India’s largest payments player Paytm has claimed to have reached a run rate of 5 billion transactions in a year. $50 billion of transactions value flowing through the platform annually. In the SoftBank and Alibaba-backed company claims to process over 400 million UPI-based transactions.
Paytm said that in terms of the number of women using the platform the jump has been around 100% and in case of users above 35 years of age.
Paytm said in a statement “A bulk of these transactions are originating in tier-two and three cities like Surat, Durgapur, Meerut, and others with more than 25% of the users using Paytm in regional languages”.
In the last quarter, the company clocked 500% growth in terms of peer-to-peer transactions, it said.
Chief operating officer at Paytm, Kiran Vasireddy said “We are witnessing phenomenal adoption in tier-two and three cities, which is bringing in the new wave of growth for us. We have been the largest contributor towards all form of digital payments, including UPI. We will continue to invest further till we digitize payments for the majority of the small and large retailers in our country”.
According to ET “We are also one of the largest platforms in terms of total payment volume as our average transaction value is much higher than other players driven by our continuous focus on customer-centric use cases like Ola, Redbus, Mumbai Metro and others,” said Hemant Gala, head of payments and financial services at PhonePe. As per latest data shared by the National Payments Corporation of India, which runs the UPI railroads, in June, UPI clocked 246.3 million transactions with more than Rs 40,000 crore being settled in June alone.
Paytm claims to hit 5b transaction in a year. One of the main regions is the use of UPI has grown over the past two years and UPI 2.O expected to attract fresh users, expand use cases and drive repeat transactions on the platform.