Paytm has already announced its plans to move away from incentivising P2P transactions and move towards achieving growth in offline merchant payments.
Digital payments platform Paytm on Wednesday said it had registered over 70 crore transactions in June 2019, more than the total transactions done by all UPI-based payment applications, including Amazon Pay, Google Pay, Whatsapp Pay and Phonepe.
Paytm has attributed the highest number of transactions to the flexibility that it offers to its large customer base in selecting their preferred payment methods such as wallet, UPI, cards and net-banking, compared to other players who are focussed on cash-back on peer-to-peer (P2P) transactions for growth.
Paytm has already announced its plans to move away from incentivising P2P transactions and commit the same money towards achieving growth in offline merchant payments. With a market share of 80 per cent, it targets reaching more than 2.5 crore merchants in financial year 2019-2020.
Deepak Abbot, Senior Vice President at Paytm said, “Paytm has achieved 700 million digital transactions in the month of June 2019, which is higher than overall UPI total transactions. Importantly, Paytm holds an 80 per cent share in the offline payments which is more than the card network as well. Most stores across the country accept Paytm which reflects our commitment towards the cashless nation.”
On the feasibility of other players’ business growth, Abbot said, “We learned that other players are converting UPI into a heavily incentivised P2P method to show value and volume uptake, we already have the same user transacting on our platform for various other services. We decided to stop the incentive on P2P and committed the same money to merchant payment growth.”