Paytm’s payment gateway has grown by 2400% over the last three years
- Payment gateway business has grown by 2400% over the last three years,
Puneet Jain, Senior Vice President, Paytmtold Business Insider.
- Currently, they process over 400 million transactions every month and have a 50% market share.
- Jain claims that the consumption slowdown didn’t affect digital businesses in India.
Leveraging the turn to digital and fast growth of online consumption, Paytm payments gateway has grown leaps and bounds. It has grown by a massive 2,400% over the last three years, Puneet Jain, Senior Vice President, Paytm told Business Insider.
“At a market share level, we are India’s largest payment gateway – we do more transactions than the rest of the players put together,” said Jain. Currently, they process over 400 million transactions every month and have a 50% market share.
But at Paytm, the growth goes beyond numbers. Jain says that one of their achievements has been that all leading players across industries use their services – from IRCTC to Uber to Zomato and Swiggy.
“The other significant achievement we saw last year was the pace of innovation – we launched 15 products last year and significantly upped our performance as a payment gateway,” he said.
Paytm’s growth last year comes even in spite of a consumption slowdown in the country. But Jain believes that the slowdown didn’t affect digital businesses. “We continue to grow month-on-month. The Internet is still an emerging segment. The slowdown is limited to certain pockets and more so the traditional economy than the new-age internet space. Digital payment is a reflection of digital consumption,” said Jain.
But this also led to questions around security but Jain claims its safety built as per regular guidelines.
“We need a one-time user consent after which the user is not required to go through the OTP authentication. It’s built as per the regulator guidelines and is based on device-based network authentication where networks like visa measure the safety of transaction on a real-time basis decide whether an OTP is required,” said Jain.
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