Paytm becomes a strong force in online travel industry
Registering a whopping sale of 38mn travel tickets this year, Digital wallet company Paytm is reported to have recorded 3x growth in this financial year when compared to last year. In less than two years since its inception, Paytm has registered a colossal growth in ticket bookings. It claims to be IRCTC’s largest re-seller of train tickets, the second largest source for bus tickets, and ranks among the top three in flight tickets. As per company’s reports, more than 85% of all travel bookings are done through the app and its travel services are vastly accepted across the metros, mini metros and cities like Jaipur, Indore, Vizag, Lucknow etc.
The leap in ticket sales through Paytm is attributed to the wallet’s services like free cancellation which starts at very low rates. The charges are as low as Rs 49 for flights, Rs 3 for Bus, zero processing fees on cancellation of flight tickets and instant refunds among others. Paytm plans to boost the ticket sales in flight, bus and train ticket categories, and aims at 2x growth in ticketing volumes by end of next financial year. The company is going forward with a target of becoming the best in online travel booking space.
“We are excited about the overwhelming response received over the past year. We believe our focus on solving customer needs and creating disruptive product experiences has played a crucial role in offering the confidence to book their travel online. This year, we plan to double our tech team as we continue to focus on building experiences that travellers love,” said Abhishek Rajan, Vice-President, Paytm.
Paytm has already achieved 1 Bn transactions per quarter, registering a four-fold jump in its annualised gross transaction value (GTV) to $20 bn in March 2018. According to reports, the country’s travel market is expected to touch $48 bn by 2020. Also 40% to 50% of total transactions will be done online by 2020.