Paytm to add more merchants in Telangana, AP
Digital payment platform Paytm is betting big on the two Telugu states of Telangana and Andhra Pradesh which together account for 20 per cent of its 300-million strong customer base.
Hyderabad: Digital payment platform Paytm is betting big on the two Telugu states of Telangana and Andhra Pradesh which together account for 20 per cent of its 300-million strong customer base.
While the New Delhi-based unicorn is looking to double its merchant count to 10 lakh next financial year from the current 5 lakh in Telangana, it has similar plans for Andhra Pradesh which has about 20 per cent less merchants on its platform than the neighbouring State. It wants to achieve these goals by promoting QR-based payments which makes a merchant’s task easier in receiving payments through Paytm without paying any user charges.
“People in Telangana are tech-savvy. That’s why user-base is more in Telangana. So is also Andhra Pradesh. In Telangana, we want to double the number of merchants who use Paytm from the existing 5 lakh to 1 million in FY19. We will achieve this by promoting QR Code-based transactions,” Tom Puthenpurackal Jacob, Regional Head, Paytm, told the media here on Thursday.
He however did not disclose exact numbers for Andhra Pradesh, but explained that both were key markets for the company as they accounted for 20 per cent of its total customer base. It has 2 million merchants in South India, which it wants to double in next fiscal.
“Paytm is more beneficial to small retailers as it provides a hassle-free platform for them to receive payments and make other digital transactions. They don’t have to pay any user charges if they use QR-code, and there is no limit on transactions as well”.
To carry our merchant training and awareness initiatives, Paytm will invest Rs 500 crore this year. It will also use this money to scale up operations across India.
According to him, Paytm is equally popular in metros and non-metros. “Merchants and consumers in small towns such as Nirmal and Nizamabad are using Paytm these days,” he said.