WEDNESDAY PAYTM OFFLINE

In its stock exchange filing, the company said that it is focusing on the growth of payment volumes which is the major source of company's profit. The company said its Merchants Payements Volume rose by 44 per cent YoY to ₹1.2 lakh crore in last month. Paytm Gross Merchandise Value growth in January 2023

In its stock exchange filing on Wednesday, Paytm said, 'With our subscription as a service model, the strong adoption of devices drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution.' The number of subscribed payment devices grew by 0.3 million in a year. By the end of January, the company had earned a total of 6.1 million merchant subscriptions.

WEDNESDAY PAYTM OFFLINE

The company's model of payment devises helped it to continue dominating the offline payments. The company witnessed an impressive increment in its consumer engagement.

The fintech firm's share jumped more than 6 per cent to ₹624 apiece on the BSE in Wednesday's opening sales, after the announcement of its operations performance for the month of January. and 12 in the U.K.Notably, the shares of One 97 Communications Ltd(Paytm) continued to rally for last three days. “These connected consumers use an average of 17 digital shopping and payment features, compared to 15 in the U.S. “India’s digital-first approach to shopping is particularly evident among millennials, bridge millennials and Generation Z shoppers,” PYMNTS wrote earlier this month. In its efforts to woo younger Indian consumers, Paytm is targeting a demographic that is comfortable making transactions in the digital realm.ĭata from the third annual Global Digital Shopping Index, a PYMNTS Intelligence and Cybersource collaboration, shows that digital wallets have become the preferred payment method for 55% of retail purchases in India. The decision apparently caused brokers such as JPMorgan, Goldman Sachs and Citi to downgrade the company. RBI Governor Shaktikanta Das has warned banks to avoid “all forms of exuberance.”įollowing those changes, Paytm announced it would make fewer smaller loans - those below 50,000 rupees, or $600 - and says it plans to offset this loss by targeting higher ticket loans to consumers and merchants in the above-50,000-rupee category. The Bloomberg report notes that these initiatives represent a turnaround effort by Paytm, which has fallen 70% since going public two years ago amid competition from rivals like the Walmart-backed PhonePE and regulatory pressure.įor example, the Reserve Bank of India (RBI) - the country’s central bank and banking regulator - announced last month after seeing an uptick in delayed payments that lenders such as Paytm had to change their capital requirements. “We should be crossing about 50 million merchant-base signed up on the Paytm platform in the year.” “We have learned and we will amplify our ability to serve India, its small merchants and businesses,” he said.

Sharma told the news outlet that this new push, combined with cost reduction measures fueled by artificial intelligence (AI) automation, could get the company to profitability within the next year, earlier than past projections. Paytm also wants to expand its sales staff to more than 50,000 people to attract more merchants from smaller communities. Sharma said the company’s money management product revamp is aimed to attract younger users, who are more comfortable with online investing.

Part of the plan also involves the Indian company hiring more than 15,000 contract salespeople to add more merchants to its network, founder and CEO Vijay Shekhar Sharma told Bloomberg News in an interview posted Wednesday (Dec. Paytm is reportedly overhauling its wealth management operations as the FinTech aims to fast-track profitability.

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