Paytm’s digital payment platform on Wednesday said it had recorded more than 70 crore transactions in June 2019, more than all UPI-based payment apps, including Amazon Pay, Google Pay, Whatsapp Pay and Phonepe.
Paytm has ascribed the largest amount of transactions to the flexibility it provides its big client base in choosing their preferred techniques of payment such as wallet, UPI, cards and net-banking compared to other players focused on cash-back on peer-to-peer (P2P) transactions for growth.
Paytm has already announced plans to move away from encouraging P2P transactions and commit the same money to development in offline merchant payments. It aims to reach more than 2.5 crore retailers in the 2019-2020 economic year with a market share of 80%.
Deepak Abbot, Senior Vice President at Paytm said, “In the month of June 2019, Paytm reached 700 million digital transactions, which is greater than the complete UPI transactions overall. Importantly, Paytm maintains 80% of the offline payments, which is more than the card network as well. Most shops across the country accept Paytm, which represents our dedication to the cashless nation.
On the feasibility of the company development of other players, Abbot said, “We discovered that other players are turning UPI into a highly incentivized P2P technique to demonstrate value and quantity uptake, we already have the same user transacting for multiple other services on our platform. We decided to stop the P2P incentive and commit the same money to the development of merchant payments.”