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With each passing day, the reach of India's payments pioneer Paytm has only been widening. The company's constant innovations have made it a household name across the country.
Paytm has revolutionised payments in India with its QR code solution and its pioneering IoT device Paytm Soundbox, which established digital payments as safe and trustworthy for both consumers and merchants.
The fintech giant's groundbreaking work in taking QR payments to the remotest corners of the country was highlighted by a user on Twitter.
AIIMS Jodhpur Surgeon, Dr Tanmay Motiwala, in a recent tweet showed how Paytm has taken UPI payments to every nook and corner of the country. "I was in the outskirts of a small town in bastar district in Chhattisgarh today. This small Dhaba owner in the midst of a highway crossing through forest cover had this UPI payment option available. Such is the story of success of UPI," Motiwala said in a tweet.
I was in the outskirts of a small town in bastar district in Chhattisgarh today.
March 21, 2023
This small Dhaba owner in the midst of a highway crossing through forest cover had this UPI payment option available.
Such is the story of success of UPI. pic.twitter.com/ssSeNUIwQHPaytm founder Vijay Shekhar Sharma, in a quote tweet to Motiwala's tweet, said "#PaytmKaro."
#PaytmKaro https://t.co/Tut4O2axDK
March 22, 2023From dhabas, fish vendors to cart vendors, Paytm has revolutionised mobile payments in India through the ease and convenience that it offers.
A picture of a Paytm Soundbox with its All-In-One QR code at a gurudwara has also gone viral on social media, highlighting the widespread adoption of Paytm.
The ubiquity of the sound box and QR in India never ceases to amaze me, into a magical feeling know India's Digital Payments future is bright & full of huge opportunities to make India cashless
March 5, 2023
Pic taken at a gurudwara, waiting for kadha parshad pic.twitter.com/xtP0ZqX58A“The ubiquity of the sound box and QR in India never ceases to amaze me, into a magical feeling know India's Digital Payments future is bright & full of huge opportunities to make India cashless,” tweeted Monica Jasuja along with the picture.
Other users agreed with the sentiment, saying the picture reflects the incredible digital revolution happening in India thanks to Paytm.
“Forever, in awe of the ubiquitous QR Code that homegrown instant payment system remade commerce, pulling millions into the formal economy,” replied one user.
Nithin Kamath, the billionaire co-founder of India's largest stock broking firm Zerodha, recently praised Paytm Soundbox, calling it one of the best examples of a product made specifically for the Indian context.
India is unique. Copy-pasting models from the US, etc, has hardly worked. Paytm's speaker for Indian vendors that reads out payments is one of the best examples of a product made specifically for the Indian context by an Indian fintech.https://t.co/O4aIl04MqO
April 6, 2023He tweeted, “India is unique. Copy-pasting models from the US, etc, has hardly worked. Paytm's speaker for Indian vendors that reads out payments is one of the best examples of a product made specifically for the Indian context by an Indian fintech.”
Recently, VC firm Blume Ventures' Indus Valley Annual Report 2023 cited Paytm Soundbox as an example of smart innovation by Paytm to reduce merchant friction and enhance merchant convenience while using that to drive monetisation.
Also, an example of a superb innovation by Paytm to reduce merchant friction and enhance merchant convenience! pic.twitter.com/RkQYldpvYH
March 3, 2023“As UPI payments grew, and customers and merchants reported friction around payment reconciliation (SMS inbox fill limits of merchants' phones were a big issue), Paytm looked for solutions to enable real time updation without SMS dependency,” the report stated.
It added that Paytm has been consistently selling 1 million Soundboxes every quarter, and the device accounts for about 8% of its overall revenues at Rs 50 crore monthly.
According to the fintech giant's latest operating performance update, the number of merchants paying subscription for payment devices like Soundbox has reached 6.8 million as of March 2023.
By partnering with a variety of merchants, including small businesses, to offer its payment services, Paytm has been able to successfully reach customers across all demographics. This has made it easy for people in even the most remote areas of the country to use Paytm to pay for goods and services.
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