The digital payments giant Paytm has reportedly claimed to reach the milestone of run rate of 5 billion transactions per year, along with the value of $50 billion GTV (Gross Transaction Value) transactions being processed in the platform every year.
The company, in the last quarter, showed a growth of 500 percent in terms of peer-to-peer transactions. On the basis of UPI payments, the company states that it has processed more than 400 million transactions since January when it launched the product on its platform.
“A bulk of these transactions are originating in tier-two and three cities like Surat, Durgapur, Meerut and others with more than 25% of the users using Paytm in regional languages,” the company said in a statement.
The company also told about the increase in the customer base which stated that the number of women on the platform has seen a rise of around 100 percent and in case of users above 35 years of age, it is seeing growth in adoption recently.
“We are witnessing phenomenal adoption in tier-two and three cities, which is bringing in the new wave of growth for us. We have been the largest contributor towards all form of digital payments, including UPI. We will continue to invest further till we digitize payments for the majority of the small and large retailers in our country,” claimed Kiran Vasireddy, the chief operating officer at Paytm.
Apart from Paytm, another digital payment platform such as PhonePe has also witnessed huge growth in terms of transactions and customer base. PhonePe claimed to have crossed more than 400 million UPI transactions in June with around $1.4 billion being paid through the platform in a month. The company stated to have around $20-billion worth of transactions flowing through its platform annually.
This clearly shows that how India is showing a major growth in the sector of online payments services and is showing a major increase in transactions every year.