Paytm accounts for half of Indian payments gateway market in April
May 31, 2019
Paytm saw a total of 400 million transactions using its payments services in the month of April alone as the business continues to diversify its India services.
Paytm’s business accounted for over half of the total Indian market in online payments for the month of April, according to data shared by industry sources with TNN. The sources placed Paytm in the lead amongst online payments businesses with 400 million transactions in April followed by PayU India with around 55 to 60 million transactions. Paytm confirmed to TNN that it did clock 400 million transactions in April but did not disclose the value of the transactions.
According to TNN’s report, although PayU witnessed a significantly lower number of transactions than Paytm in April, its transactions were worth Rs 10,000 crore ($1.5 billion). PayPal’s transactions were valued by the sources at around Rs 20,000 crore which would suggest that PayU’s transactions are on the whole larger amounts per transaction than Paypal. The sources also stated that Razorpay’s transactions totalled between Rs 2,500 crore and Rs 3,000 crore in April.
Paytm has recently diversified its services in India to include an e-commerce store for fashion and lifestyle goods PaytmMall and a payments bank. The business’ payments bank recently reported a profit in its first full year of operations.
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