New Delhi: Payment and financial services company Paytm is witnessing early signs of recovery and strong stabilisation for its Unified Payments Interface (UPI) business, marking a strong turnaround for the company.

The total value of UPI transactions processed on the Paytm platform grew to Rs 1.24 trillion in May, on the back of the company launching several initiatives for users such as Credit Card on UPI, as well as pushing the lever on UPI Lite.

With total transactions on the platform stabilising at 1.14 billion in May, Paytm which became a Third-Party Application Provider (TPAP) in March, continues to be the third largest player in terms of market share. Further, considering the breadth of its merchant base, the company continues to be leading among peer-to-merchant (P2M) UPI transactions. Paytm also remains the only Indian company to challenge the duopoly of Google Pay, the Indian payments arm of US search behemoth Google and PhonePe, which has US retail giant Walmart as its majority shareholder.