Paytm clocks 5.5 billion transactions in FY19: Cards, UPI payments drive growth for digital platform - What's next?
Explaining its new milestone, Paytm gave credit to hefty rise in usage of digital payment via credit cards, debit cards, wallets and Unified Payments Interface (UPI).
India's largest digital payment platform, Paytm on Tuesday, revealed that they it has achieved a GTV (Gross Transaction Value) of more than $50 Billion, while clocking 5.5 billion transactions in FY’19. Such stellar performance was due to rapid growth in the adoption of Paytm’s digital payments solutions across online and offline for multiple use cases including retail payments, fees, utility payments, travel booking, entertainment, games and more.
Deepak Abbot, Sr. Vice President – Paytm said, “It is exciting to witness an increasing number new users are availing the convenience & benefits of digital payments on our platform. Our secure payments solutions are trusted by millions across all age groups for day-to-day needs and our adoption has been consistently on the rise.”
Explaining its new milestone, Paytm gave credit to hefty rise in usage of digital payment via credit cards, debit cards, wallets and Unified Payments Interface (UPI). The company stated that, it has been focused on building tools for merchants to simplify their day to day business needs. This has resulted in large merchants acquisition who are well equipped with new technology to accept all payment modes (Cards, Wallet, and UPI).
The company powers online payments for a wide variety of start-ups and large businesses with solutions ranging from a simple shareable Paytm QR code to deep integrations. Allowing users can make seamless digital payments using their preferred payment method including Credit/debit cards, net banking, Wallet and UPI.
Also, Paytm PG is the undisputed leader in the Payment Gateway industry with over 50 percent market share. It is significantly ahead of the competition with the largest volume and the largest merchant base while processing over 400 Mn transactions each month, this is 5x higher than the next biggest player, stated the company.
Newly launched Paytm First premium subscription-based rewards program has alsp further helped promote usage and resulted in increased customer retention.
Going forward, Paytm is now extending its focus towards enhancing customer lifecycle management; adopting AI and improving the user interface. Paytm aims over 2x growth this year and is targeting to cross 12Bn transactions by the end of FY’20.
Abbot said, “We are focused on developing tech-driven solutions, integrated customer lifecycle management, enhancing user experience and expanding to tier 4-5 cities. We are confident to achieve 12Bn transactions by the end of this financial year."