Payment and fiscal services company Paytm is witnessing early signs of recovery and strong stabilisation for its Unified Payments Interface( UPI) business, marking a strong reversal for the company.
The total value of UPI deals reused on the Paytm platform grew to Rs1.24 trillion in May, on the reverse of the company launching several enterprise for druggies similar as Credit Card on UPI, as well as pushing the switch on UPI Lite.
With total deals on the platform stabilising at1.14 billion in May, Paytm which came a third-party operation provider (TPAP) in March, continues to be the third largest player in terms of request share. Further, considering the breadth of its trafficker base, the company continues to be leading among peer- to- trafficker( P2M) UPI deals.
Paytm also remains the only Indian company to challenge the duopoly of Google Pay, the Indian payments arm of US search mammoth Google and PhonePe, which has US retail mammoth Walmart as its maturity shareholder.
In May 2024, UPI reached a corner by handling nearly 14 billion deals, a substantial 49 per cent( time- on- time) increase, and reused deals worth Rs20.45 trillion– its loftiest since launch in 2016. This swell underscores the growing preference for digital payments among Indian consumers and businesses.
Paytm has been bullish on UPI and has formed hookups with colorful banks and fiscal institutions including Axis Bank, HDFC Bank, State Bank of India( SBI) and YES Bank to enhance its UPI service.
As a part of its earnings, the Noida- headquartered company said that the move further ‘de-risks ’ its business model. Features like UPI Lite launched by Paytm on its platform help druggies make flawless payments avoiding the threat of payment failures.
This service is especially useful for those who constantly handle small payments like buying groceries, paying for parking, or settling diurnal commute fares. It also keeps the bank statement clutter-free with only a single entry, anyhow of the number of payments made, which is a significant convenience for druggies who prefer a clean fiscal overview.
The company entered UPI impulses of Rs 288 crore for FY 2024( recorded in Q4 FY24), compared to Rs 182 crore in FY 2023( recorded in Q4 FY23), showcasing its sustained growth with the payments structure.
The overall growth in digital payments in India, driven by probative government programs, indicates a shift in consumer geste towards cashless deals.
