Paytm on Tuesday said that it has achieved the "milestone" of 100 million UPI handles on Paytm Payment Bank. Paytm released a statement and made the announcement. While calling itself "India's largest and only profitable payment bank" Paytm attributed its success to "simplicity, and inclusiveness of UPI".
Lately, Paytm has worked on QR codes that let a customer using any payment platform, make a payment. Such QR codes have become widespread and can be seen in many neighbourhood shops. Paytm has attributed its success to this "all-inclusive" QR code. Even if a user uses PhonePe, Google Pay or any other payment platform, he or she can scan Paytm's QR code and make payment to the merchant.
"We have embraced UPI since its launch and have expanded its reach to the small cities and towns. Our focus remains on expanding UPI payments at offline retail stores. We will continue to leverage UPI into all our products and offerings. .” said Satish Gupta, MD & CEO, Paytm Payments Bank.
Paytm benefitted from being an early player in the field of online payments. Paytm was one of the major players even before demonetisation. After demonetisation on November 8, 2016, it benefitted from being a major presence as there was a great need for everyone to use digital platforms. A huge chunk of the Indian population started using Paytm in the immediate aftermath of demonetisation. This benefitted Paytm greatly and it emerged as a major player in online payments scene at a time when such mode of payment was not used widely by the majority of Indians.