Paytm Holds Steady UPI Market Share for Two Consecutive Months, Signals Platform Metrics Stability and Recovery

Continuing its journey of enhancing user metrics and showcasing consistent performance and recovery, Paytm, a pioneer in mobile payments, QR-based payments, and Soundbox, has retained its market share for two consecutive months in Unified Payments Interface (UPI) transactions despite facing restrictions on onboarding new users.

Headquartered in Noida, Paytm has secured over 8% of the overall UPI transaction market in both May and June 2024, highlighting stable platform metrics. In June, the total transactions on the Paytm platform stabilized at 1.1 billion, consistent with May's figures. Since becoming a Third-Party Application Provider (TPAP) in March, Paytm has maintained its position as the third-largest player by UPI market share.

In terms of transaction value, Paytm processed Rs 1.2 trillion worth of UPI transactions in June, mirroring its performance in May. The company remains a leader in peer-to-merchant (P2M) transactions due to its extensive merchant network.

Despite a slight dip in overall UPI transactions nationally in June to 13.89 billion, down from 14.04 billion in May, with a total transaction value of nearly Rs 21 trillion, Paytm has continued to challenge the dominance of Google Pay and PhonePe in the Indian market.

Paytm's robust performance in the UPI sector is supported by strategic partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank, aimed at enhancing its UPI services. The company's introduction of UPI Lite and Rupay credit card on UPI further enhances user experience by minimizing payment failures.

This consistent performance underscores Paytm's resilience and strategic focus on UPI, reinforcing its position in India's competitive digital payments landscape.