In another update to its product portfolio, digital payments giant Paytm has added a host of new features to Inbox, its in-app messaging service that allows users to chat with friends and family and send and request money at the same time. Users will now be able to access in-app content across categories such as Live TV, News, Cricket, Entertainment Videos, and Games on the go, for free.
After a positive response on beta testing, Paytm is now rolling out the full-stack service under Paytm Inbox on its app. For this, it has partnered with several content providers to ensure the best of infotainment is delivered to users directly in their Paytm Inbox.
Commenting on the development, Deepak Abbot, senior vice-president, Paytm said, “We will now be offering various kinds of content from News to Live TV to Entertainment Videos and Games to further strengthen our relationship with customers. Paytm has fast emerged as a super-app for India and we will continue to add more offerings to our portfolio, giving our customers one more reason to use Paytm every day.”
At present, the company claims to have more than 120 Mn monthly active users and expects strong growth after the addition of these new features.
It also expects a surge in the number of sessions per users and increased time spent on the app with Paytm Inbox. The company will also focus on regional content, which will further help strengthen its adoption in small cities and towns.
Paytm: Diversifying With Growth
With an annualised gross transaction value (GTV) of $20 Bn (INR 1.3 Lakh Cr) (as of March 2018) and valued at $10 Bn (as of January 2018), Paytm is one of the most promising startups in the country.
Earlier, Inc42 had reported that the company is ready to amplify its game to the next level with plans to invest over $745.16 Mn (INR 5,000 Cr) in its core business. It plans to increase the number of transactions carried out on its app from 1 Bn to 2 Bn this year.
The digital payments giant plans to use the investment to focus on user acquisition and education. “We will also invest heavily in products that will help us build on top of our existing services,” Deepak added.
The digital payments giant has been continuously expanding its product portfolio and recently added My Payments and Tap Card to enable offline payments. It has also introduced a new version of Paytm app to personalise the app experience for the user, showcasing frequent use cases in a customised view.
Credit Suisse in a report predicted that India’s digital payments industry, which is currently worth around $200 Bn, is expected to grow five-fold to reach $1 Tn by 2023. With WhatsApp Pay ready to launch soon, a diversified portfolio with strong user growth can help Paytm continue its dominance against WhatsApp, which has 200 Mn users in the country.