Paytm, the Indian mobile-first financial services company that offers payments services, banking, lending and insurance to consumers and merchants, has enjoyed a successful year. In the period between March 2017 and March 2018, total payment volumes processed by the service increased four-fold from $5bn to $20bn.
Paytm offers a wide variety of of services including mobile top-ups and utility bill payments. But this stunning growth reflects the increasing popularity of ecommerce and online shopping in India. Paytm is a mobile service offered to consumers in the second most populous nation on the planet with 1bn people. According to a report from Google and Boston Consulting Group, the digital payments industry in India is expected to reach $500bn by 2020 and that will represent 15% of India’s GDP.
We are processing over 1 billion transactions a quarter, which reflects the network effect of our diverse and multiple use-cases that we have on our platform. We have enabled mobile payments in several new use-cases including traffic challans, parking, utility payments and educational institutions where cash was the primary method of payments, making it more convenient for both consumers and merchant to transact.
Today, Paytm QR has emerged as the payment method of choice for millions of merchants, allowing them to accept card, bank and Paytm payments directly into their bank accounts at 0% fee. We are fully committed to invest further to enhance the payments infrastructure and we will not stop till we take digital payments to every nook and corner of our country.
– Kiran Vasireddy, COO of Paytm
And the next horizon for Paytm is cross border payments and foreign exchange services for businesses and freelancers. They will facilitate foreign exchange and cross-border payments under the auspices of its payments bank operation and has already received the authorised dealership (AD Category II) licence from the Reserve Bank of India that it needs.