Monthly Paytm transactions rise to 1.2 billion

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Based in India Paytm said it hit 1.2 billion monthly transactions in February as e-commerce continued its boom in the country. of India This was reported by the business newspaper that Paytm is also teaming up with Ola and private lender IndusInd Bank to apply for a new Umbrella Entity License (NUE) from the Reserve Bank of India and build its own national payments network.

The company said transaction volume was in line with January, but didn’t disclose that month’s figures. Paytm is responsible for processing digital payments in 500,000 villages and providing training to more than 2 million merchants.

The company was valued at $16 billion during a 2019 funding round, according to a Reuters report.

“We could very well break even this year,” said Paytm’s CEO Vijay Shekhar Sharma called at the Reuters Next conference on January 13th. Sharma said that while Paytm has no near-term plans to go public, it may consider doing so once it is profitable.

The FinTech startup is on the way to profitability.

So far, India has stuck to calling itself a cash-based economy. When shopping online, too, consumers often pay cash on delivery.

“We built our payment product to go far and wide for customers — they can pay their school fees, order food, order an Uber,” Paytm President Madhur Deorah said PYMNTS in an interview. “The user can take any payment they can make through the Paytm app and build a hub [to] Deal with their life problems.”

Paytm’s growth has been aided by regulatory pushes and the increasing presence of India’s Unified Payments Interface (UPI).

Paytm offers a wide range of digital products across India, including a merchant payment platform, money transfers and bill payments. It also offers credit services such as merchant cash advances, personal loans, and credit cards.

According to Deora, Paytm started out as a payments project but now has bigger ambitions to build a complete consumer ecosystem where users can manage their lives from start to finish without having to scroll through a multitude of apps.

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