Paytm Founder and CEO Vijay Shekhar Sharma on Friday said that the firm’s mobile wallet business was only a curtain-raiser and the payments bank would be the main show.
“We should be a bank (payments bank) by this month-end. Wallet was a curtain-raiser for our business. Payments bank will be the show,” Sharma said.
Ruling out competition with brick-and-mortar traditional banks, he said that the company does not need to compete with them.
Paytm targets to reach a customer base of 500 million by 2020.
Post-demonetization, Paytm saw a surge in its customers owing to the digitalisation push by the Government.
Adding that start-ups were now being acknowledged as business models, he said, “With Start-up India, it is being celebrated. Talent is coming in, to work at the start-ups,” he said.
Sharma said that technology cannot be undermined and in the next two-three years the country should have 400-500 million smartphone users.
“Smartphones have not reached people because telecom network at… places was not there. It’s a problem of telecom network, not of costs or technology,” he said.