Paytm Clocks 600% Development In UPI Transactions

Paytm Clocks 600% Development In UPI Transactions

Business Headlines

SoftBank and Alibaba-supported Paytm last week claimed that it witnessed 600% development in the UPI (Unified Payments Interface) payments in the past 6 Months. One97 Communications Limited, that controls the Paytm brand in India, claimed that the platform clocked more than 179 Million UPI payments in October 2018.

“It is heartening to see the extensive acceptance of Paytm BHIM UPI for different services such as electricity bills, mobile recharges, metro commute, water bills, and also at the offline shops,” claimed Senior Vice President at Paytm, Deepak Abbot, to the media in an interview.

In September 2018, Paytm had clicked more  than 137 Million UPI payments, turning out to be top contributor to UPI (Unified Payments Interface) payments with more than 33% of the entire market share. The firm claimed that 50% of all utility transactions are being conducted employing Paytm UPI. More than 6 Million offline vendors out of its 9.5 Million offline vendor-base accept Paytm UPI for different buyouts.

On a related note, Paytm earlier claimed that it has held meetings with UCWeb (the Alibaba-controlled browser) for an acquirement of the latter’s business, sources well known with the issue claimed to the media. The UC Browser by UCWeb surfaced as the biggest mobile browser overtaking Google Chrome in 2017, and now adds up for over 51% of the market. The transaction might be capitalized at $400–500 Million, the sources claimed.

Over the last couple of weeks, top officials of the firms have met to talk about the acquirement. CFO Madhur Deora is heading the meetings for Paytm. UCWeb, which has an active user base of 130 Million per month, had earlier held discussions with local handset manufacturers here to purchase its domestic business, but those discussions seem to have stalled. SoftBank-supported Paytm sees a chance in employing the browser to market its goods and purchase a new base of consumers.