Paytm to enable insurance premium and school fee payments through its platform
Paytm, the digital goods and services marketplace owned by Noida-headquartered One97 Communications Ltd, is looking to introduce new features on its platform, which will enable users to carry out big ticket transactions, including insurance premiums and school fee, according to Deepak Abbot, associate vice president, Paytm.
"Mobile commerce is our main category, and we will continue to add more services. For instance, we will enable users to make their insurance premium and school fees payments through the Paytm platform, for which we will partner with various insurance companies and thousands of schools across the country," said Abbot.
Paytm mobile-only marketplace
Abbot also added that Paytm's recently launched mobile-only marketplace has currently listed more than one million items from around 700 vendors, and is looking to add at least 10 million items from 10,000 retailers by the end of this year. The company is looking to add products for daily usage such as hammers and cello tape, in addition to mainstream items like apparels and electronics.
One97 has already integrated a chat window to its platform, which enables users to chat and bargain with vendors in real time to get discounts on products. Additionally, it has integrated Paytm semi-closed wallet to the platform.
"Payments through mobile are not as easy as credit/debit card payments. So we integrated our digital wallet to the Paytm platform, which allows users to store money and use it for all Paytm services," Abbot informed.
Founded in 2000, One97 Communications is a leading mobile-internet company in India that offers digital goods & services to its mobile consumers under the Paytm brand. It also provides mobile advertising, marketing and payments for merchants. The firm is backed by marquee investors, including SAIF Partners, Intel Capital, SAP Ventures and Silicon Valley Bank. One97 has offices in India, the Middle East and Africa.
The firm recently set apart $25.6 million to fund acquisitions of at least two startups which can complement Paytm's core services. "We are already in advanced talks with a company and will announce it sometime soon. We are looking to acquire four companies by the end of this year," Abbot added.
Early this year, Snapdeal.com, the second-biggest e-commerce player in India, launched an education marketplace on its portal, which enables consumers to access a wide range of test preparation material, certificate courses, classroom training and online courses.
(Edited by Joby Puthuparampil Johnson)