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Paytm Brings 3x Brand Awareness, Eclipses Other Payment Platforms

Delve into Paytm's journey of reshaping digital payments and boosting brand awareness.

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BrandStudio
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The way India pays has been evolving at a rapid pace. A few years ago, no one would have imagined that transactions could even be cashless. But all that changed with the advent of mobile wallets and QR codes. Paytm launched its Wallet in 2014 and it soon became a popular choice for payments. After Paytm brought QR Code-based payments in India, it became a game-changer. By simply scanning the QR Code, transactions could be completed through the consumer’s preferred payment mode.

When NPCI introduced UPI in 2016, the mobile payments sphere changed forever. The numbers speak for themselves. In July 2023, 9.96 billion transactions worth ₹15.34 Lakh Crore were made through UPI. This reflects the rapid adoption on mobile payments across the country.

According to “India's Festive Wallet Outlook 2023” by Paytm Ads based on a survey commissioned through Redseer Consulting, UPI has emerged as the preferred choice among consumers among the array of digital payment options, reflecting its widespread adoption. Almost 69% of offline purchases happen through UPI/Wallet Apps. Peer to Merchant (P2M) transactions are expected to increase by 120% in the upcoming festive season.

Fintech giant Paytm has been instrumental in taking UPI to every nook and corner of India. Its subsidiary Paytm Payments Bank, that owns Paytm UPI, has the largest market share in P2M transactions of almost 40% and also the top beneficiary bank for UPI. This makes Paytm Bank the leading destination for most UPI transactions in India.

As one of the leading payment platforms, Paytm offers the most comprehensive payment options to consumers that go beyond UPI. It was the first to launch UPI interoperability and followed it up with UPI Lite and enabling users to make UPI payments through their RuPay credit cards. With NPCI’s announcement on e-wallets interoperability, Paytm will further strengthen its market position in mobile payments.

India's Festive Wallet Outlook 2023 has also revealed that due their large user based, payment platforms are emerging as an appealing marketing channel for brands. Paytm boosts threefold brand awareness among consumers, outshining other payment platforms. Due to the seamless integration of Paytm into everyday lives of consumers for bill payments, subscriptions, and other digital services, it has become a vibrant brand discovery channel.

The report reflects the changing trends in payments towards UPI/Wallet during festive season on both online and offline channels across various product categories – Consumer Durables, FMCG, Fashion & Accessories, Quick Serviec Restaurants (QSR), Travel, Mobile and Online Gaming. For the upcoming festive season, this trend is expected to continue as mobile payments will continue to dominate. UPI/Wallet is anticipated to be the primary payment method across all product categories during the upcoming festive season.

Paytm UPI provides the fastest, most seamless and secure transactions. It empowers both consumers and merchants with unparalleled convenience, ensuring trust in mobile transactions. UPI has become the cornerstone of merchant acquiring for Paytm, making it the only company that actually makes money out of it. Through Paytm Wallet and other financial services, the tech innovator has enabled consumers and merchants to store, send, and receive money digitally, empowering them economically and reducing inequalities.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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Topics:  Paytm 

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