Even after the lockdown year has officially come to an end, India’s Paytm has continued to expand and grow. Today, India’s most valuable startup has revealed that it processed around 1.2 billion transaction across different payment methods including wallets, internet banking, and UPI etc. during the month of February.
The company claims that this is the largest volume of transactions that any digital payments firm has ever reported in India in a month. Overall, the company saw a 15% month on month growth in terms of payments in February, which is not surprising for an organization like Paytm. The startup has been on an upward trajectory for years now, and the growth brought to the online payments industry due to the COVID-19 pandemic just worked to help fuel it further.
In fact, according to the company, this growth has been registered due to a rise in offline, person to person payments, as people are avoiding the use of cash to maintain social distancing. Meanwhile, the number of people who use Paytm for digital payments has also been rising steadily.
Of the different services available on the platform, Paytm Postpaid, which is a fairly new addition to the app, reported 7 million users in November.
Paytm has emerged as a big favorite among wallet users as well as Merchants. Google Pay and Paytm together have control of 85% of the person-to-person payments market, and while Google Pay is one of the leaders in UPI transactions, Paytm remains most dominant over the wallet users.
Moreover, Paytm has been launching feature after feature under the Indian government’s Atmanirbhar Digital Bharat Initiative to attract merchants to its platform. These include, Paytm All-in-One QR, Soundbox and Paytm for business app, which have been widely successful and are currently being used by over 17 million Indian merchants.
The company claims to have provided 99% of the digital payments pincodes in India, connecting over 6 lakh Indian villages to the digital mode of payment.
Currently, the platform has over 150 million monthly users, and is competing with the likes of PhonePe(with backing from Walmart), Google Pay, Amazon Pay, and the latest entry in the market- WhatsApp, for the vast market of digital payments in India.
