Digital payments giant PayTM’s extended e-commerce platform PayTM Mall has introduced new initiatives after securing $450 m from Alibaba and Softbank. Customers can now avail No-Cost-EMIs, extended warranty, device insurance and easy exchange through its partner stores.
PayTM Mall announced an array of new offers, on Monday, through PayTM’s online and offline stores. The fast growing e-commerce company targets to grow by 25% in gross revenue by the end of financial year 2019. This growth for partner retail stores will gain the platform a dominant share in smartphones, appliances and consumer electronics categories. Never been done for offline stores before, the No-Cost-EMI initiative has opened up new challenges and opportunities.
The company plans to offer EMIs worth Rs. 1000 crore across 2 million products from 60 brands by the end of next quarter. It also plans to offer easy exchange across 7,000 pin codes, and affordable device insurance and extended warranty services across more than 75,000 partner retail stores.
In a media statement, PayTM said that the No Cost EMI feature will allow more than 10 million customers to buy products on EMI. The service is launched in partnership with 13 leading banks and financial institutions. Amit Sinha, COO, believes this to be a huge challenge that they can solve, as these services are a first for offline stores. He said that the company wanted to leverage retail technology to recreate the same convenience and trust at scale and make shopping truly affordable for the Indian masses.
PayTM had recently introduced Point of Scale (PoS) as a unified solution for retail stores working with no technology for billing and inventory management. The feature enables them to manage the store records on the cloud with visibility of required stock, pending and serviced orders, instant customers payments, new offers and exclusive promotions like free extended warranty and device insurance.
With a large customer base, fresh funding and exciting initiatives, PayTM is soon creating a new space for itself in the already-occupied sector.