Paytm to launch financial services business to offer additional services to its customers

Paytm,largest mobile commerce platform, is offering additional services for the benefit of its customers. It is all set to enter into the financial services business over the next two weeks. The company’s association with Manappuram Finance and Muthoot Fincorp will enable Paytm to diversify its portfolio of services.

 

The financial services business of Paytm will offer the customer the ability to repay his loans using Paytm.  Paytm will kick-start the services with Gold loan repayment. Subsequently,  Paytm would also provide the facility of renewing insurance policies on its platform. SBI General Insurance would be the first insurer to go live on Paytm. 

 

Kiran Vasireddy, Senior Vice President – Paytm said, “We are excited to launch financial services which will enable us to tap into the ripe market for online financial transactions in India. We believe that this segment isn’t fully explored yet and we are set to disrupt the space with our technology infrastructure. The beta version for the new arm is ready and we will be leveraging data from our existing business to set the ball rolling.”