PM Narendra Modi lauds Paytm, hails reach of digital payments in far-flung places

New Delhi: Prime Minister Narendra Modi welcomed financial services and digital payments leader Paytm during his recent speech in Uttarakhand’s Mana village.

Hailing the increase in digital payments penetration in the country, Modi said women entrepreneurs from 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 development projects at Mana village, believed to be the last village on the India-China border, during his two-day state visit last week.

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

From offline payment devices to credit, Paytm empowers merchants with robust business solutions to grow their business.

The company disbursed 9.2 million loans in Q2FY23, registering 224% year-on-year volume growth.

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

Paytm further cemented its leadership in offline payments with device deployments exceeding 4.8 million as of Q2FY23, with over 1 million new deployments in Q2.

The company said it is committed to its mission to drive financial inclusion in the country and bring half a billion unserved and underserved Indians into 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 innovation in financial services and products, Paytm has created a formidable digital infrastructure that catalyzes technology in India.

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