New Delhi, Aug 24 (IANS) Paytm has grabbed 50 per cent share in the payments to merchants (P2M) segment in India and the financial services platform has emerged as the most integrated payments provider in the fintech space, a new report said on Monday.
Paytm has a strong presence in the tier 3 and below market with over 16 million merchants on its platform, according to the report by RedSeer Consulting, a Bengaluru-based consulting and research firm.
The report said that the current 160 million unique mobile payment users will multiply by five times to reach nearly 800 million by 2025.
"Paytm has the highest top of mind recall and unaided awareness among merchants followed by Phone Pe and Google Pay. When asked from which payments app do you accept payments, over 68 per cent of merchants cited Paytm," the findings showed.
Paytm's P2M consumers had the highest satisfaction leading with an NPS (net promoter score) of 42 per cent.
According to the RedSeer report, the Payment gateway aggregator market in India currently stands at Rs 9.5 trillion and is expected to grow by 2.4 times, driven by large value transactions.
"It is expected to grow at a CAGR of 19 per cent in the next five years to reach Rs 22.6 trillion by FY 2025. The payment gateway market today is very competitive, and all leading players are fighting for the market share. Paytm leads this pack and has grown the fastest," it said.
Paytm's all-in-one Android point of sale (POS) machine is touted as a highly customisable device that can be used in different sectors.
"Paytm is on track to enable over half a billion people with digital financial services and providing banking facilities to the unbanked," said Narendra Yadav, Vice President, Paytm.
"Going forward we will bring out more innovations in the fintech space that will help transform India and possibly set new examples globally".
The company has been successful in becoming the largest player in terms of consolidated revenue of Rs 3,579 crore in the FY 2019.
Paytm offers a multitude of services like payments, insurtech, wealthtech, lending, Payments Bank, Payment Gateway, EDC, eCommerce and more.