The company is targeting to grow to 100 million users on its chat application Inbox, by March 2018. Overall, Paytm has about 270 million users on its payments platform.
Noida-based mobile wallet firm Paytm is targeting 100 million active chat users by March 2018 through its newly launched chat application.
The company is targeting a hundred percent growth in peer to peer transactions on a quarterly basis through its Inbox chat app.
"P2P is growing rapidly on a month on month basis. We recently also launched a product called Lifafa which was yet another form of P2P. Then the chat is going to drive more P2P transactions. The whole idea of having these elements around a plain vanilla P2P was to encourage more and more people to try out the transaction," said Deepak Abbot, senior vice president, Paytm in an interaction with Moneycontrol.
"During the July-September quarter, we did about 150 million P2P transactions. For every next 3-4 quarters it will be doubling up," he added.
The firm is likely to start competing with conventional messaging apps such as Whatsapp and Hike Messenger in the long run. However to begin with, it plans to grow the active user base to 100 million.
"We will go step by step. My first target would be to get the 100 million users to continue using Paytm beyond transactional chat as well...we are not saying that this replaces all other chat apps. While you may be comfortable chatting with your other friends on other messengers as well but the idea is that if you have already formed some sort of a chat history with the user in one app, next time when you open that chat, you end up chatting with that person," he said.
"So that is the fundamental belief that at least the users who are already active should at least find some avenues to chat beyond transaction and then secondly once we reach that stage, once we are comfortable with the fact that the existing Paytm users have accepted chat as a legit use case within Paytm then we will think about who is the actual competition in the messaging/chat space. But right now that is not even the thought process," he added.
Abbot also said that the company is going to integrate almost all the features that are currently available across other chat platforms including features such as file transfer.
"Any feature that you see in the messaging apps you will definitely see that on Paytm. Those are the basic check lists that you definitely need to incorporate. It could also be a legit use case where a merchant is trying to send a pdf bill to the user," he said also adding that Paytm however had no immediate plans to introduce video or voice calling.
"Every feature that we are going to add we believe there will be a use case. For example we have no plans as of today to introduce voice or video calls yet. It may come but not in our immediate pipeline," he said.
Paytm had been contemplating to introduce chat for the last 7 to 8 months. There was a special team formed with a dedicated effort on it about six months ago.
Paytm currently has about 270 million overall users. The company is targeting to grow to 500 million users by 2020.Priyanka.email@example.com