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In recent times, many Indian businesses and firms have gone online. This has necessitated the use of digital payment processors to carry out financial transactions. As such, there has been a spike in the usage of third-party payment apps such as Amazon Pay, Google Pay, PhonePe, and Paytm.
The KalaGato’s teardown report in November 2020 showed how these apps are performing in terms of reach, penetration, and transactions. GooglePay emerged as the most dominant app in terms of reach with a 65% penetration. This is followed by PhonePe with 63% and Paytm at 57%.
PhonePe leads in terms of users-engagement, especially with its “Switch Feature”, an addition that allows customers to make acquisitions faster at lower costs. This switch feature also lets partners integrate the PhonePe payment system into their existing web apps.
More transactions were done on Paytm
Despite its lower penetration as compared to Google Pay and PhonePe, Paytm had more people using the app to pay for products and services. This fact was established from a study of the weekly active users and customers of each platform.
The weekly active users are those who have the apps installed and access the platforms weekly while the active customers are those who actually use the apps for transactions weekly. From the report, PhonePe had the highest number of active users, followed by Google Pay, while Paytm had the lowest number of active users as compared to the other two.
However, the users of Paytm tend to make more financial transactions on it rather than just accessing the app weekly. Paytm had a far higher percentage of active customers as compared to PhonePe and Google Pay.
Paytm continues lead in 2021 as it hits 1.2 Billion Monthly transactions
On March 1, 2021, Paytm announced that it had now hit more than 1.2 billion monthly transactions as a result of the massive increase in offline payments and financial services. With this new feat, Paytm has consolidated its leading position as the biggest payment processor which offers all methods such as UPI, E-wallet, Cards, and Net-Banking.
With a vision to provide businesses and firms with smooth payments and reconciliation services, Paytm maintains the lead in the sector with the highest market share in offline payments with 15% Month over Month growth. The firm continues to innovate and refine its services which include Paytm All-in-One Android POS, Paytm All-in-One QR, Paytm for Business app, and Soundbox.
Most Common uses of Paytm
The company claims to have more than 150 million users, making it the largest payments platform in India. These users make payments for all manner of goods and services with the app. It can be used to pay seamlessly at places like grocery shops, petrol pumps, coffee shops, restaurants, pharmacies, and hospitals among others. You could also use it to pay for travel tickets, utility bills, online recharges, or book movies, among other things on the Paytm app or website.
One of the most popular uses of the app is for payments on gaming sites. It is even more popular for payments on Teen Patti sites. With funds in your wallet or account today, you can easily play Teen Patti with Paytm cash.
The firm is also popular for its Paytm First Games, a gaming platform with over eighty million registered users. It started first with the addition of a few games on the main Paytm app but soon gained popularity and a separate app had to be created for it. The platform features sports, card games, Trivia, Tournaments, Fantasy, and much more.
What else is Paytm doing to improve the digital payments sector?
Paytm has remained the major driving force behind the expansion of digital villages and it currently powers more than 6 lakh villages with its digital payment services. It has also provided training for more than 20 lakh merchants in the villages, helping in the rapid increase of online transactions. More importantly, the company’s initiatives for businesses offline have increased the masses' confidence and trust in digital payments.
Intending to empower its users with better easy financial transactions, Paytm has ventured into more channels such as Paytm insurance, Paytm Payments Bank, Paytm Postpaid, and Paytm credit cards. These products are designed to help more merchants, individuals, and the country at large.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes
