Paytm to invest Rs 10,000 crore into banking and financial services business
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Paytm has been working on bringing in a payments bank, it lloks like the Noida based company will soon offer payments bank services in the country, it claims to have already pumped in over Rs 3,200 crore in the last two years for its operations. "We will invest Rs 10,000 crore in our banking and financial services in the next three years. We hope to get the final approval for our payments bank operations soon, so that we can roll out services," Paytm founder and CEO
At present, Paytm operates a mobile wallet and e¬commerce marketplace. With over 1.5 billion transactions on its platform, the company now aims to cross the 4.5 billion mark this year. Payments banks can accept deposits from individuals and small businesses of up to Rs 1 lakh per account. To deepen financial inclusion in the country, RBI had allowed small finance banks and payments banks to start services.
At the end of March 2017, Paytm had 218 million mobile wallet users. Paytm has also hugely benefited from the government demonetization in November last year. "We have seen significant growth and this year too, we expect to see a manifold growth to 4.5 billion. A significant part of this growth is coming from tier II and beyond cities," Sharma said. He added that cities like Jaipur, Sonipat, Vijayawada, Visakhapatnam and Durgapur were among the fastest growing for the company.
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