Paytm, a digital payments leader, based out of Noida, has planned to allocate ₹750 crore in order to target new customers and merchants in small cities and towns.
The company stated that it is targeting to reach 250 million monthly active users and achieve over three billion sessions of users logging onto the application for payments and money transfers (P2P) this fiscal year.
Deepak Abbot, Senior Vice President, Paytm, said, “For the next phase of growth, we are actively acquiring and engaging with new users in small cities and towns. We are onboarding new merchants in these cities and supporting them with technology in their native language to accept digital payments. The biggest category growth that we are focusing this year is offline merchant payments and peer-to-peer payments.”
Based out of Noida, Paytm was founded in 2010 by Vijay Shekhar Sharma with an aim to bring an ease in the digital payments ecosystem across India.
“While we are acquiring new users, we are equally focused on increasing the average time spent by each user on our platform. Our target is to have 250 million monthly active users this year. We have registered 100 percent quarter-on-quarter growth for Paytm Inbox, which offers content services and in a very short span of time. Paytm First Games has also become a popular gaming destination,” added Abbot.
Earlier, the company had said that it is looking to enable 20 million retail merchants to accept digital payments through Paytm QR. Since then, the platform has also been continuously adding multiple use-cases such as travel and entertainment booking, recharges and bill payments, education fee, city services, and financial services payments.
Some of the prominent players in the Indian market includes Fircent, LenDenClub, IndiaMoneyMart, Monexo, LoanBaba, CapZest, and i2iFunding.
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