Paytm eyes more than double its business growth in TN, Kerala, says official
Digital payments firm Paytm, promoted by One97 Communications Ltd, has set a target to achieve more than double its business growth in Tamil Nadu and Kerala, an official said on Wednesday.
The move by the company follows the launch of an all-in-one QR Code facility, enabling merchants to accept unlimited payments through the company's wallet, Rupay Cards, and UPI (unified payments interface).
The company has set a target to achieve more than double business growth in Tamil Nadu and Kerala within a year, Saurabh Sharma, Senior Vice President, Paytm said.
"Tamil Nadu and Kerala have witnessed a 50 percent business growth in last year, and we expect significant growth in digital adoption from this region in 2020", he said.
"With the addition of an all-in-one QR to this application, we will support the merchant's products. We will continue to add new-age banking and financial products to Paytm for business application," he added.
He said the platform offers a single reconciliation of all payments through its 'Paytm for Business' application.
The company plans to invest in merchant solution for a deeper engagement beyond payments.
Early this month, a senior executive of the company said that the company expects its merchant base, which is pegged at 15 million as of now, to reach 25 million by the next fiscal.
"The intent at this point is to expand our merchant base by offering solutions, which are tailor-made to make their lives better...we have a relationship with 15 million merchants at this point. We are scaling it to 25 million by next fiscal," Saurabh said.
Paytm will be onboarding 1.5 million merchants from Andhra Pradesh and Telangana in the next six months, and it is targeting to double the business growth in these states within a year.
Additionally, the platform also announced offering instant reconciliation of all payments through its 'Paytm for Business' app.
(Disclaimer: Additional background information has been added to this PTI copy for context)
(Edited by Suman Singh)