Digital payments major Paytm has reached a new milestone of registering $50 billion gross transaction value through 5.5 billion transactions in the financial year ending on March 31, 2019.
This is a 2.5X jump in terms of GTV as compared to previous fiscal year i.e FY18. The Alibaba-backed company’s annual gross value of services and products sold on its platform (GTV) had crossed $20 billion mark in February 2018.
Widespread adoption across retail payments, utility payments, travel booking, games as well as customer retention and hike in the number of transactions are some of the prime factors that the company has attributed in its growth.
For the current fiscal, Paytm has set a target of achieving 12 billion transactions that may catapult the company’s GTV close to $100 billion.
The aforementioned claims come on the heels of Paytm’s payment gateways claim of processing over 400 million transactions for merchants every month.
In FY18, Paytm had maintained its lead over arch-rivals in terms of UPI transaction. Besides, it also claimed to drive significant checkout volume with 150 million saved cards and bank accounts in its system.
While Paytm is gradually losing its marketshare to Google Pay and PhonePe in terms of UPI transaction, the firm’s payment bank business has brought exemplary result by becoming the first entity in this segment to be profitable.
Apart from this, Paytm is eyeing to become a super app to drive more use cases (transactions) for its payments offerings.
In terms of GTV, PhonePe was quite close to Paytm in FY18, however, the Flipkart-owned company is yet to reveal its figure for the current fiscal.
The development was reported by ET.
