Digital payments firm Paytm has achieved a gross transaction value (GTV) of $50 billion, while recording 5.5 billion transactions in 2018-19.

GTV refers to the sales or transaction volume through a platform.

Paytm, owned by One97 Communications, attributed the performance to a strong growth in the adoption of its digital payments solutions for multiple use cases, including retail payments, fees, utility payments, travel booking and entertainment.

The new PaytmFirst premium subscription-based rewards programme has helped to promote use and resulted in increased customer retention.

The company added that apart from promoting the use of its payment app, it has focused on building tools for merchants to simplify their day-to-day business needs.

Large merchants, who are now well equipped with new technologies to accept all payment modes such as cards, wallet, and unified payments interface (UPI), are accepting Paytm payments.

Focus on user ease

Paytm is now focusing on adopting artificial intelligence and improving the user interface. The company feels that its initiatives will lead a 2 times growth with transactions crossing the 12 billion mark by the end of this fiscal.

“It is exciting to witness an increasing number new users are availing themselves of the convenience and benefits of digital payments on our platform.

“We are focused on developing tech-driven solutions, integrated customer lifecycle management, enhancing user experience and expanding

to tier 4-5 cities. We are confident to achieve 12 billion transactions by the end of this financial year,” Deepak Abbot, senior vice-president of Paytm, said.