Paytm will now venture into stock broking services in the next 2-3 weeks. Alibaba backed Paytm's Vijay Shekhar Sharma said, "Payments is the largest revenue for us and a couple of million-dollar revenues comes from that standalone, and then we are industry number two in terms of ticketing and events business and distant number three in e-commerce".
"We then started to build our financial services stack with banking and we hope to do lending. We are good in mutual funds and we hope to do stock brokerage which is expected to launch in the next 2-3 weeks," he said while speaking at the Global Fintech Fest virtually."
In January, SEBI has given the go-ahead to Paytm for initiating its broking services.
Also, in July the company took over Raheja QBE insurance firm for mopping resources to augment its lending segment as well. "If we were to be a large company after 15 years, we should be an incredible insurer. The biggest amounts are held with the insurance companies. In India, Life Insurance Corporation acts as a rescue machine whenever there is capital required or, globally, Berkshire Hathaway to AIA hold large pools of capital available to be deployed," he added.
"People question us for our choices of recharge, payments bank and insurances businesses. I look at Paytm as a 10-20-year horizon business and not like a business where we have to flip the cart," he said in a fireside chat with Rajan Anandan, managing director, Sequoia Capital India.
Also, the firm claimed to have hit a new transaction volume high amid the Covid 19. "An average active Paytm user is doing 2.5 times to 3.5 times more transactions now and they are doing two transactions a week on the platform on an average," he added.