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Paytm is transforming the way people transact every day. It has become a household name by focusing on customer-centricity and innovation. Bringing a mobile payment revolution, Paytm has become a champion of digital payments in India's merchant payment sector.
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 has 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 Rs 3.62 lakh crore ($44 billion), marking a year-on-year growth of 40%. Similarly, its merchant payment volumes for the quarter to date (April and May 2023) stood at Rs 2.65 lakh crore ($32.1 billion), a 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.
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