Paytm Achieved $50 Billion Worth With 5.5 Billion Transactions In FY2019

According to a report, GTV of Paytm – the payments giant in India, which belongs to One97 Communications, was over $50 billion and it had were 5.5 billion in the fiscal year 2019.

It is said that this growth is because Paytm adopted digital payments solutions online and offline for a variety of use case such as travel booking, fees, entertainment, retail payments, games, utility payments, and so on.

Paytm First, the rewards program based on subscription, was appreciated. Being released in March 2019, it contributed to promoting usage, leading the enhanced customer retention, said the company.

This year, the company's goal is to double its growth and cross the 12 billion mark of transactions before FY20 ends.

Senior Vice President Deepak Abbot when discussing the growth said:

According to Paytm’s statement, during the last year, it's main focus has been on developing tools which help simplify merchants’ daily business needs. This has led to large merchants’ acquisition. They have had access to new technology which allows all modes of payments like wallet, UPI, and cards.

In November 2018, the company claimed that it had a total of 9.8 million offline merchants, including 6 million merchants accepting UPI payments. It is said that Paytm now has cooperated with a total of 12 million merchants. The number is expected to rise to 20 million by the fiscal year 2020.

Moreover, it stated that more than 40 crore transactions are processed each month through its payment gateway business.

Paytm also claims to power a huge number of large businesses and startups’ online payments with the range of solutions from simple to complicate. They can be deep integrations or a shareable Paytm QR code. Seamless digital payments can be made with many payment methods named net banking, UPI, credit cards, and digital wallet.