Paytm, India’s most dear startup, stated on Monday it processed 1.2 billion transactions within the month of February, illustrating the extent of penetration it has made in one of many world’s fastest-growing funds markets the place it competes with Google, Fb, Amazon, and Flipkart-backed PhonePe.
Paytm stated its customers made 1.2 billion transactions final month throughout a number of funds modes together with wallets, plastic playing cards, web banking, and UPI. That is the most important quantity of transactions reported by any funds agency in India and Paytm claimed that it has consolidated its management place.
A Paytm spokesperson advised TechCrunch that the startup clocked over 1 billion transactions within the month of January as properly. A PhonePe spokesperson advised TechCrunch that its app crossed a billion transactions in December, and its final month’s transacting quantity was “over a billion” throughout UPI, pockets, and credit score and debit playing cards.
Paytm’s determine reveals how the SoftBank-backed startup has continued to develop regardless of not being a dominant participant within the UPI ecosystem.
A funds railroad constructed by a coalition of retail banks and backed by the federal government, UPI has emerged as the most well-liked manner customers transact on-line lately although it doesn’t provide any enterprise mannequin.
Final month, UPI providers processed 2.29 billion transactions, the governing physique NPCI stated on Monday. PhonePe and Google Pay are the dominant UPI gamers in India, commanding over 85% of the person-to-person funds market. PhonePe processed about 970 million UPI transactions in February. (NPCI has stated that it’s going to implement a market share cap on its member companies.)
Not like Paytm, which leads amongst pockets gamers, and PhonePe, Google Pay and comparatively new entrant WhatsApp solely function on UPI.
Paytm has expanded to cater to retailers lately as a number of worldwide companies launched their choices to resolve person-to-person funds in India. The startup claimed that its service dominates in offline service provider funds and is rising 15% month-on-month. The startup, led by Vijay Shekhar Sharma, stated it serves over 17 million retailers. PhonePe advised TechCrunch it serves over 17.5 million retailers.
Paytm stated it has been “the primary driving drive behind constructing and increasing digital villages and now empowers over 6 lakh (600,000) villages in India with digital funds.” The startup stated over 50% of its service provider companions have an account with Paytm Funds Financial institution — the startup’s digital financial institution — and it additionally instructions the market with its digital wealth administration service, Paytm Cash.
At stake is India’s funds market that’s estimated to be value $1 trillion within the subsequent three years, up from about $200 billion final 12 months, in response to Credit score Suisse.
“We’re humbled by the belief India has proven in us & made Paytm their most popular digital funds & monetary service supplier. We’ve got constantly maintained industry-leading market share & rising at a formidable price,” stated Narendra Yadav, Vice President of Paytm, in a press release.
“We’ve got been selling all digital cost strategies giving multiple-choices to customers which have helped us in consolidating our management place. In actual fact, a big proportion of our customers who began their digital journey with Paytm, have now adopted & embraced our monetary providers.”