Alibaba-backed Paytm expects its platform to facilitate 4 billion transactions this fiscal, enthused by the strong uptake of digital payments in the country.
The Noida-based company, which runs a mobile wallet and e-commerce portal, had registered 1.5 billion transactions on its platform last year.
“We have seen significant growth and this year too, we expect to see a manifold growth to 4.5 billion. A significant part of this growth is coming from tier II and beyond cities,”
Paytm founder and CEO Vijay Shekhar Sharma told reporters in New Delhi.
He added that cities like Jaipur, Sonipat, Vijayawada, Visakhapatnam and Durgapur were among the fastest growing for the company.
At the end of March 2017, Paytm had 218 million mobile wallet users. Paytm has been one of the biggest beneficiaries of the government move to scrap old notes of Rs. 500 and Rs. 1,000 in November last year.
The company on Thursday announced partnership with MMTC-PAMP to enable consumers buy ‘digital gold’ for as low as Re. 1 using their Paytm accounts.
Consumers, once they buy about 1 gram of gold in their account, can also ask for the coin to be delivered to their doorstep.