- Payment gateway business of Paytm has grown by 2400% over the last three years.
- Currently, they process over 400 million transactions every month and have a 50% market share.
From booking cabs to shopping online, gateways to payments have made digital transactions seamless and easier. And nearly every other website you go to has integrated Paytm payments.
Taking advantage of the turn to digital and rapid online consumption growth, the Paytm payment gateway has grown springs and boundaries. Over the past three years, Puneet Jain, Senior Vice President, Paytm told Business Insider it has grown by a massive 2.400 percent.
“We are India’s biggest payment gateway at a market share stage–we’re doing more transactions than the rest of the players put together,” Jain said. They are currently processing more than 400 million transactions each month and have a market share of 50 percent.
But the growth at Paytm is going beyond numbers. Jain says one of their successes has been the use of their services by all leading players across industries-from IRCTC to Uber to Zomato and Swiggy.
“The other significant achievement we saw last year was the pace of innovation-last year we launched 15 products and significantly increased our performance as a gateway to payment,” he said.
Paytm’s rise last year even comes despite a decline in the country’s consumption. Yet Jain claims the recession hasn’t impacted digital companies. “We keep on growing month by month. The Web also reflects an evolving area. The downturn is limited to some areas, and the conventional economy more so than the internet space of the new age. The digital payment represents digital consumption,’ Jain said.
But with digital payments and online consumption rising, there is still a need to innovate. Recently, the Paytm payment gateway had partnered with Visa to end the authentication of OTP for transactions under the age of 2000. This is for improving the country’s small ticket payments.
The same feature had recently been launched by e-commerce giant Flipkart too.
But this also led to security questions, but Jain claims that his safety was built according to regular guidelines.
“We need a one-time user consent that doesn’t allow the user to go through the OTP authentication. It is designed according to the regulatory guidelines and is focused on device-based network authentication, where networks such as visa assess transaction safety on a real-time basis and determine whether an OTP is required, “Jain said.
