Paytm has accounted for a significant chunk of transactions in February with the spike in digital financial payments. In the data released by NCPI, there have been 3,584.13 million digital payments, out of which 1,275 million transactions were through Paytm.
Paytm VP Narendra Yadav explained the surge in transactions happened due to the proliferation in merchant payments. Now, Paytm is 30-50% larger than its Digi-world competitors, ready to rule the UPI world.
NCPI also reported that the top leader in UPI transactions was PhonePe, recording over 975 million transactions. The digital payments league found Google Pay and Paytm recording over 88 million transactions and 340 million transactions, respectively.
As merchant payments make up to 70% of the digital financial transactions, Paytm had redesigned its goals to focus on merchant payments in 2018. Thereby plummeting the loss by 40% and increasing the revenue on a year-on-year basis.
Additionally, Paytm has decided to monetize its other products and services, says Paytm VP Yadav. The decision to tap the merchant payments segment decreased their focus on peer-to-peer transactions creating a whopping Rs 3,629 crore revenue in 2019-2020.
The digital payments segment thus is facing dense competition. However, the results are supportive in evolving the country’s payments system.
