India’s largest digital payment platform Paytm has claimed to hit a gross transaction value (GTV) of $50 billion in FY19 against 5.5 billion transactions in FY18.
The company, attributed the growth to widespread adoption across retail payments, utility payments, travel booking, games and others.
Based out of Noida, Paytm was founded in 2010 by Vijay Shekhar Sharma with an aim to bring an ease in the digital payments ecosystem across India.
Hence, at present, Paytm has become Indian’s premier e-commerce payment system and digital wallet company.
It has targeted more than twofold growth this year and is aiming to cross 12 billion transactions by the end of the current financial year.
Further, it said that Paytm First has pushed customer retention and increased transactions.
While, in the recent past, Paytm said that it has crossed more than 400 million monthly transactions for its payment gateway business.
Whereas, on Tuesday, Paytm’s UPI-based payments fell to around 200 million transactions in May, against more than 240 million for Google Pay, reported by ET.