New Delhi, Jun 13 (IANS): Homegrown online gaming platform WinZO on Tuesday announced that the company surpassed 40 billion micro transactions in FY23 and aims for annualised micro-transaction volume of 55 billion in FY24.
These micro-transactions are small ticket-size transactions carried out by the users within the WinZO ecosystem during their gameplay. WinZO gamers use digital payment methods, predominantly UPI, to deposit funds in their WinZO wallet, which in turn is used for making the in-game microtransactions, according to the company.
UPI accounts for at least 75 per cent of the transaction volume on the company's platform.
"WinZO's new users add small amounts to their WinZO wallet and then engage in gaming activities through frequent micro transactions as low as Rs 1. This entire business and infrastructure model heavily relies on UPI, without which it wouldn't have been feasible," Paavan Nanda, co-founder of WinZO, said in a statement.
The gaming platform contributes to at least one out of every 250 UPI transactions that occur in India and accounts for over 30 million UPI transactions per month.
Moreover, the company said that every fourth user on WinZO experiences their first-ever digital transaction, with a substantial number of newcomers hailing from smaller villages and towns across India.
Places like Ghazipur, Daudnagar, Khavda, Khimsar, Vidisha, and Sitlakhet have witnessed WinZO's deep effect, introducing these users to the digital payment landscape and opening new possibilities as they connect to the digital grid.
The quarter ending in March 2023 saw WinZO complete its first quarter with over 12 billion transactions, fueled by successful user acquisition efforts and high user engagement resulting from the introduction of innovative formats and games.
The company mentioned that it has further enhanced user understanding and confidence by providing a multilingual payments page, available in 12 languages, enabling users to comfortably carry out transactions on a digital platform for the first time.