Digital payments and financial services firm Paytm has exceeded 1 billion in monthly transactions across its unified payments interface (UPI), wallet, cards and net-banking payment methods, for the second successive month in February, the company said.
Paytm, which witnessed 15% growth in month-on-month transactions, said that the scale in payments comes on the back of its financial services and offline products for merchants.
Paytm claimed to have close to 17 million merchants subscribing to its services. It offers products such as All-in-One QR, Paytm All-in-One Android POS, Soundbox, and Paytm for Business app, to merchants. It claimed to have more than 150 million monthly active users.
“We have been promoting all digital payment methods giving multiple choices to consumers, which has helped us consolidate our leadership position. A large percentage of our users who started their digital journey with Paytm has now adopted our financial services. We introduced the country to innovative QR technology that empowered millions of small shopkeepers with digital payments,” said Narendra Yadav, vice president, Paytm.
In terms of demographics, Paytm said it empowers more than 600,000 villages with digital payments and has trained over 2 million merchants in these villages to help in the proliferation of online transactions.
The company has focused on financial services, offering customers various solutions, including Paytm Payments Bank, wealth management solution Paytm Money, Paytm Insurance, consumer lending solution Paytm Postpaid and Paytm Credit Cards.
It said that more than 50% of its merchant partners hold an account with Paytm Payments Bank. Furthermore, more than 50% of Paytm Money users are new to wealth management services. Paytm’s microcredit solution, Paytm Postpaid, has got more than 7 million users within six months of launch, the firm said.
Paytm has been steadily adding transactions and gaining market share on UPI. Paytm Payments Bank was the third-largest player in terms of UPI transactions, clocking close to 332.6 million transactions in January.
Rivals PhonePe and Google Pay clocked 968.7 million and 853.5 million transactions, respectively, in January.