* Digital adoption growth backed by Paytm Payment Gateway for merchants in Karnataka is the key towards helping them build their brand online.
* Merchants belonging to parking tolls, event services, and BFSI categories have grown significantly over the last one
* Paytm aims to penetrate further into the payment gateway market in the state and surpass the current growth numbers.
Rising from the continued impact of COVID-19 pandemic, local businesses in Karnataka have started witnessing the silver lining while undergoing digital shifts in their business models. Paytm All-in-One Payment Gateway, which has been the key payment enabler for merchants, has seen 61.54% growth in the total number of merchants in the state in the last twelve months. This clearly indicates the willingness of local merchants trying to take their businesses back to the pre-pandemic mode or even better by syncing them to the new normal. While they have been cautious during these troubled times, Paytm has helped them significantly with its All-In-One Payment Gateway to evolve their unviable business models.
The digital evolution story of the country’s IT capital is not limited to its regional contribution. Bengaluru continues to record a significantly high number of digital transactions in the state, in which peer-to-merchant digital payments now play a major role. It is because of the high level of general awareness about digital payment services among the businesses. The merchants think of Paytm as a reliable payment partner, which made them use its payment gateway for adoption of digital payments. Another reason that made more merchants ‘go digital’ with Paytm payment technology is the rising trend of peer-to-merchant transactions. Most businesses feel that customers look forward to making purchases from the local brands online. They also report that a higher number of customers now ask for digital payment sources. Consequently, more merchants have built their websites and applied for Paytm Payment Gateway integration.
Moreover, they are quite familiar with using Paytm mobile wallet, which has helped them tune into accepting payments online from their customers. This clearly indicates the need amongst businesses for selling products/services online and accepting payments seamlessly. The adoption of Paytm’s All-In-One Payment Gateway is also supported with the lowest transaction charges, which is 0% for startups and individuals in the first year.
Within the total merchant growth in the last one year in Karnataka, several business categories have stood the test of time and shown unprecedented growth. Parking and tolls, event services, and BFSI have taken the top three spots on the growth list, with 207.14%, 138.89%, and 125.93% growth respectively. These numbers signify the upward trajectory of digital growth amongst businesses as they plan to bring all their offerings onto an online platform.
Looking at the surge of businesses willing to partner with the largest payment service provider, a Paytm spokesperson said: “We are uniquely poised to cater to the needs of diverse businesses, big and small, with our payment solutions. The results that came up for our efforts dedicated to the state of Karnataka in terms of merchant growth shows that we are heading on the right path. Secondly, there is still enough headroom to scale up the efforts further like no other competitor. This is one reason that we are aiming to double the merchant growth in the next one year.”