New Delhi: Digital payments company Paytm on Monday said it expects its quarterly payment transactions to increase by a fourth to 2 billion by the end of the financial year.
“It has achieved 1.6 billion transactions in the first quarter of 2019-20 with continuous growth in merchant payments at retail stores," the company said.
The company clocked about 900 million transactions during April-June 2018-19. It has been witnessing an uptick in monthly transactions across all their payment options available on its platform such as wallets, debit cards, net banking as well as Unified Payments Interface (UPI). Paytm claimed to be a leader in offline merchant payments (P2M) with 80% market share.
“We have built Paytm as a super app that provides more than 200 services to our customers and are partnering with various service providers across the country. Instead of depending on a single payment method, our approach has always been to offer more flexibility to our users to choose any preferred payment mode be it wallet, cards or UPI," Deepak Abbot, Sr. Vice President at Paytm, said.
It is shifting its focus to offline merchant payments via Paytm QR at retail kirana stores from peer-to-peer transactions via UPI, the company said, adding that it now plans to expand its footprint to tier four and five towns to acquire new users.
The company has over 350 million registered users.