Paytm emerges monetisation leader as merchant payments drive bulk of industry profits: Bernstein
The Hindu
Paytm leads in monetisation as merchant payments boost industry profits, significantly outperforming competitors in revenue generation.
India's digital payments ecosystem is moving beyond a scale-led narrative, with merchant payments emerging as the core driver of revenues and accounting for nearly three-fourths of the industry's net revenue pool, according to Bernstein's latest sector primer.
The brokerage estimates the current payments revenue pool at roughly ₹25,000 crore in gross revenues, or about ₹15,000 crore in net revenues. This is projected to expand to nearly ₹65,000 crore in gross revenues and approximately ₹38,500 crore in net revenues by FY30 as digital adoption deepens and monetisation improves across payment layers.
Merchant ownership allows platforms to monetise across multiple layers payment processing fees, online gateway charges, device rentals, credit card acceptance and credit distribution. Models with stronger merchant ecosystems, therefore, generate structurally higher yields.
Within this merchant-led framework, Bernstein identified Paytm as a monetisation leader. The brokerage estimates Paytm's net payment margin at around 9 basis points, including device revenues, more than double of its closest competition.
The margin differential reflects Paytm's higher share of merchant payments and its larger installed base of payment acceptance devices.
While other platforms processed over four times Paytm's transaction value, a significant portion of that volume came from peer-to-peer payments, which carry limited monetisation potential.
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Paytm leads in monetisation as merchant payments boost industry profits, significantly outperforming competitors in revenue generation.
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