Paytm allocates Rs 750 Cr this fiscal to acquire new customers in small towns
Digital payments leader Paytm (owned by One97 Communications Limited) is allocating Rs 750 crore this financial year to acquire new customers and merchants in small cities and towns.
On Thursday, the payment major 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.
In June, while changing its ‘cashback’ strategy to focus on offline merchant payments at retail kirana stores, the company had said that it is looking to enable 20 million retail merchants to accept digital payments through Paytm QR.
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.”
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.
Just last month, Paytm also announced its foray into the education services category, and claimed that it was working with private and government educational institutions to offer admission forms, exam results, applications for government jobs, coaching, test preparations, scholarships to study abroad, skill development, certification programmes, and convenience to buy uniforms, books and stationery on its platform.
Over the past few months, it has also onboarded more government-related services such as electricity, water, gas, toll tax, municipal payments, traffic challan in every city and town to expand payment use case on its app.
“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 Deepak.
Within a year of launch, Paytm First Games claims to have more than 30 million registered users and offer more than 300 engaging games including - fantasy gaming, rummy, battle centre, 8 ball pool, ludo, and live quiz.
(Edited by Evelyn Ratnakumar)