BENGALURU: The digital payments and payments gateway business are picking up steam.
Paytm, the largest digital payments company in India, said it was processing more than 400 million transactions every month. Paytm also claimed it was five times bigger than its closest competitor. It has seen threefold growth in the number of transactions over the last one year, Paytm told ET.
The payments firm, backed by Soft-Bank and Alibaba, is pushing hard on the payments processing business as well, which is not much of a consumer-facing sector but works closely with ecommerce companies to help them accept payments remotely. “We continue to witness impressive growth in transactions through the Paytm Payment Gateway across fast-growing categories such as transportation, food delivery, gaming as well as travel and telecom,” said a company spokesperson.
The company is also working towards deep platform integrations, mainly focusing on easy integration, from its earlier instant plugand-play offerings. The company also claimed high success rates for transactions, especially for RuPay cards and the Unified Payments Interface (UPI).
Paytm competes with the likes of PayU and Razorpay in the payment gateway business. PayU is one of the largest payment processors in the country. Razorpay has also grown fast to challenge the incumbents in this space.
Razorpay said it was adding fresh merchants at the rate of almost 20% per month and was seeing a 15% growth in gross payments through its platform, without divulging specific numbers. PayU, on the other hand, said it processes around $1.7 billion per month and 12,000 crore transactions.
Source: economictimes.indiatimes.com