Paytm aims to complete 2 billion transactions by end of 2019

By

Maverick Martins

Published
Jul 2, 2019

Digital payments firm Paytm has set a target of achieving two billion transactions by the end of 2019 after witnessing strong growth across all its platforms in the first half of the year.
 

The company will further expand its presence in the Indian market by onboard more retail stores to its network of merchants to achieve its set target.
 
Paytm claims to have achieved 1.6 billion transactions in the first quarter of the ongoing fiscal year 2019-20 with 80 percent market share in offline merchant payments.

"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.
 
"In the financial year 2019, the company reported 5.5 billion transactions with a gross transaction value of over $50 billion," Abbot added.
 
The company is in the process of getting onboard over 20 million retail kirana stores to expand its offline merchant network in the country.
 
Paytm has earmarked an investment of Rs 250 crore ($37.6 million) to expand its services into Tier 4 and 5 towns to bring in more merchants.