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By clicking on the buttons above, you agree to receive Marketing emails from the following companies:*The following companies have opted into receiving Marketing emails:*Reliance Industries Ltd*Mortgage Bank of India*Nepal Post*Paytm*Bengaluru-based Paytm, which was spun out from the parent company of Flipkart and Snapdeal, is the biggest ecommerce platform in the world.
With over 1,000 retail partners, the platform connects consumers and merchants through mobile banking, payments, loyalty programs and products.
Reliance also has its own Paytm subsidiary called Paytm Plus, which offers services like credit cards, loyalty schemes and discounts to its customers.
Paytm has over 70 million active customers in India.
The company said it would invest $1 billion to expand its services in 2017-18, with a focus on retail, digital payments, payments and loyalty.
PayTM Plus said it has about 6,000 merchants in India, and that it was set to reach 2.3 million active merchants by 2020.
Paytima, the third-largest ecommerce site in India with over 890 million active users, said it was also planning to invest $500 million in 2017.
“We are very excited about the prospects of the Paytm-based business and have put together a comprehensive investment plan to grow the business to reach a whopping 1.4 billion active merchants in 2021.
This will help us reach the 3 billion-plus merchant goal,” said N.R. Raghav, chief operating officer, Paytm.
“With our strong presence in India and our growing customer base, we believe that we have the ability to provide a robust product portfolio, including a large range of digital payments services.
We are committed to helping our customers access the best digital payments experience and are also exploring other opportunities to expand our portfolio of services.”
Paytm added that it would continue to invest in its mobile banking and payments business.
The platform said it plans to focus on mobile payment as a strategic business.
Paytm also said it is working on a strategy to create a platform to allow online merchants to monetize on the Paytimas platform.
It said it will continue to develop new features to help customers monetize more easily.