Paytm eyes profitability in 2021
Digital payments and e-commerce business Paytm could turn profitable in 2021, as the pandemic continues to drive online growth and the uptake of digital payments in India.
“We could very well break even this year, we will start making money,” said Paytm’s founder, Vijay Shekhar Sharma, at the recent Reuters Next conference, ET Retail reported.
“I was surprised by the opportunity of monetisation in 2020 during the pandemic, not just by our wealth accounts but also by lending,” said Sharma.
He also shared that the business will consider a public listing when it is profitable, but this will not happen in the near future.
The pandemic led to an increase in digital payments as shoppers tried to limit personal interactions and touching money. The pan-India lockdown boosted e-commerce, which also increased digital payments and many people had to open digital payments accounts to receive government stimulus funds. All of these factors contributed to Paytm’s growth in 2020.
Paytm launched a number of new services to respond to emerging consumer demand in 2020. The business launched ‘Payout Links’ for instant transaction processing in November 2020, a mini app store in October, and a loyalty programme for kirana stores in May, among other initiatives. The business also hired over 1,000 employees and found new locations for several of its offices.
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