Paytm has had an amazing 2016, especially owing to demonetization and the Government promoting a cashless and digital economy. The company announced a lot of new initiatives like booking IRCTC tickets, movie tickets and offline transactions.
Paytm is soon going to merge its wallet business with its payments bank which is going to be the biggest news for the company in 2017. This means all its payments operations in one place, and hopefully a larger customer base. Paytm set a new record for a digital wallet company in India – 5 million transactions processed in one day, which speaks volumes of its reliability.
In a blog post by the company, celebrating the phenomenal year it has had, Paytm listed down the key set of achievements. Starting with the best one, the company started from 122 million wallet users in January 2016, and went up to 147 million in December 2016, almost a 45% jump in 12 months.
Paytm also recorded a whopping 1 billion transactions in 2016, which so far has not been achieved by any of its competitors. Take a look at some of the interesting numbers posted by the company –
- 147 million transacting users in 2016
- 200 million unique visitors on the app and the web combined
- 2 billion user sessions
- 80 million monthly active users in December 2016
Paytm has also 89% of the mobile share in the market, with 70% coming from Android, 4% from iOS, 11% from desktop, 14% from mobile web and 1% from Windows OS. Compared to last year’s 72%, the share has increased a lot!
The company also emphasized on its diversification – movie ticketing business, airline and train tickets, hotel bookings and event tickets. 9 million travel tickets were sold in 2016 on Paytm, while 3 million movie tickets per month were sold last year.
The company also said that their movie ticketing business contributed to 25% of the box office collections for some movies, which means that Bookmyshow has a serious competitor. This industry is clearly not a monopoly anymore and Paytm wants to get even more aggressive this year.
One of the biggest successes for Paytm in year 2016 was the expansion of their offline reach – They registered a whopping 12X growth in this space! Their transaction value jumped from just Rs. 1.5 Cr in March 2016 to 200 Cr in December alone!
Contribution of 26% to digital payments
The company has single handedly captured 26% of all digital transactions. The highest share has been taken by debit and credit cards at 40%, followed by NEFT/RTGS at 25% and UPI at 9%.
Having a 26% share in a fierce market is a huge deal, especially when you’re competing with cards. However, the market Paytm is targeting is relatively smaller as well, which makes it easily acceptable.
Overall it has been an exceptional year for Paytm and the company hopes for a better and bigger 2017. As the payments bank merges with the wallet, the business is going to get larger and easier for its customers.