’s Guwahati, Dibrugarh, Jorhat and Kamrup,” One97 Communications, which owns Paytm, said in the study.

It added that from beaches of Goa to Ladakh’s mountains, Paytm is truly a name that resonates across the length and breadth of the country. One user has made transactions in 106 cities across 20 states. Another user booked flights between Mumbai and Delhi 358 times using the Paytm app.

“An intriguing observation is that the maximum number of payments have been done at 7.23 pm with Wednesday emerging as the busiest day in the week for digital transactions. Two of the most common names among Paytm’s users are Rahul and Pooja. The company helped its users avoid 1,618,796,629 trips to ATMs. Paytm is taking digital payments far and wide, driving financial inclusion with two out of three of its new users coming from smaller cities and towns,” the study said.

Paytm continues to strengthen its leadership in offline payments with more than 5.5 million merchants now paying subscriptions for payment devices. “Paytm Soundbox is the sound of merchant transactions in India, with a new merchant and their customers being greeted by its melody every six seconds!” it said.

Festivals have also been swept by the digital payments wave. During the online Diwali sale season, the highest amount spent by a single user was Rs 2.8 lakh. Another festival that saw a high volume of Paytm UPI transactions is Rakhi, with Rs 1,100 being the favourite shagan.

A Paytm spokesperson said, “As the pioneer of QR and mobile-based payments in India, we continue to see widespread love for the most trusted payments app – Paytm. Over the last year, we have seen greater adoption amongst consumers and merchants, leading to some interesting trends with Paytm UPI leading the way. With the trust bestowed upon us by our users, we remain focused on driving financial inclusion in India.”

Read all the Latest Business News here

[ad_2]

Source link

RELATED ARTICLES

Most Popular

Recent Comments