In fact, it is one of the only companies that went from being just a brand to becoming a verb, with businesses across the country urging customers to “Paytm Karo”. The company said in a blog that this remarkable journey began with a deep understanding of the needs of businesses and users, driving it to create seamless payment experiences that make their lives easier.
In a blog the company shared how Paytm pioneered QR code payments, which enabled Unified Payments Interface (UPI) to go mainstream. When the company noticed that merchants sometimes struggled to manually monitor payment confirmations on their phones, always one step ahead it identified this pain point and introduced the industry-first innovation – Paytm Soundbox. This groundbreaking device not only streamlined payment confirmations but also created a loyal and sticky customer base that fueled its growth
The company’s unwavering commitment to understanding and serving businesses have enabled it to build a vast merchant network. Its focus on customer-centricity has allowed Paytm to stay ahead of the curve, paving the way for the dominance in the merchant payments space.
Paytm’s Merchant Payment Volumes (GMV) for the quarter ended March 2023 stood at an impressive ₹3.62 lakh crore ($44 billion), marking a year-on-year growth of 40%. Similarly, its Merchant Payment Volumes for the quarter of April and May 2023 stood at Rs 2.65 Lakh Cr ($32.1 billion), YoY growth of 35%. This stellar growth signifies the increasing acceptance of its QR and Paytm Soundbox by merchants and customer preference for a smoother payment experience.
Paytm provides users with multiple payment methods, including UPI, Paytm Wallet, and Paytm Postpaid. This value addition has attracted users to its thriving two-sided ecosystem.
(Consumer connect initiative)
