Paytm Plans to Invest Rs 5,000 Crore More in Payments Business Over the Next 3 Years 

Paytm announced garnering of around 3 million users in the first two days of ‘Paytm Inbox’ launch this week. As per reports, over 15 million messages were exchanged with about 40% of overall traffic coming from smaller cities and towns.

Author: India.com Business Desk

Updated: November 7, 2017, 10:48 AM IST

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https://www.india.com/business/paytm-plans-to-invest-rs-5000-crore-more-in-payments-business-over-the-next-3-years-2608368/ Copy

Paytm

Mumbai, November 7: Online aggregator for payments Paytm now plans to invest another Rs 5,000 crore in the business over the next three years. As per a report by Economic Times, Paytm founder Vijay Shekhar Sharma on Tuesday announced the company’s new move while playing down competition from global giants that includes even Google. Sharma in an interview said that the entry of global companies would bring to India’s digital payments market the “attention that is needed” and lead to rapid standardisation of products.

Vijay Shekhar was further quoted by ET saying that Paytm has invested more than Rs 5,000 crore in mobile payment and that the firm would double its investment in its payments business over the next three years.  “As a company, we have invested the most and will continue to be the largest investor (in digital payments) in the country,” he added.  In May, One97 Communications, the company that owns Paytm announced a $1.4-billion, or Rs 9,000-crore, equity financing round from SoftBank. Paytm also plans to become the largest issuer for the government-backed Unified Payments Interface (UPI).

On Monday, Paytm announced garnering of around three million users in the first two days of ‘Paytm Inbox’ launch. As per reports, over 15 million messages were exchanged with about 40% of overall traffic coming from smaller cities and towns. Sr VP Paytm, Deepak Abbot said, “Messaging is a core feature of any transaction. With Inbox, we have added a new dimension to payments and sending money, whether it be with friends and family or be it between a consumer and a merchant”. With the newly launched Paytm Inbox feature, small businesses in the country are expected to see huge boost in sales as consumers have started using Paytm Inbox to interact with their local shopkeepers.