Paytm Says It's Confident of Topping Total Card Transactions in India

With 8.5 million daily transactions on its platform, Paytm on Thursday exuded confidence that the digital payment company will soon overtake the cumulative transaction volume for cards in the country.

The Alibaba-backed company said it has also seen a multi-fold rise in its userbase post demonetisation in November.

"... in January or February till yesterday, on a day we at Paytm are doing 8.5 million transactions. When I talk to the card network companies in the country, every bank, every card (credit and debit) network combined, the number touched 10 million," Paytm founder and CEO Vijay Shekhar Sharma said at the India Digital Summit.

He added that "Paytm soon hopefully would take over". Mobile wallet companies like Paytm and MobiKwik have seen mani-fold growth in transactions and new users coming on board, with people turning to digital platforms in a big way.

We have seen a 5-fold increase in users in December-January and January-February, people who have used it start to get hooked on and the network effect continues," Sharma said.

Asked about competitors alleging Chinese affiliation of Paytm Payments Bank, he said Paytm will "never stoop so low".

"We will never stoop so low and talk about others. When people start opposing you, you should understand that you are going far ahead in your journey," he said.

source: NDTV