Paytm on Monday announced that its payment gateway is the biggest processor of organization payments with more than 750 million month-to-month transactions now. Adoption of on the internet payments for sectors such as BFSI, retail and direct-to-customer (D2C) e-commerce, utilities, edtech, meals delivery, digital entertainment, gaming and on the internet shift of enterprises for the duration of and post covid occasions had enabled development for the payment gateway even as its transaction volume had extended surpassed pre-covid levels, the firm mentioned in a statement.
Adoption of payment instruments issued by Paytm Payments Bank, such as Paytm Wallet and Paytm UPI contributed about 60 per cent to the total transactions registered on the gateway. Also, Paytm PostPaid and EMI services which had been launched final year registered 25 per cent month-on-month development, Paytm mentioned. “Our systems have the capacity to manage up to 2,500 transactions per second which ensure stability when our enterprise merchants see spikes during special events and sales,” mentioned Praveen Sharma, Sr. Vice President, Paytm.
According to RedSeer’s August 2020 report on digital payments in India, Paytm is the biggest player in the merchant payments space with a 50 per cent market place share followed by Phonepe and Google Pay. However, as per the month-to-month UPI transaction information from the National Payments Corporation of India (NPCI), Walmart’s payment arm in India PhonePe continued to stay the dominant UPI app for a third straight month in February 2021, cornering an impressive 42.5 per cent share of the 2,292.90 million UPI transactions.
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Paytm remained the distant third player in February as properly recording 340.71 million transactions involving Rs 38,493.52 crore. It had processed 332.69 million transactions worth Rs 37,845.76 crore in the preceding month. Google Pay, which had lost the top rated spot to PhonePe in December 2020, had retained the second-biggest UPI app in February processing 827.86 million transactions worth Rs 1.74 lakh crore.
India’s digital payments are probably to develop at a CAGR of 27 per cent for the duration of the FY20-25 period. The digital transactions are anticipated to jump from Rs 2,153 lakh crore in FY20 to Rs 7,092 lakh crore in FY25, according to the India Trend Book Report 2021 launched final week by the Indian Private Equity and Venture Capital Association (IVCA) and Ernst & Young. The payment gateway aggregator market place is anticipated to develop at about 19 per cent CAGR from Rs 9.5 lakh crore in FY20 to Rs 22.6 lakh crore in FY25 when the merchant payments segment is probably to see 52 per cent development from Rs 4.7 lakh crore to Rs 33 lakh crore for the duration of the mentioned period.