“We captured payments as a mindset.”

Digital payments company Paytm has reported 1.5 billion transactions for the financial year ended 31st March 2017, the company said today, and a gross merchandise value (GMV) of around $5 billion. Note that GMV refers to the value of goods sold, and is thus not indicative of net revenue. The company didn’t share a timeframe for its much-delayed Payments Bank launch, saying that they’re awaiting regulatory clearances.

In terms of transactions, this is a 3x growth in the number of transactions over the previous year, its CEO Vijay Shekhar Sharma said at the press conference today. Sharma expects to hit 4 billion transactions next year, and he says they’re already getting there, if the month of April 2017 is any indication.”Till 26th of April (for this month), we have 255 million transactions. We’re running a little short of 10 million transactions a day,” Sharma said.

A majority of Paytm’s traffic- around 55% – comes from tier-2 and tier3 towns (note: Sharma said ‘transactions’ at the press conference, but the presentation referred to this as ‘traffic’). “These are cities where people are less than a million. Only 45% is from metro cities,” he said. Smaller cities like Durgapur and Sonipat have shown over 1000% growth in transactions for Paytm.

Paytm has 218 million wallets, though it hasn’t disclosed how many of these are active wallets (i.e., wallets with money stored in them), and how many of these users use Paytm daily. During the early days of the demonetization drive, Paytm’s Deppak Abbot (senior vice president of product growth) indicated that there are around 41 million daily active users (DAUs). The number of monthly active users on desktop and mobile web was 40 million.

About 10% of its users are above 45 years of age, a metric which Sharma said was indicative that the service has gone beyond India’s young population.

Offline transactions

“We’re (now) doing 100 million offline transactions in a month. Today Paytm is majority used in offline. Our online to offline ratios are in the ratio of 10 times.” Paytm has 5 million offline merchants

Online transactions

Of the 1.5 billion transactions, over 600 million were for telecom recharges, which indicates that even though it is the largest use case for Paytm, accounting for more than 1/3rd of transactions, it isn’t the only one. Third party online payments accounted for a little less than a tenth of transactions, at 140 million transactions in FY17.

Paytm is doing over 2 million travel bookings a month across train, bus and flights, and sells over 3 million movie tickets monthly. It’s looking to add another set of travel initiatives soon. Around 10 million deals are sold every month on Paytm, Sharma said. The impact on utility companies has been large as well: Sharma cited an instance of a utility company, which used to get around 12% of its users paying online, grow that by 11% when they integrated Paytm.