PayTM acquires Shopsity to strengthen its offline services

PayTM, one of the largest online payments and ecommerce marketspace in the country, has bought Shopsity which offers offline solutions to small unorganized retail stores for attracting and retaining customers. With demonetization a big push for payment services industry, PayTM is increasingly focusing on creating seller-focused services for its offline merchants, and Shopsity is one of the stepping stones for the firm. PayTM is targeting to reach 4 million offline merchants by March’17 to strength its offline play.

Danish Ahmed, co-founder at Shopsity said, “Paytm is doing phenomenal stuff in the offline commerce space, and we are very excited to join the team and build a platform that enables small retailers to ride the digital wave. Millions of retailers are using Paytm to accept payments today, and we’re working hard to bring an entire suite of digital services to them.”

PayTM has a current user base of more than 150 million, and is recording more than 5 million transactions a day. The company will soon be launching its own payment banking services.