We have reached a run rate of 5 billion transactions a year: Paytm

BENGALURU: Paytm, the largest payments player in the country, claims to have reached a rate of 5 billion transactions a year, with an annual transaction value of 50 billion dollars. In terms of UPI payments, Paytm claims to have processed more than 400 million transactions since January, when it launched the product on its platform.

"A lot of these transactions originate from third and third cities like Surat, Durgapur, Meerut and others with over 25% of users using Paytm in regional languages," the company said in a statement. communicated.

During the last quarter, the company recorded a growth of 500% in terms of transactions between individuals.

By sharing more details about the clients' profile, Paytm said that in terms of the number of women using the platform, the jump was about 100% and in the case of the users over 35 years old,.

"We are seeing phenomenal adoption in tier two and three cities, bringing us the new wave of growth, and we have been the largest contributor to all forms of digital payments, including UPI. to invest more until we digitize payments for the majority of small and large retailers in our country, "said Kiran Vasireddy, chief operating officer at Paytm.

Parallel to Paytm, another major digital payment operator, PhonePe, also announced that it had made more than 50 million UPI transactions in June, with approximately $ 1.4 billion paid per month on the platform. On an annualized basis, PhonePe claims to have transactions worth about $ 20 billion across its platform.

"We are also one of the largest platforms in terms of total volume of payments because our average transaction value is much higher than that of the other players, thanks to our constant attention to the cases of "Customer-centric use," said Hemant Gala, Head of Payments and Financial Services at PhonePe, according to the latest data shared by the National Payments Corporation of India, which manages the railways' railways. UPI, in June, UPI recorded 246.3 million transactions with more than 40,000 rupees of rupees settled in June alone.

In addition to Paytm and PhonePe, another major provider of payment services is Google Tez, although Google has not shared the latest transaction numbers, according to sources, it could have reached about 54 million transactions. June.

While India is showing steady growth in terms of adopting digital payments, China has been the best example of rapid growth, especially thanks to QR code payments dominated mainly by Alipay payment and We-Chat. The total value of funds paid through these platforms amounts to more than $ 10 trillion a year.