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)
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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.
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.
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Home/Business/Paytm’s market share Continues to fall after RBI crackdown
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