PayTM claims to have done 5 billion transactions in a year; bulk of these from tier 2&3 cities

New Delhi, July 9 (KNN) Paytm, country’s largest mobile payment player, has claimed to have done 5 billion transactions in a year, with USD 50 billion of transactions value flowing through the platform annually. In terms of UPI payments, Paytm claims to have processed more than 400 million transactions since January when it launched the product on its platform.

“A bulk of these transactions are originating in tier-two and three cities like Surat, Durgapur, Meerut and others with more than 25% of the users using Paytm in regional languages,” said the company in a statement.

In the last quarter, the company clocked 500% growth in terms of peer-to-peer transactions, it said.

Paytm said that in terms of the number of women using the platform the jump has been around 100% and in case of users above 35 years of age, it is seeing increased adoption recently.

“We are witnessing phenomenal adoption in tier-two and three cities, which is bringing in the new wave of growth for us. We have been the largest contributor towards all form of digital payments, including UPI. We will continue to invest further till we digitise payments for majority of the small and large retailers in our country,” said Kiran Vasireddy, chief operating officer at Paytm.