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Paytm to build ‘New Retail’ vertical

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Digital payments company on Saturday said that it will build a “New Retail” model to equip shopkeepers with technology, logistics and marketing capabilities.

According to One97 Communications, that owns the brand Paytm, under the new model, “consumers will soon be able to discover nearby pharmacies, groceries and other shops to place an order and get instant deliveries”.

“Paytm is also building P2P logistics with a rider network spread across the country which will be utilised for intra-city deliveries,” the company said in a statement.

“The company has already partnered with a large network of local shops, restaurants, pharmacies and groceries for accepting payments and will soon extend ‘New Retail’ services to them.”

Paytm Founder and CEO said that local ordering is expected to become one third of Paytm orders and GMV (Gross Merchandise Value) by 2020.

As per the statement, Renu Satti will lead the charge as COO of this new initative.

“In the past, she has built businesses ground up that include marketplace, movie ticketing and most recently Paytm Payments Bank. Renu Satti has already resigned from Paytm Paymnets Bank CEO position and the Bank will soon be recruiting a new CEO,” the statement said.