Currently, its market share in direct mutual fund subscriptions stands at around 40 per cent of total such subscriptions.
Transactions at grocery stores accounted for 24 per cent of the total volume on Independence Day.
Paytm currently has a monthly active user base of around 140 million.
The service charges were withdrawn three years ago to promote digital payments.
HDFC Bank's Smita Bhagat said that the initiative will make a big difference in the lives of small traders.
The Bharat Bill Payment System (BBPS) currently covers five utility segments —direct-to-home (DTH), electricity, gas, telecom and water bills.
There are still several structural challenges that are hindering the growth of digital payments in the country.
The policy will streamline the retail trade and promote ease of doing business in the retail sector.
The government has set a target of over 4,000 crore digital transactions in the ongoing financial year.
PCI said digital payments in India have received quite high interest from various investors, both domestic and international.
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