India’s biggest digital payments platform, Paytm claims to have crossed the $4 billion in monthly gross transaction value. The number of transactions also peaked at 1.3 billion in June according to an official statement by the company.
Paytm also revealed to have reached $50 billion annual run rate in terms of value. The company also witnessed a growth of 500 percent in peer to peer transaction. Interestingly, the company gets 25 percent of transactions from small cities like Durgapur and Meerut.
“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,” said the company in a statement.
Since January 2018, the platform has also processed over 400 million BHIM UPI transactions, which is fast becoming the preferred alternative to net banking.
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 majority of the small and large retailers in our country,” said Kiran Vasireddy, the chief operating officer at Paytm.
Paytm’s contemporary PhonePe also claims to have reached more than 50 million UPI transactions in June with around $1.4 billion paid through the platform in a month. The digital payments platform also claims to have around $20-billion worth of transactions flowing through its platform.