PM Modi lauds Paytm, commends reach of digital payments in far-off places

New Delhi: Prime Minister Narendra Modi had hailed financial services and digital payments leader, Paytm during his recent speech at the Mana village in Uttarakhand.

Commending the increase in penetration of digital payments in the country, Modi said that women entrepreneurs of the village are accepting digital payments with Paytm and have QR codes outside their shops.

The Prime Minister was addressing a rally after laying the foundation stone of various developmental projects at Mana village, which is considered the last village at the border between India and China, during his two-day state visit last week.

Digital payments pioneer Paytm has been at the forefront of India's digital revolution and is widely used across the country from small villages to bigger cities and towns. The company pioneered the QR code revolution in India.

From offline payment devices to credit, Paytm is enabling merchants with robust business solutions to scale their businesses.

The company has disbursed 9.2 million loans in the second quarter of FY23, registering a 224 per cent YoY growth in volume.

Meanwhile, the total value of loans disbursed during the quarter grew 482 per cent YoY to Rs 7,313 crore ($894 million).

Paytm has further strengthened its leadership in offline payments with the number of devices deployed exceeding 4.8 million as of Q2 FY23, with over 1 million new deployments during the second quarter.

The company said it is committed to its mission of driving financial inclusion in the country and bringing half a billion unserved and underserved Indians to the mainstream economy.

This is in line with the government's mission to transform India into a digitally empowered society and knowledge economy. With technology-led innovations in financial services and products, Paytm has created a formidable digital infrastructure that is catalysing India's techade.