Mobile wallet services witnessed a boon following the scrapping of old currency notes and the government’s move towards a cashless economy. One of the popular and widely used mobile wallets, Paytm, today announced that it has crossed 200 million wallet users within three years of launch. The company now aims to have 500 million users on the wallet service by 2020.
In his social media posts, Paytm CEO Vijay Shekhar Sharma further revealed that the total balance in the wallets is now at Rs 899.11 crore with 106.8 million wallets with money or with a card saved. To put into perspective, post demonetization, Paytm downloads grew by 200 percent and there had been a whopping 1000 percent increase in users adding money to their e-wallet. The company recently also announced that it has the potential to soon overtake the cumulative transaction volume for cards in the country. CEO Shekhar Sharma highlighted that 8.5 million daily transactions take place on Paytm platform while debit and credit cards transactions combined are around 10 million. ALSO READ: Paytm now lets you book an Uber, but it’s of no good
Although Paytm debuted in India back in 2010, the exponential growth in its wallets service has been only recently witnessed owing to the government’s discontinuation of old Rs 1,000 and Rs 500 currency notes. This not only forced online marketplaces to shut their cash-on-delivery (COD) services but also in a way encouraged users to start using mobile wallets. Amid all the growth, Paytm added more features and capabilities to make the wallet service all inclusive for both merchants and customers. Other than simplifying the process of adding money to the app and making the interface intuitive, the app now has ‘Paytm Community Forums’ option which allows users to get their queries addressed by other active users on the platform.
The announcement comes on the heels of Paytm’s move towards a new online marketplace. The company launched its Paytm Mall app for Android and iOS this week. The app is an answer to incumbent players such as Flipkart and Amazon with over 1.4 lakh sellers offering products across categories like fashion, electronics, consumer durables, and more. ALSO READ: Paytm registers transactions worth Rs 5,000 crore in January, 2017
Paytm Mall aims to offer a combination of the Mall and Bazaar concepts to the Indian consumers. It focuses on structured categories and brand authorised stores. The other section called Paytm Bazaar will focus on fashion, home furnishing and goods from small sellers. To expand its reach to vendors in smaller cities or town, the Paytm Mall would also launch an upgraded version of the Paytm Seller app. It will be available in 7 regional languages and would allow anyone with a smartphone to set up an online shop on Paytm Mall.
Paytm Mall app is a product out of collaboration between Paytm E-Commerce and China’s biggest online player Alibaba which has reportedly made an investment of around $200 million into the wallet company. The new entity also marks Alibaba’s formal debut into the e-commerce sector in India.