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Paytm records over 400 million transactions a month

Paytm

India’s largest digital payments company Paytm, Thursday, said it was processing over 400 million transactions every month, cited Economic Times.

“We continue to witness impressive growth in transactions through the Paytm Payment Gateway across fast-growing categories such as transportation, food delivery, gaming as well as travel and telecom,” said a company spokesperson.

The payments firm, heavily funded by Soft-Bank and Alibaba claimed it was five times bigger than its closest rival.

The company told ET that it has seen threefold growth in the number of transactions over the last one year after the digital payments and transaction gateway business are picking up steam in the country.

The company is pushing hard on the payments processing business as well, which is not much of a consumer-facing sector, but works closely with e-commerce companies to help them accept payments remotely.

Moreover, as reported, the company is also working towards deep platform integrations, mainly focusing on easy integration, from its earlier instant plugand play offerings.

The company further said that it has a high success rates for transactions, especially for RuPay cards and the Unified Payments Interface (UPI).

Adding on, Paytm competes with the likes of PayU and Razorpay in the payment gateway business.

While, PayU is the largest payment processors in the country, Razorpay has also grown fast to challenge the incumbents in this space.

According to Razorpay, it was adding fresh merchants at the rate of almost 20% per month and was seeing a 15% growth in gross payments through its platform, without divulging specific numbers.

PayU, on the other hand, said it processes around $1.7 billion per month and 12,000 crore transactions.

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