One of India's top digital wallet company Paytm, seems to be growing at a fast pace. It recently announced that within a year of the launch of its 'Loan EMI, Credit Card Bill, and Insurance premium', it had captured 70 per cent market share amongst all mobile payment apps for BFSI payments. The company has been taking partners from the insurance and banking sector and wants to become a single platform for such payments.
Paytm has tied-up with 30 major insurance companies and 45 finance companies. These include all major insurance and finance companies in India such as LIC, HDFC Life, ICICI Prudential, SBI General Insurance, Hero FinCorp, Muthoot Finance, India Bulls, L&T finance, PNB, and others. It is also the single largest platform for banks, financial services, and insurance (BFSI) payments.
High on transactions
Paytm registered over 50 million transactions within a year of its launch. This has encouraged millions of users to make digital payments instead of submitting cheques or visiting the bank branch. Paytm receipts are also being used for an income-tax declaration and such payments record can easily be viewed within the app.
Paytm Mall had integrated its deals platform Nearbuy, which it acquired in December 2017, with its app and started mapping neighbourhood offline stores, which in its current form is enabling discovery. This is expected to generate revenues through services like advertising, Point of Sale (PoS) and marketing.
Banking on gift cards
The company has also introduced gift cards, launched the eBay international store with curated merchandise, and forged partnerships with Kishore Biyani’s Future Group, Reliance Industries and BigBasket for its offline-to-online (O2O) business. The changes have ensured that Paytm Mall is driving traffic to its larger ecosystem, Dalmia said. In July, eBay picked up a 5.5% stake in Paytm Mall for $160 million, its third bet on India’s ecommerce market after backing Snapdeal in 2014 and Flipkart in 2017.