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Paytm claims to have reached a run rate of 5 billion transactions in a year

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Paytm claims that it has achieved an annual run rate of 5 billion transactions and $50 billion in Gross Transaction Value (GTV), largely driven by a surge in unified Payments Interface (UPI) payments and an increase in adoption of digital payments in tier-2 and tier-3 cities. “A bulk of these transactions are originating in tier-two and three cities like Surat, Durgapur, Meerut and others with more than 25% of the users using Paytm in regional languages,” said the company in a statement.  According to Paytm, tier II & tier III cities now constitute 50% of the company’s total user base. The company also attributed its offline payment network and its multilingual app for the surge in its growth. “25% of Paytm users prefer using the app in their regional languages. Hindi is the most used language after English, followed by Gujarati, Telugu, Marathi, Bengali, Tamil and Kannada,” the statement from Paytm added. Further, it claims to have the largest offline payments network in the country, with over eight million offline merchant partners, which is three times larger than any card payments network in the country. In a related development, Livemint reported that One97 Communications Ltd, which owns and runs Paytm, claimed to have breached the $4 billion in monthly gross transaction value. The number of transactions also peaked at 1.3 billion in June, the report added. Livemint explained that Gross Transaction Value for Paytm includes everything from recharges, bill payments to peer-to-peer transactions via UPI , peer-to-peer wallet transactions, and all purchases made via the…

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