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We have reached a run rate of 5 billion transactions in a year: Paytm

The payments firm says that there is 100% jump in number of women using its platform, with bulk of transactions originating in tier-two and three cities.

, ET Bureau|
Jul 09, 2018, 08.03 AM IST
In the last quarter, the company claims to have clocked 500% growth in terms of peer-to-peer transactions.
BENGALURU: The country’s largest payments player Paytm has claimed to have reached a run rate of 5 billion transactions in a year, with $50 billion of transactions value flowing through the platform annually. In terms of UPI payments, Paytm claims to have processed more than 400 million transactions since January when it launched the product on its platform.

“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,” said the company in a statement.

In the last quarter, the company clocked 500% growth in terms of peer-to-peer transactions, it said.

Sharing further details on the profile of the customers, 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, it is seeing increased adoption recently.

“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 digitise payments for majority of the small and large retailers in our country,” said Kiran Vasireddy, chief operating officer at Paytm.

Along with Paytm, another major digital payments player PhonePe also claimed to have clocked more than 50 million UPI transactions in June with around $1.4 billon being paid through the platform in a month. At an annualised basis, PhonePe claims to have around $20-billion worth of transactions flowing through its platform.

“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.

Besides Paytm and PhonePe another major payment service provider is Google Tez, though Google did not share the latest transaction numbers, as per the sources it could have clocked around 54 million transactions in June.

While India is showing consistent growth in terms of adoption of digital payments, China has been the best example of rapid growth especially driven by QR code-based payments mainly dominated by two payment entities Alipay and We-Chat. Total value of funds paid through these platforms stand at more than $10 trillion annually.

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