Paytm expects to achieve 2 billion transactions a quarter this year

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Published: July 2, 2019 1:29:06 AM

The company, which recently announced shifting its cash back focus from P2P (peer-to-peer) UPI transactions to offline merchant payments at retail kirana stores, is now expanding its footprint in Tier-VI and Tier-V towns.

paytm, paytm transations, Digital payments, UPI transactions, merchant payments, industry newsThe company revealed that it had been witnessing impressive month-on-month growth across all payment-use cases available on its platform. (Reuters)

Digital payments system Paytm on Monday said it aimed to achieve 2 billion quarterly transactions this year. The company revealed that it had been witnessing impressive month-on-month growth across all payment-use cases available on its platform.

The company, which recently announced shifting its cash back focus from P2P (peer-to-peer) UPI transactions to offline merchant payments at retail kirana stores, is now expanding its footprint in Tier-VI and Tier-V towns. It is keen on acquiring news users, who still are relying on cash transactions. The company said it has achieved 1.6 billion transactions in the first quarter of FY20, with continuous growth in merchant payments at retail stores.

The company claims to be a leader in offline merchant payments (P2M) with 80% market share. “We have built Paytm as a super app that provides more than 200 services to our customers, and are partnering with various service providers across the country. Instead of depending on a single payment method, our approach has always been to offer more flexibility to our users to choose any preferred payment mode — be it wallet, cards or UPI. With more than 12 million merchants using Paytm QR code, Paytm is already a market leader in offline merchant payments. In FY19, the company reported 5.5 billion transactions, with a gross transaction value (GTV) of over $50 billion,” said Deepak Abbot, senior vice-president at Paytm.

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