Digital payments giant Paytm has planned to make an investment of Rs 200 crore to boost the usage of Unified Payments Interface (UPI) based transactions this festive season, said a senior executive from the company.
The company owns over 33 percent market share in UPI payments, and with the help of marketing initiatives, it aims to place Paytm UPI as the leading payments and preferable gifting solution. The company is optimistic on promoting UPI as a mode for instant funds transfer as well, said Deepak Abbot, Senior Vice-President at Paytm.
“We are expecting to see two times growth in Paytm UPI money transfers during this festive season,” said Abbot.
He also said that the company had registered 137 million UPI transactions in September. It is now aiming to strengthen its user base to 100 million users by December.