Digital payments unicorn Paytm has achieved gross transaction value (GTV) of over $50 billion from 5.5 billion transactions in financial year 2018-19.
One97 Communications, which owns and operates Paytm, said the company targets to more than double the transaction numbers to 12 billion by the end of 2019-2020.
Adoption across online and offline channels for multiple use-cases including retail payments, fees, utility payments, travel booking, entertainment, and games have contributed to the growth rate while the recent rewards programme Paytm First helped the company promote usage and increase customer retention, Paytm said in a press statement.
This April, Paytm launched the recurring payment facility to provide its customers the option to make timely payments to subscription-based businesses.
It had claimed last week that that Paytm PG, its payment gateway offering, is the leader with over 50% market share, processing over 400 million transactions each month.
“We are focused on developing tech-driven solutions, integrated customer lifecycle management, enhancing user experience and expanding to Tier 4-5 cities," Deepak Abbot, senior vice-president, Paytm, said.
Earlier this month, Paytm launched its first credit card in collaboration with Citigroup, which offers 1% cashback on every transaction.
Last month, Paytm Payments Bank said it had swung to Rs 19 crore profit for the second year of operations that ended in March 2019. For the first full year of operations that ended March 2018, the company earned gross revenues of Rs 722 crore and clocked net loss of Rs 21 crore.
The company claims to process over Rs 3 trillion worth of digital transactions on an annualised basis. It also offers zero-balance current accounts to individuals, sole proprietors, small and medium enterprises, and large corporates, without any restrictions on depositing/withdrawing money, number of transactions and the amount.
The payments bank came into being in 2016 when One97 Communications spun out its e-commerce and payments business under Paytm Ecommerce and Paytm Payments Bank, respectively. Vijay Shekhar Sharma, founder of One97 Communications, owns 51% of the payments bank and One97 owns the rest.
Founded in 2010 by Sharma, Paytm has raised funding from the likes of SoftBank, SAIF Partners, Alibaba Group and its affiliate Ant Financial. According to media reports, the company is raising $1.5-2 billion from its existing investors SoftBank Vision Fund and Ant Financial.
Paytm primarily competes with Flipkart-owned PhonePe and Google Pay. In March this year, PhonePe received $107.7 million from its parent amid growing competition in the segment.