Paytm is certainly one of the most popular digital transaction medium towards the growing cashless economy. Undoubtedly, it is considered as one of the most reliable sources to earn cashbacks through each and every transaction that you makez and that’s certainly one of the most important reasons for this growing popularity of this platform. According to the reports, around 160 million unique mobile payment users will multiply by five times to reach around 800 million by the year 2025. Paytm has grabbed 50 per cent share in the payments to merchants (P2M) segment in India.
The financial services platform has recently emerged as one of the most integrated payment providers in the fintech space. Paytm has undoubtedly got a strong presence in the tier 3 and below market with more than 16 million merchants on its platform. This report has been collected from the reports by RedSeer Consulting, a Bengaluru-based consulting and research firm. The report further said that the current 160 million unique mobile payment users will multiply by five times to reach nearly 800 million by the year 2025.
Paytm grabs 50% share
Also, a virtual summit is expected to bring the key stakeholders of the retail industry to discuss about their planning to get their businesses back to normal. As per the recent data, “Paytm has the highest top of mind recall and unaided awareness among merchants followed by Phone Pe and Google Pay. When asked from which payments app do you accept payments, over 68 per cent of merchants cited Paytm.”
Paytm’s P2M consumers had got the highest satisfaction leading with an NPS (net promoter score) of 42 per cent. As per the sources, the Payment gateway aggregator market in India currently stands at Rs 9.5 trillion and is expected to grow by 2.4 times, driven by the large value transactions. Sources reveal, “It is expected to grow at a CAGR of 19 per cent in the next five years to reach Rs 22.6 trillion by FY 2025. The payment gateway market today is very competitive, and all leading players are fighting for the market share. Paytm leads this pack and has grown the fastest.” Paytm’s all-in-one Android point of sale (POS) machine is even touted as a highly customisable device that can be used in almost all the sectors.
Vice President of Paytm’s take on the concern
Narendra Yadav, Vice President, Paytm said, “Paytm is on track to enable over half a billion people with digital financial services and providing banking facilities to the unbanked.” He further mentioned, “Going forward we will bring out more innovations in the fintech space that will help transform India and possibly set new examples globally”. The company has been successful in becoming the largest player in terms of consolidated revenue of Rs 3,579 crore in the FY 2019. Nevertheless, Paytm offers a multitude of services like payments, insurtech, wealthtech, lending, Payments Bank, Payment Gateway, EDC, eCommerce and more.