3.8 Cr Tickets Booked On Paytm In FY18; Will Spend Rs 5K Cr For Expansion!
Paytm have also made some major changes in their user-interface, which will enable more online transactions.
Close on the heels of Flipkart announcing their acquisition by Walmart, and their unexpected jump into online travel niche, One97 Communications led Paytm has shared some interesting details about their online travel venture.
Besides, they have also made some major changes in their user-interface, which will enable more online transactions.
Paytm has declared that they will spend Rs 5000 crore to increase e-transactions on their platform.
It is clear that Paytm has turned aggressive, and the battle of supremacy has turned interesting.
38 Million Tickets Booked On Paytm!
As per official numbers shared by Paytm, it has been revealed that 38 million or 3.8 crore transactions related to air tickets, train tickets and bus tickets were successfully processed by them in FY 2018.
Abhishek Rajan, vice-president at Paytm and head of the company’s travel business has revealed that they are right processing 40 lakh transactions per month, and their goal is to sell 10 million or 1 crore tickets per month.
MakeMyTrip, India’s largest dedicated travel app managed to 4 million air ticketing transactions for the quarter ending December 31, 2017. This means Paytm has managed to sell more than double of what MMT sold in the last one year.
However, Paytm hasn’t revealed the bifurcation of the 3.8 crore tickets booked. On the other hand, MMT has reported 9.2 million bus tickets booked on their platform.
On the other hand, Yatra reported 2.3 million air tickets booked for the last quarter.
Online travel niche is worth $48 billion in India and is expected to grow at a rate of 11-12% per year.
Paytm Changes Interface For More e-Transactions
Finally, Paytm has decided to merge their bank transfer option with ‘My Payments’.
This will enable instant bank transfer in bulk of heavy amount, thereby triggering more e-transactions.
This would be done using UPI and IMPS mode.
Paytm is expecting a 6-times growth in e-transactions because of this move.
Meanwhile, in order to expand their e-transactions, and to create more awareness, Paytm will spend Rs 5000 crore. Right now, Paytm is aiming to process money transfers worth Rs 60,000 crore in a month, by the end of this year.
In a statement, Paytm said,
“Paytm is aiming to process Rs 60,000 crore in monthly bank transfers alone by the end of this year… The company is also planning to invest Rs 5,000 crore in its core business, expecting to increase the number of transactions from 1 billion to 2 billion this year,”
We will keep you updated, as we receive more information on Paytm’s aggressive plans for 2018!