Paytm Wants A Slice Of PoS Payment Market; Records Highest Mobile Transactions!
Paytm has managed to grab 22% of all mobile transactions, in terms of volume.
Paytm, India’s largest mobile wallet has beaten expectations to emerge as the single largest player in terms of volume, for mobile transactions in India. It has beaten traditional banks such as ICICI, HDFC and Axis Bank in this list.
In a related news, it has emerged that Paytm now plans to roll out a massive quantity of PoS machines, all over India. After dominating QR Code mode of payments, it seems that Paytm now wants a slice of card payments as well.
Paytm Had Maximum Number Of Mobile Transactions
As per RBI’s latest data, Paytm has managed to grab 22% of all mobile transactions, in terms of volume. This is way more than what ICICI Bank managed to grab in volume: 9.7%.
Whereas SBI, India largest public bank, saw their percentage slide to 19.5% in terms of volume, compared to last year.
However, when it comes to the value of mobile transactions, then Paytm commanded a mere 0.25% of the entire market. This means that Paytm is more or less used for low-value transactions, compared to mobile banking operations of traditional banks.
Axis Bank emerged as the top player, when it comes to the value of mobile transactions, with massive 22% market share. ICICI Bank is at #2 position with 17.1% market share.
The biggest loss in market share was witnessed by SBI: Compared to 44% market share in terms of value last year, SBI now commands only 16.8% share.
Paytm Will Roll Out PoS Payment Machines!
Meanwhile, unconfirmed reports are coming in, which states that Paytm is all set to roll out PoS machines all over India. They want these PoS machines to be installed with merchants so that they can receive digital payments from their customers via cards swiped with these PoS machines.
Paytm has neither confirmed nor denied these reports.
As of March, there were around 31 lakh PoS machines in India, which collectively processed 465 million transactions worth Rs 90,300 crore. Considering that every transaction made via such PoS machines makes money for the 50 odd banks and payment companies which manage these PoS, this card payment business is big.
Top three banks with the maximum number of PoS machines as of now are:
- SBI: 6.33 lakh terminals
- HDFC Bank: 4.03 lakh terminals
- ICICI Bank 3.25 lakh terminals
An unnamed Paytm executive said
“We will transform the landscape of PoS payments. Just as we have done in other sectors. Paytm wants to be at the core of all payments irrespective of whether it is by a consumer or a merchant, and whether the consumer pays online or offline,”
We will keep you updated, as we receive more updates on this front.