The digital payments service company Paytm is said to have processed transactions worth $1.6 billion (₹10,000 crore) during the festive months. This number is 3.5X more than what it was a year earlier. During the months of September and October, the digital payments service recorded significant growth from offline channels which accounted for nearly 65 percent of overall transactions.
The company said that the volumes were mostly driven by food and transportation categories. Also, increase in payments at small scale stores/businesses through the Paytm app contributed to the surge. Paytm chief operating officer Kiran Vasireddy said, “Mobile payments have become mainstream over the last few quarters. Owing to the convenience and security, people prefer Paytm to the card and other modes of payments.”
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