Paytm on Wednesday said that it plans to double its transaction volume to 12 billion by end of 2019-20, from 5.5 billion in 2018-19.
Paytm said it achieved total transactions of $50 billion in 2018-19.
“This increase is a result of the rapid growth in the adoption of Paytm’s digital payments solutions across online and offline for multiple use cases including retail payments, fees, utility payments, travel booking, entertainment, games and more,” the company said in a statement.
“Digital payment players are focusing on expanding both the offline merchant base as well as use cases like transportation and telecom. In some cases, adjacent industries like food delivery and entertainment are creating digital payments demand pull,” said Vivek Belgavi, partner at PwC India.
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Paytm currently has 350 million registered users as of 5 June according to a company statement.
“The company has been focused on building tools for merchants to simplify their day to day business needs. This has resulted in large merchants’ acquisition who are well equipped with new technology to accept all payment modes (cards, wallet, and UPI),” the statement said.
Paytm now plans to focus on adopting artificial intelligence and will work on their interface.