Mobile payments aggregator Paytm Inc. is all set to increase and take a course of around 10,000 offline merchants so as to boost expansion in several areas. The respective enterprise is aiming to expand its business to 20 lakhs areas or reach points by the end of the current fiscal year.
Supported by Alibaba Group, the firm works with, at present, 4,000 agents having more or less 1 lakh offline merchants. The merchants basically coined through brick-and-mortar merchants among other online-to-offline segments, present as a huge opportunity for digital or e-payment companies. Especially the ongoing hue and cry among the people regarding discontinuation of 500 and 1000 rupee old notes, has helped a notch higher to attract buyers as well as offline merchants to opt for business-to-business relation.
According to Amit Sinha, Senior Vice-President of Paytm, As millions of consumers across India have taken to using their Paytm Wallets to transact offline, our biggest opportunity is to be available in every town and city in the country. We want to reach there faster, looking to further strengthen our onboarding teams as we continue to build India’s biggest payments network.
The unprecedented growth in online payments through similar sources like Paytm have surprisingly increased within 48 hours. E-commerce giants such as Flipkart, Amazon, etc. has boost up online payments henceforth completely discarding Cash-On-Delivery mode for the next few days. Other retail giants like BigBazaar, Star Bazaar, Spencer’s, etc. are providing several offers on online payments thus giving a golden chance to the customers of shop-till-you-drop. The increase in online payments has gone up to almost 500% higher with people rushing to supermarkets and malls.
Paytm alone has recorded an increase of 435% in the online payment mode since the announcement was made by PM Modi on November 8 during the late evening. Further, various reports and industrialist expert say that payments or transactions through digital platforms which are highly expected to grow in the next few months. The company is eager to hire 10,000 offline merchants which are expected to give good and positive response thus setting bolder and broader targets.