Paytm combines offline payments in order to give retailers more credit.
Paytm announced on Friday that it is doubling down on its credit to merchants’ success and cementing its leadership in the offline payments market with lending.
Paytm claimed in a statement that “on the back of great performance in providing credit to merchants, the company has merged leadership of its offline payments business with lending, with an intent to boost credit penetration to its 23 million merchants.”
In addition to his current responsibilities, Bhavesh Gupta, CEO of Paytm loans, has been promoted to manage the offline payments vertical.
Bhavesh has headed the company’s loan vertical, which has disbursed over $1 billion in annualized run rate through the platform. Bhavesh had over 22 years of expertise in the financial sector, working for prominent banks such as IDFC Bank and ICICI Bank before joining Paytm.
Paytm’s stock closed 1.42 percent higher on the NSE on Friday, at $1,368 per share.
