Spice Money: Industry Monitoring 04 July 2019
- Priyanka Kanodia
- Jul 8, 2019
- 1 min read
Spice Money
Industry News
Paytm records 700 Mn transactions in June; continues to omit UPI figure
Publication- Entrackr
Edition- Online
Date- 04 July, 2019
Amidst losing UPI marketshare race to arch-rivals Google Pay and PhonePe, Paytm has revealed the total transaction happened through its payments platform. According to the Alibaba-backed company, it has recorded 700 million transactions in June across payments mode ie wallet, UPI, cards and net-banking. During the month overall UPI transactions was recorded at about 754 million. On comparison front, Paytm’s overall transaction via its platform is more than the entire transaction processed by UPI-based payments apps such as Google Pay, PhonePe, Amazon Pay, and BHIM.
The company has attributed the success to a gamut of payments method against other players who allow only peer-to-peer transactions via on UPI. It’s worth noting that Paytm has not been giving UPI related transactions figure since the past four months. The case in point – Paytm has not revealed the exact figure for UPI transactions where Google Pay and PhonePe have been eating up its marketshare over the past 3-4 months. For instance, Google Pay had registered 240 million transactions amounting to Rs 55,000 crore in May. On the contrary, PhonePe and Paytm registered 230 million and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively. The separate figure via UPI transaction will reflect the dominance of these private payments players.
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