Photo: Ramesh Pathania/MintNew Delhi: Paytm on Monday said transactions on its platform crossed $1.6 billion (Rs10,000 crore) during the Diwali season, 3.5 times more than a year earlier. Owing to the convenience and security, people prefer Paytm to card and other modes of payments,” Paytm chief operating officer Kiran Vasireddy said in the statement. Delhi, Mumbai, Bengaluru and Pune recorded the highest number of Paytm transactions during the festival season, while use of the payments service also rose in smaller towns such as Jaipur, Ahmadabad, Mysore and Visakhapatnam. Paytm said its service was especially popular with local vendors and small store owners in tier II and tier III cities. “It’s encouraging to see that a majority of growth in offline payments is from smaller towns and cities.

Source: Mint October 23, 2017 21:56 UTC