Indian payments behemoth Paytm, which is owned by One97 Communications, on Wednesday said that it had achieved a Gross Transaction Value (GTV) of more than $50 billion, while clocking 5.5 billion transactions in FY19.
According to the company, this increase is a result of the adoption of Paytm’s digital payments solutions online and offline for multiple use cases, including retail payments, fees, utility payments, travel booking, entertainment, games, and more.
The company also claimed that its subscription-based rewards programme, Paytm First, which was launched in March this year, further helped promote usage and resulted in increased customer retention.
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Paytm aims to double its growth this year and is looking to cross 12 billion transactions by the end of FY20.
Speaking on the growth, Deepak Abbot, Senior Vice President – Paytm, said,
“It is exciting to see that an increasing number of new users are availing the convenience and benefits of digital payments on our platform. We are focused on developing tech-driven solutions, integrated customer lifecycle management, enhancing user experience, and expanding to Tier IV-V cities. We are confident to achieve 12 billion transactions by the end of this financial year."
Over the past year, Paytm stated, it had been focusing on building tools for merchants to simplify their day-to-day business needs. This has resulted in acquisition of large merchants, who are well equipped with new technology to accept all payment modes (cards, wallet, and UPI), Paytm said in a statement.
In November last year, Paytm said it had a base of 9.8 million offline merchants, of which six million accept UPI payments. At present, the platform claims to have partnered with 12 million merchants overall, and aims to take this number to 20 million by FY20.
The digital payments major recently also stated that its payment gateway business processes over 400 million transactions every month.
The company claims to power online payments for a wide variety of startups and large businesses with solutions ranging from a simple shareable Paytm QR code to deep integrations. Users can make seamless digital payments using their preferred payment method, including credit/debit cards, net banking, digital wallet, and UPI.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.