Paytm is planning to invest a whopping ₹5,000 crore to push its core business in 2018. According to founder Vijay Sharma, the company is aiming to double the number of quarterly transactions from 1 billion per quarter earlier this year to 2 billion per quarter by end of the year.
Paytm will also launch new products in financial services this year. Sharma said that while there was an initial impact of RBI’s KYC requirement with 10-15% fall in transactions in early March, the company recovered the numbers in March and grew again in April.
Paytm has been providing more payment options like plastic cards, IMPS and net banking to overcome the impact of the new KYC norms, which largely affected the mobile wallet services.
“One of the lucky things for us is that we started our KYC operations one year ago,” said Sharma.
Paytm has now partnered with ICICI bank to launch post-paid services and the company is likely to enter wealth and insurance sector this year.