Paytm is set to pump an additional INR50 billion ($743 million) into its mobile wallet business in the next eight months as it eyes doubling the number of quarterly transactions processed to 2 billion by the end of 2018.
In an interview with the The Economic Times, Paytm founder and CEO Vijay Shekhar Sharma said his company planned to invest the funds into its core service, while separately upping its presence in other financial services including wealth management, loans and insurance.
Although no Q1 figures for transactions had been made available by the company, at the end of Q4 2017 Paytm was said to be processing 1 billion transactions per quarter.
During the wide-ranging interview the executive also dismissed the long-term impact of Know Your Customer (KYC) regulation, designed to tighten rules on wallet providers. He said the company had felt a small impact in March, but in April its figures had recovered again.
Sharma’s assessment of KYC follows reports in India claiming new rules introduced by the Reserve Bank of India in February had taken a toll on the country’s mobile wallet providers.
Reports highlighted a decline in overall mobile wallet usage and few customers submitting the required documents to comply with regulations.
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