Wednesday, June 19, 2024
HomeBusinessPaytm’s market share Continues to fall after RBI crackdown

Paytm’s market share Continues to fall after RBI crackdown

Paytm’s market share among India’s online payment apps, fell for a fourth straight month as the fintech pioneer struggles to recover from the Reserve Bank of India (RBI) ordering its affiliate, Paytm Payments Bank to shut down, according to a Bloomberg report.

A QR code for the Paytm digital payment system at a store in Mumbai, India.(Bloomberg)

Paytm accounted for 8.1% of total UPI transactions in May. In January, it was 13%, according to data released by the National Payments Corporation of India. The UPI network processed a record 14.04 billion transactions in May, up 5.5% month-on-month.

3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore the latest updates here!

Also Read | Paytm layoffs: Company may cut jobs of 5,000-6,300 employees amid crisis

PhonePe remained the most popular, with a 49% market share in May, while Google Pay boasted a 37% share.

The company’s shares have also fallen about 55% since then.

Paytm Payments Bank isn’t actually controlled by Paytm, but is part of founder and CEO Vijay Shekhar Sharma’s fintech empire, the report read.

Also Read | Paytm denies report claiming Gautam Adani stake talks with Vijay Shekhar Sharma: ‘Speculative’

Since the RBI order, Sharma partnered up with some of India’s top lenders including Axis Bank Ltd., HDFC Bank Ltd. and State Bank of India Ltd to help Paytm with instant money transfers that used to be handled by Paytm Payments Bank, the report read.

“We expect near-term financial impact to our revenue and profitability, due to disruptions faced in our business in Q4,” Sharma said in Paytm’s latest earnings filing, according to the report.

Source link



Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments