Paytm has reached an estimated valuation of $10 billion due to the recent liquidation of $47.2 million in employee stock. This serves as yet another milestone for the company, in that it has now become the second most valuable startup in India after Flipkart, according to APN.
The company established traction in the Indian payments ecosystem in 2016, shortly after Prime Minister Narendra Modi rendered much of India’s currency temporarily obsolete and forced a gravitational pull towards cashless commerce. The demonetization movement initiated by the Indian government (recently reported on here) led to significant growth opportunities for companies like Paytm that have been able to lead the push towards cashless.
And this isn’t the only recent milestone for the ever-expanding company. According to Firstpost, Paytm has also announced its current initiative to support 10 million Indian merchants in QR-based payments over the next three to six months.
The company’s QR-based payment solution supports all major payment methods and the same article reports Paytm targets “six-fold growth in offline (QR-code based) payments by mid 2018.”
How will the company accomplish this? Initially, the platform will invest in merchant training and awareness initiatives that will enhance its operations across the country. Vice President Amit Veer told reporters, according to the same article, that that company has “invested a lot to build a field force of 10,000 people who are reaching out to merchants in various cities to make sure that the merchants get training and QR code.”
Enhanced functionality includes the ability for merchant partners across India to accept unlimited payments directly into their bank accounts without any charges. The same article also states that Veer expects an increase in the average ticket size, because UPI (Unified Payments Interface) cards are being used for larger transaction amounts on the Paytm platform.
“This will definitely push the ticket size up,” he said.