Further expanding its digital payments territory, Paytm has now ventured out into the hugely polarised movie ticketing business. And to start with, Paytm has partnered with two of India’s biggest multiplex chains — PVR Cinemas and INOX.
This space has been largely dominated by BookMyShow till date. Launched in 1999, it is headquartered in Mumbai, Maharashtra. BookMyShow reaches about 800 to 900 cinemas in 200 cities and towns. About 60 percent of its transactions take place via its mobile app which, say experts, is the most successful mobile ecommerce app in the country.
With the entry of Paytm, this market will suddenly become competitive. And of course, it is not just movie tickets. The company plans to further integrate the offline experience and letting users pay for food and other value-added services through their mobile wallet once they reach the movie hall.
Speaking on this, Paytm CEO Vijay Shekhar Sharma said,
“We will use movie tickets as an anchor to expand our offline reach.”
Paytm entered the offline transactions around four months ago. It already claims to be doing 3.5 million offline transactions in a month worth $8.5 million which excludes mobile recharges. And it estimates this number to grow 10 times to 35 million with 4 million offline merchants by the end of this year.
The company is looking to further push its already aggressive ongoing campaign of increasing its offline presence.
Paytm which is also gearing up to launch a payments bank, has this week taken a loan of close to Rs 300 crore from ICICI Bank in two tranches.