Paytm 30pc larger than nearest competition in digital payments
New Delhi: Digital payments firm Paytm is around 30-50 per cent larger than mobile apps in the segment with over 1.2 billion monthly transactions, a top company official said.
Paytm vice-president Narendra Yadav told PTI that the company recorded around 1,275 million digital transactions through its payment gateway which is 30-50 per cent higher than leading competitors.
“Paytm is 30-50 per cent larger than its competition. Dominates digital payments with over 1.2 billion monthly transactions led by growth in merchant payments,” Yadav said.
Out of 3,584.13 million digital financial transactions carried out in February according to the data released by NPCI, Paytm claims to have carried out 1,275 million transactions.
According to the NPCI data, PhonePe platform led in UPI transactions by recording over 975 million transactions. It was followed by Google Pay with over 88 million transactions. Within UPI apps, Paytm stood at the third spot with over 340 million transactions.
The Paytm VP said that the company now focuses on merchant payments which account for 70 per cent digital transactions on its platform as well as help it in monetising other products and services.
“We incentivise merchant payments rather than peer to peer transactions. It is easy to create revenue models around merchant payments. We took a call in 2018 that we will focus on merchant payments rather than incentivising peer-to-peer transfers and the decision has helped us in growing our revenue,” Yadav said.
Paytm had reported narrowing of loss by 40 per cent and increase of revenue to Rs 3,629 crore on year-on-year basis in fiscal year 2019-20.
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