In order to lure large number of users on its app, Noida-based Paytm, India’s major fintech platform, is now planning to introduce content, news, short videos, and live television by September 2019.
According to Deepak Abbot, senior vice president at Paytm, said that the platform has witnessed 100 per cent q-o-q growth in its user engagement through Paytm Inbox where it offers news, cricket store, and videos. He further said that for the next phase of growth, they are actively acquiring and engaging with new users in small cities and towns.
Besides, the company claims to have 27 Mn monthly active users on Paytm Inbox. With the new additions, it hopes to get around 60 to 70 Mn new users of the app.
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.
“We are onboarding new merchants in these cities and supporting them with technology in their native language to accept digital payments. We have also undertaken deals with smartphone manufacturers like Oppo, Vivo, and Xiaomi where users will get the Paytm application built-in. Since 55-60% of them are first-time smartphone users we are hoping to capture that section of the market once they get the app,” Abbot further added.
Paytm claims that it has achieved over 600 Mn transactions in July, which includes payments through Paytm Wallet, Paytm UPI, cards and net banking.
Abbot also said that according to the company, Paytm wallet is more preferred for offline payments than UPI.
Some of the prominent players in the Indian market includes Fircent, LenDenClub, IndiaMoneyMart, Monexo, LoanBaba, CapZest, and i2iFunding.