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Paytm plans to invest USD 1 bln in its payments business

Thursday 9 November 2017 | 09:57 AM CET

Paytm has unveiled plans to invest USD 1 billion towards expanding its payments business and building a financial services platform. 

TimesofIndia.com reports that founder and CEO Vijay Shekhar Sharma plans to ramp up the company’s payments business. Following the recent changes in regulations around digital wallets made by the Resrve Bank of India (RBI), Paytm will allow users to transact funds via the BHIM UPI tech on its platform, eliminating the need to use its ewallet.

The RBI recently put out new guidelines asking mobile wallet players to only have know your customer- (KYC-) compliant users. According to analysts, most digital wallets have a relatively small base of KYC-complaint users.

Paytm will invest funds across the core businesses of transactions, travel, hotels and gold sales, among others. The company also plans to expand its financial servicing offerings by focusing on selling financial products and consumer credit.

Recently, Paytm has introduced a messaging feature to its digital wallet app, aiming at increasing its appeal among users.

More: Link
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