Paytm is aiming to approximately double its monthly active user base on mobile to 250 million by March 2020, with an investment of Rs 750 crore.
The digital payments firm is expecting its Paytm Inbox service to accelerate the growth as it has garnered 27 million monthly active users. Paytm Inbox further expects additional 60-70 million new customers to come on board by end of the current fiscal year.
Deepak Abbot, Sr Vice President, Paytm, said, “We are already seeing 27 million monthly active users on Paytm Inbox. Now that we are upgrading it to the next level with innovative use of the content, we hope to get around 60 to 70 million new users of the app. Our target is to have 250 million monthly active users this year.”
“We have registered 100 percent quarter-on-quarter growth for Paytm Inbox, which offers content services, in a very short span of time. Paytm First Games has also become a popular gaming destination,” he added.
Presently, Paytm has a monthly active user base of around 140 million.
Paytm is also allocating Rs 750 crore for acquiring new customers and onboard new merchants in small cities and towns. The company is targeting to enable 20 million retail merchants to accept digital payments through Paytm QR.
Abbot further stated, “For the next phase of growth, we are actively acquiring and engaging with new users in small cities and towns. We are onboarding new merchants in these cities and supporting them with technology in their native language to accept digital payments. The biggest category growth that we are focusing this year is offline merchant payments and peer-to-peer payments.”