Paytm has said markets in the South are seeing faster adoption of its payment solution. Of the total six million merchants registered on its platform, more than four million are in the southern States. “Our QR-based payment solution is emerging as the most popular payment method for stores, particularly small shops, across Tamil Nadu,” said Tom Puthenpurackal Jacob, Regional Head, Paytm.
At present, more than three lakh merchants across Tamil Nadu accept Paytm, with two lakh in Chennai alone. It is aiming to increase the merchant-base to five lakh by the end of this fiscal. Small stores account for about half of its merchant-base. This is compared to almost nil share two years ago in Tamil Nadu.
Paytm will expand to most towns in the State in the coming months.
Apart from restaurants, food outlets and quick-service restaurants, tea stalls near offices and IT hubs had also contributed massively. Grocery and kirana shops in residential areas have also contributed to the overall volume.
‘Adoption will increase’
“We are confident that the rate of adoption will increase further as our merchants accept payments from Paytm, UPI or cards at zero cost round the clock, throughout the year at no charges,” said Jacob.
Paytm has 300 million registered users across the country. It had 11.4 million users in August 2014, the year it introduced the Paytm wallet.