Paytm to invest Rs 5,000 cr to retain lead in digital payment space: Report

The statement from the company came a day before one year of demonetisation anniversary, which happened on November 8, 2016 and gave boost to India's digital payment sector

Paytm, a home-grown mobile wallet and online payments company, would invest Rs 5,000 crore in its digital payment business over the next three years, said its founder Vijay Shekhar Sharma according to a news report in the Economic Times.

"Paytm has invested more than Rs 5,000 crore in mobile payment... As a company, we have invested the most and will continue to be the largest investor (in digital payments) in the country," he said in an interview to Economic Times, adding that the firm is seeking to double the investment in payments business over the next three years.

The statement from the company came a day ahead the one year anniversary of Modi's demonetisation announcement.

Paytm is India’s largest digital payment platform with around 200 million registered users and more than 5.5 million merchants. The company recently added BHIM UPI feature to its app that enables both merchants and registered users to transact using the UPI ID. 

Recently, the global search engine giant Google entered India’s digital payment space with the launch of Tez, a mobile app designed specifically for India. Other technology majors such as Facebook’s WhatsApp and Paypal are also reportedly working on their own versions of apps suited for India’s digital payment space.