Paytm payment gateway registers 750m monthly transactions, surpasses pre-Covid level, says company

By: |
March 22, 2021 9:08 PM

Adoption of payment instruments issued by Paytm Payments Bank, including Paytm Wallet and Paytm UPI contributed about 60 per cent to the total transactions registered on the gateway.

The feature has also been linked to the CoWIN application and when users attempt to book their appointment at vaccination centres, they will be redirected to the CoWIN application.The feature has also been linked to the CoWIN application and when users attempt to book their appointment at vaccination centres, they will be redirected to the CoWIN application.

Paytm on Monday announced that its payment gateway is the largest processor of business payments with over 750 million monthly transactions now. Adoption of online payments for sectors such as BFSI, retail and direct-to-consumer (D2C) e-commerce, utilities, edtech, food delivery, digital entertainment, gaming and online shift of businesses during and post covid times had enabled growth for the payment gateway even as its transaction volume had long surpassed pre-covid levels, the company said in a statement.

Adoption of payment instruments issued by Paytm Payments Bank, including Paytm Wallet and Paytm UPI contributed about 60 per cent to the total transactions registered on the gateway. Also, Paytm PostPaid and EMI services which were launched last year registered 25 per cent month-on-month growth, Paytm said. “Our systems have the capacity to manage up to 2,500 transactions per second which ensure stability when our enterprise merchants see spikes during special events and sales,” said Praveen Sharma, Sr. Vice President, Paytm.

According to RedSeer’s August 2020 report on digital payments in India, Paytm is the largest player in the merchant payments space with a 50 per cent market share followed by Phonepe and Google Pay. However, as per the monthly UPI transaction data from the National Payments Corporation of India (NPCI), Walmart’s payment arm in India PhonePe continued to remain the dominant UPI app for a third straight month in February 2021, cornering an impressive 42.5 per cent share of the 2,292.90 million UPI transactions.

Also read: Digital lending: Government blocks 27 fraud lending apps offering instant credit online

Paytm remained the distant third player in February as well recording 340.71 million transactions involving Rs 38,493.52 crore. It had processed 332.69 million transactions worth Rs 37,845.76 crore in the preceding month. Google Pay, which had lost the top spot to PhonePe in December 2020, had retained the second-largest UPI app in February processing 827.86 million transactions worth Rs 1.74 lakh crore.

India’s digital payments are likely to grow at a CAGR of 27 per cent during the FY20-25 period. The digital transactions are expected to jump from Rs 2,153 lakh crore in FY20 to Rs 7,092 lakh crore in FY25, according to the India Trend Book Report 2021 launched last week by the Indian Private Equity and Venture Capital Association (IVCA) and Ernst & Young. The payment gateway aggregator market is expected to grow at around 19 per cent CAGR from Rs 9.5 lakh crore in FY20 to Rs 22.6 lakh crore in FY25 while the merchant payments segment is likely to see 52 per cent growth from Rs 4.7 lakh crore to Rs 33 lakh crore during the said period.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Bank of Maharashtra waives processing fee on gold, home, car loans till September 30
2Collection efficiencies in securitised pools originated by NBFCs, HFCs improve in June: Icra
3Karur Vysya Bank reports marginal growth in Q1 net profit at Rs 109 crore