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PM Modi Praises Paytm, Praises Reach of Digital Payments in Faraway Places

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Prime Minister Narendra Modic acclaimed financial services and digital leader payments, Pay during his recent speech in the Mana village in Uttarakhand.

Modi praised the increase in the penetration of digital payments in the country and said female entrepreneurs in the village are accepting digital payments with Paytm and have QR codes outside their stores.

The Prime Minister addressed a meeting after laying the foundation stone of several development projects in the village of Mana, which is considered the last village on the border between India and Chinaduring his two-day state visit last week.

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

Paytm empowers merchants with robust business solutions to scale their business from offline payment devices to credit.

The company issued 9.2 million loans in the second quarter of FY23, recording 224 percent year-over-year volume growth.

Meanwhile, the total value of the loans disbursed during the quarter grew 482 percent year-on-year to Rs 7,313 crore ($894 million).

Paytm further strengthened its leadership in offline payments with more than 4.8 million devices in Q2 FY23, with more than 1 million new deployments in the second quarter.

The company said it is committed to its mission to drive financial inclusion in the country and bring half a billion unemployed and underserved Indians into the mainstream economy.

This fits in with the government’s mission to transform India into a digitally empowering society and knowledge economy. With technology-led innovations in financial services and products, Paytm has created a formidable digital infrastructure that catalyzes Indian technology.


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