Paytm looks to tap eastern region for future growth
today Jan 16, 2020
One 97 Communications Ltd-owned Paytm is looking to the eastern region for future growth in the country and plans to onboard two million merchants from the region in the next year.
The company will tap states like West Bengal, Assam, Jharkhand and Orissa in the eastern region to acquire new merchants.
Last year, Paytm had raised over $1 billion (Rs 7,000) funds to expand its presence in the Indian market and acquisition of new customers and merchants in small towns. The company further plans to invest in merchant solutions for a deeper engagement beyond payments.
Commenting on its expansion plans, Saurabh Sharma, senior vice president at Paytm in a statement said: “Eastern India is at the forefront of digital payments and has witnessed a 150 percent growth in 12 months. We will continue to add new banking and financial products to our Paytm for Business app to address the requirements of our merchant partners across the country.”
One97 Communications had reported losses totalling Rs 3,959.6 crore in the 2019 financial year, which ended in March.
Paytm competes with companies such as Google Pay, Amazon Pay and Flipkart’s PhonePe in the digital payments market in India.
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