The app-led digital payments revolution in India started almost a decade ago and played a definitive role in empowering citizens for years. But a majority of single-service fintech apps are losing their relevance with the growing popularity of super apps, which offer a wide range of payments and financial services to consumers under a single platform according to Business Insider India.
This is an area where Paytm, India’s best known fintech company, has a clear first mover advantage. After pioneering the QR and mobile payments revolution in India, Paytm is now leading the fintech revolution with its all-inclusive platform.
Here are 5 ways how the company is reinforcing its stronghold as India’s leading digital and financial services with its super app:
Widest range of payment services for consumers
With the Paytm Super App, consumers have access to the widest range of payment services including mobile and DTH recharges, paying utility bills and rent, money transfers, merchant payments, booking movie and event tickets and for all kinds of travel purposes. Consumers can even pay their credit card bills and education fees through the Paytm Super App.
With so many payment services under a single platform and the industry-best success rates, consumers can fulfill their daily payments seamlessly without needing multiple apps. With this, Paytm is playing a critical role in shaping the future of digital payments with its super app.
One-stop platform for all financial services
The Paytm Super App is one of the few fintech platforms in the country that offers a complete range of financial services on its platform, ranging from loan distribution to credit cards and even insurance. On the app, eligible users can get a personal loan or opt for Paytm Postpaid (Buy-now-pay-later) in just a few minutes. They can also opt for other financial services like insurance, loan repayment and more.
It may be noted that Paytm created the country’s first ever Super App where payments and financial services were bundled together. This has proved to be largely successful, given the fact that most fintech platforms are now trying to replicate this model.
Empowering users with flexible payments instruments
One of the biggest advantage that the Paytm Super App has over its competitors is the flexible payments instruments that it offers for its millions of customers – they can pay through a host of payment instruments like Paytm Wallet, UPI, Credit and Debit Card, net banking, Paytm Postpaid (BNPL) and more. Besides conventional payments at offline and online stores, the Paytm Super app also lets users set up recurring or automatic bill payments for OTT subscriptions, utility recharges, loan repayments and more.
With this, the Paytm Super App has enabled an integrated ecosystem that not only provides seamless payments services to consumers, but also helps merchants to accept payments with ease.
Services beyond payments and financial services
While payments and financial services constitute the core offerings on the Paytm Super App, the platform also allows consumers to access hundreds of other services. On the super app, consumers can also access a wide range of health services including ordering medicines, getting an ABHA card, finding blood banks, downloading vaccine certificates and more.
Leading the digital payments ecosystem with record user engagement
With the widest pool of payments and financial services, the Paytm Super App continues to play a decisive role in generating record user engagement, which is integral to Paytm’s business model, monetization and strong revenue growth.
Consumer engagement is at its highest on Paytm Super-App with average monthly transacting users (MTU) at 78.8 million for the two months ended August 2022, up 40% y-o-y. The Paytm Super App has not only provided a massive push to user engagement, but also ensured higher customer retention by giving them access to a host of payments and utility services under one platform.
Today, the Paytm Super App has become a one-stop destination for diverse needs of millions of users as it gives the most comprehensive choices in comparison to all its competitors and this is the reason why it is championing the country’s digital payments ecosystem.