Indian mobile commerce platform has announced its plans to foray into international markets. Its pilot expansion plans include Singapore and other South East Asian markets. They have even appointed crowd-funding website Milaap’s founder Sourabh Sharma to establish their presence in these geographies. Also Read - How to use find COVID-19 vaccine slot using Paytm app
“Paytm is committed to growing its presence in global markets through a route of partnerships and grounds-up built company across regions. We are happy to have a seasoned entrepreneur in Sourabh leading this charge out of his Singapore base for South East Asia,” Vijay Shekhar Sharma, CEO, Paytm said. Also Read - Paytm brings '2 pe 200 cashback offer' on DTH recharges ahead of IPL 2021
The company says that they chose South East Asian markets like Indonesia, Thailand and Malaysia, as they see great opportunity for payments on-the-go via the Paytm Mobile App in this region. Paytm intends to bring, to these markets, their app driven convenience of paying for utility bills in the first phase, and will cater primarily to areas such as bill payments, transportation, parking, metros etc. The company aims to reach up to two million customers in the first year of operations. Also Read - Top 5 UPI apps you can use to transfer money in India: GPay, Paytm, more
Appointed Business Development head, Sourabh Sharma, has earlier founded Milaap Social Ventures, which grew to become Asia’s leading fundraising platform. “Most people still resort to traditional ways of bill payments such as bank transfers, kiosks and physical outlets of the service provider. With a powerful product and a well-thought out strategy, I am certain that we can establish a firm foothold for Paytm in Singapore and other South East Asian geographies in the near future,” he said.
According to industry estimates, Paytm records close to Rs 1,500 crore transactions annually in value terms. In comparison, Airtel Money records somewhere close to Rs 2,500 crore.