Paytm decides to invest ₹750 crore to expand its users reach by March 2020
Paytm, the most popular digital payments firm on August 15 has announced that it will invest ₹750 crore. The new initiative is to increase (approximately double) the active user base, this company has monthly on mobile to 250 million by March 2020.
Also, the Paytm Inbox service is also expected to accelerate the growth as it has achieved over 27 million monthly active users, which further expects additional 60-70 million customers addition to come on board by end of the current fiscal year.
“We are already seeing 27 million monthly active users on Paytm Inbox. Now that we are upgrading it to the next level with innovative use of the content, we hope to get around 60 to 70 million new users of the app. Our target is to have 250 million monthly active users this year,” Deepak Abbot, Sr. Vice President, Paytm said in a statement.
Presently, Paytm has an active user base of approx 140 million people monthly.
Apart from achieving over 3 billion sessions for payments and money transfers, the platform, which is backed by global internet giants Alibaba and SoftBank, is also planning to start content, news, short videos, and live television on its app by next month.
The allocation of the budget is in order to acquire new customers and appoint new merchants in small cities and towns.
Furthermore, it is aiming to enable 20 million retail merchants to accept digital payments through Paytm QR, the statement said.
“We have registered 100 per cent quarter-on-quarter growth for Paytm Inbox which offers content services and in a very short period Paytm First Games has also become a popular gaming destination,” Abbot said.
New deals with smartphone manufacturers like Oppo, Vivo, and Xiaomi to offer Paytm application built-in their devices have also been made.