Digital payments firm Paytm on Thursday said it will invest Rs 750 crore to approximately double its monthly active user base on mobile to 250 million by March 2020.
“We are already seeing 27 million monthly active users on Paytm Inbox. Now that we are upgrading it to the next level with innovative use of content, we hope to get around 60-70 million new users,” said Deepak Abbot, senior vice-president, Paytm.
Paytm currently has a monthly active user base of around 140 million.
The company claims that it is on its way to achieve over 3 billion sessions by users logging in to the application for payments and money transfers.
The company is hoping for higher user engagement on the back of sustained marketing efforts. It is also looking at deals struck with smartphone manufacturers three quarters back to help expand users. “We have also undertaken deals with smartphone manufacturers like Oppo, Vivo and Xiaomi where users will get the this application in-built,” said Abbot.
“Since 55-60% of them are first-time smartphone users we are hoping to capture that section of the market once they get the app,” he added.