Digital payments firm Paytm on Friday announced it has grabbed over 50 per cent market share in the payment gateway industry.

The company claimed it was ahead of the competition with largest volume and the largest merchant base and has processed over 400 million transactions each month for merchants which is five times higher than the next biggest player.

"We continue to witness impressive growth in transactions through the Paytm Payment Gateway across fast growing categories such as transportation, food delivery, gaming as well as travel," Kiran Vasireddy, COO, Paytm, said in a statement.

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The digital payments firm is preferred by online platforms such as IRCTC, Zomato, Big Basket, PVR, Dominos, JIO and Idea among others, for a majority share of their transactions. (IANS)