Paytm leads the mobile payments market in India with 1.2B monthly transactions

The sources from Paytm says, it has processed 1.2 billion transactions in the month of February, it clearly reflects the level of penetration it has made in one of the world’s fastest-growing payments markets where it competes with Google, Facebook, Amazon and PhonePe. Paytm said its users made 1.2 billion transactions last month across several payments modes, including wallets, plastic cards, internet banking and UPI.

This is the largest volume of transactions reported by any payments firm in India and Paytm claimed that it has consolidated its leadership position. The Paytm diagram shows how SoftBank-backed startups continue to grow, even though they are not the dominant players in the UPI ecosystem.

Last month, the UPI service processed 2.29 billion transactions, NPCI’s governing body said Monday. PhonePe and Google Pay are India’s leading UPI players, accounting for more than 85% of the personal payments market. PhonePe processed approximately 970 million UPI transactions in February.

Paytm claimed that the service was dominated by offline merchant payments, growing 15% month-on-month. The startup, led by Vijay Shekhar Sharma, said it serves more than 17 million merchants. PhonePe told TechCrunch that it serves more than 17.5 million merchants.