Paytm Is Focusing On Consumer Payments Business: Vijay Shekhar Sharma

Fintech firm Paytm is prioritising investments in its consumer payments business to regain users lost due to regulatory actions by the Reserve Bank of India (RBI), according to media reports. 

The RBI had restricted Paytm Payments Bank from accepting deposits and facilitating credit transactions in customer accounts, including wallets.

In August, Paytm sold its ticketing business to Zomato for Rs 2,048 crore to refocus on its core operations in payments and financial services distribution.

"Payments remain our primary business, and the merchant side is strong. However, we lost a significant consumer base due to regulatory constraints. Moving forward, we aim to reinvest in the consumer payments sector," said Paytm CEO Vijay Shekhar Sharma during an event organised by the Calcutta Chapter of Young Indians, the youth wing of the Confederation of Indian Industry (CII).