Tuesday 4 June 2019

Paytm eyes $200bn gross transactions

Paytm eyes $200bn gross transactionsBENGALURU: Payments player Paytm will step on the gas to expand its offline merchant base as it looks to clock gross transaction value (GTV) of $150 billion by March 2020. The Noida based company closed 2018-19 with $50 billion in GTV and saw about 5.5 billion transactions for the same period. Going forward, the company is now looking to expand beyond metros to tier I and tier II cities to widen its merchant base, especially among unorganised merchants. In total, it has about 10 million registered merchants across the country.

“After growing two times last year, we are eyeing another year of growth by two times. This expansion will also see merchant base doubling to 20 million by March 2020,” said Deepak Abbot, SVP, Paytm. The company said it would clock 12 billion transactions in the next one year. These transactions include all the payments on its platform and Paytm Mall, the e-commerce business. These are typically for retail payments, fees, utility payments, travel booking, entertainment, and gaming, among others.

For Paytm, wallets remain key as 50-60% of its transactions come from this instrument, while UPI contributes about 20%. The rest is from cards and internet banking.

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