Digital payments company Paytm has announced that Paytm Lending CEO Bhavesh Gupta has decided to take on leadership for the company’s offline payments division, a report says.
This will come in addition to his existing responsibility.
Paytm, in its regulatory finding, said it wants to expand its lending service to 23 million merchants. It will also look at adding 30 senior lenders in the payments and financial sector, for technology, product and business positions.
The company says it wants to increase credit penetration for its 23 million merchants.
Gupta, according to the filing, has overseen the Paytm lending division, which has hit $1 billion in annual run-rate disbursements.
Gupta’s experience with the company includes being CEO of its lending division as of August last year, along with more than 22 years of experience in the banking sector with various companies like IDFC Bank and ICICI Bank.
Paytm will also be working to expand credit access, which a spokesperson says means consolidating the company’s offline payments along with lending businesses under Bhavesh.
Paytm has also said it intends to keep bringing half a billion Indians into the mainstream economy through better digital payments and financial services.
PYMNTS writes that Paytm has expanded its rent payment services in an attempt to allow new categories like auto and furniture rentals, wedding venues, catering and décor, and guesthouse rentals.
See more: Paytm Broadens Services to Include Auto, Furniture Rentals
According to the company, customers will be able to use Paytm to pay rent on their home, and do other things like shopping rentals, property deposit and brokerage fees. In addition, Paytm customers will be able to use the service to track and manage payments for all rental services.
Paytm will also be able to offer rewards, including cashback of up to 10,000 rupees, or $131, for rental payments from a credit card.
