Indian Economy News

Paytm Payments Gateway aims to facilitate Rs. 6,000 crore worth of transactions next year

  • IBEF
  • December 23, 2020

Paytm Payments Gateway (PPG) stated that it is collaborating with mobile phone and DTH retailers to make cashless payments from telecom and satellite television service distributors for bulk recharge purchases and aims to facilitate Rs. 6,000 crore (US$ 811.55 million) worth of company volume transactions next year.

Mobile phone and DTH recharge distributors generally make much of their payments in cash to distributors of bulk top-ups. With the current pandemic, however, businesses are hoping to reduce cash dependence.

PPG has already partnered with Vodafone Idea Limited to be the telecom major's exclusive partner for retailer payments, a statement said.

It now enables the internal retailer app of Vi, which allows its lakhs of offline cell phone recharge distributors to make bulk payments to distributors of the business for top-ups, it added.

This saves cash, reconciliation, and bank deposit collection time for distributors. It also allows the organisation to bring accountability into the entire system as everything is digital.

In order to begin accepting payments digitally from merchants by the end of the year, Paytm targets over 50,000 distributors of telecom and DTH service providers.

By next year, the company is aiming around Rs. 500 crore (US$ 67.63 million) per month in market volume from these payments.

Paytm Senior Vice President Mr. Abhay Sharma said, “Our Paytm PG empowers distributors nationally to encourage less cash transactions and digitise their activities. We aim to decrease the reliance on money and time required by distributors to collect, reconcile and deposit it in bank.”

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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