Vijay Shekhar Sharma-led digital payment firm Paytm has claimed a leadership position in payment gateways with processing over 400 million transactions for merchants every month.
Noida-based payment firm clocked higher gross volume and value transactions than its biggest rivals PayU and Razorpay. Paytm, without disclosing the value of the transactions, processed five-time more transactions than its nearest competitor, the company said in a release.
At present, Nasper-backed PayU processes reportedly around 100-120 million transactions whereas Razorpay has not made its number public. Though, Razorpay claims to add new merchants at the rate of almost 20% per month and witnessing a 15% growth in gross payments.
In April, Paytm did transactions worth Rs 20,000 crore in April whereas PayU and Razorpay clocked around Rs 10,000 crore and Rs 3,000 crore in last month, said a TOI report citing industry data.
Paytm, in the last couple of years, has pushed aggressively for payment gateways business with e-commerce firms. It has garnered a major share of digital transactions for brands including Uber, Zomato, OYO, Dominos, IRCTC, Jio, Club Factory, and Big Basket among others.
Transportation, food delivery and gaming emerged as the fastest growing categories for payment gateway transactions, mentioned the company’s press statement. Paytm offers a gamut of payment solutions from instant plug-and-play offerings to deep platform integrations.
In last one year, Paytm saw 3X growth on third-party apps and websites.
We are committed to delivering more innovative offerings tailored to meet the requirement of the ever-evolving payment to further consolidate our leadership, said Kiran Vasireddy, COO – Paytm.
Recently, Entrakr had exclusively reported that Vasireddy is leaving the payments firm along with former Paytm Mall COO – Amit Sinha.
Softbank and Alibaba backed firm also claimed high success rates for almost all payment method including UPI and RuPay cards. It claimed to drive significant checkout volume with 150 million saved cards and bank accounts in its system.
In February, the RBI has proposed to regulate payment gateway service to make them more transparent and accountable.