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Read more about Paytm comes out with new measures to expand daily average transaction value on Business Standard. Around 10 million transactions are done on the Paytm platform every day

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paytm comes out with new measures to expand daily

Paytm comes out with new measures to

expand daily average transaction value

Mobile commerce platform Paytm is eyeing to substantially increase its average

transaction value of Rs 500 per day from offline sales in the near-term.

Recently, Paytm has come up with the option whereby users, instead of using

their wallets for making payments, can use their credit card on the Paytm

platform to complete a transaction. While on one hand, it eliminates the

necessity of having wallet balance altogether, on the other hand, credit cards

usually offer higher credit limits and are majorly used for transactions exceeding

the average transaction size of Paytm. This option was available for online

transactions but has now been made extended to offline as well.

once a user starts using credit cards

“Once a user starts using credit cards, the transaction value increases instantly

and it is poised to increase as we have undertaken a slew of measures. However,

at this point of time, I can’t say to what extent it will grow”, the company’s vice

president, Amit Veer told Business Standard.

He reasoned further that although the daily transaction limit for the merchants

has been capped at Rs. 1,00,000 from the previous Rs. 25,000 a day, effectively, a

merchant can transact any amount.

Earlier this month, the mobile commerce company had partnered with IndusInd

Bank whereby, a fixed deposit account (FD) with a 6.85 per cent interest rate will

be automatically created for merchants who have balance in excess of Rs.

1,00,000 in their account.

As per legal regulations, merchants on the payment bank’s platform cannot keep

balance in excess of Rs. 1,00,000.

Thus, the excess amount is automatically transferred to the FD account.

“Fixed deposits with an attractive interest rate will surely entice new merchants

to come on our platform. As the merchant base increases and users start using

their credit card, the average transaction value will surely increase”, Veer

reasoned.

The SoftBank and Alibaba-backed digital financial services company, which sees

around 10 million transactions each day, has targeted to add another four million

merchants to its existing base of six million in the coming two fiscal quarters and

has earmarked Rs. 5 billion this year to conduct merchant training and increase

awareness among the merchant class.

Around 10 million transactions are done on the Paytm platform every day of

which 58 per cent accounts from tier 2 cities with metro cities accounting for 31

per cent. The rest comes in from tier 1 cities.

In addition to the existing financial services, it will also be launching new financial

services this year. In January last year, the platform received the Reserve Bank of

India’s nod to emerge as a payments bank.

Article By - Business Standard