In a recent announcement made by the online payment turned eCommerce portal Paytm, said that its utility and bill payment vertical has witnessed an exponential growth of around 200 per cent in mere one month’s time. The vertical includes bill payments of water, telephone and gas.
The Noida-based company now plans to do a GMV of Rs 12,000- Rs 13,000 cr by tapping this highly preferred space. The overall addressable size of this market is Rs. 75,000 crore.
The company has partnered around 30 power & water distribution companies and by the end of the next quarter it plans to double this number. The expansion will also cover state water distribution and piped gas boards so that an increased number of customers pan-India can enjoy the convenience of paying their bills quickly on Paytm app & website.
Paytm is looking to expand its customer base from the present 120 mn to 500 mn by 2020. Last month, the company clocked around 2.5 million transactions in this segment.