Paytm expects to achieve 2 billion transactions by end of 2019

Digital payments firm Paytm expects to achieve two billion transactions per quarter in 2019, a senior official said Monday.

"Paytm is set to expand the payments market in India with its ambitious target to achieve two billion quarterly transactions this year. The company has been witnessing impressive month-on-month growth across all payment use-cases available on its platform.

"It is already a leader in offline merchant payments (P2M) with 80 per cent market share," Paytm Senior Vice-President Deepak Abbot said in a statement.

The company facilitates bill payment, online purchase of services and products through all payment methods such as wallet, UPI, net-banking and cards on its platform.

Paytm claims to have achieved 1.6 billion transactions in the first quarter of the ongoing fiscal year 2019-20 with continuous growth in merchant payments at retail stores.

Backed by Chinese internet company major Alibaba, the digital payment firm in the statement said neither does it charge or levy any convenience or transaction fee from customers on using any payment method which includes cards, UPI, net banking and wallet nor has any plans to do so in the future.

"There have been few merchants like educational institutes or utility service providers who do not absorb credit card charges and expect customers to pay the same. In such cases, we recommend our users to pay through their debit cards and UPI to avoid these charges," the statement said.

Paytm claims to have more than 12 million merchants using Paytm QR code.

"In financial year 2019, the company reported 5.5 billion transactions with a gross transaction value of over USD 50 billion," Abbot said.