Paytm Crosses 100 mn Paytm Wallet Users
Paytm, India’s largest mobile commerce platform, has achieved yet another significant milestone in its attempt to revolutionize India’s m-commerce landscape.
It has crossed 100 million Paytm Wallet users who carry out over 75 million transactions every month. With this major achievement, Paytm has inched closer towards its larger vision of transforming India into a “cash-free” economy.
Paytm is a RBI approved secure mobile wallet. Using Paytm, customers can pay bills, recharge mobile/DTH, shop online and pay for various online services like Uber, Food Panda, BookMyShow, IRCTC etc.
Accepted at over 80,000 merchants, Paytm plans to reach 10 million merchants by end of next year. Users can load money to Paytm wallet using debit card, credit card, net banking and over 20,000 cash deposit points. Paytm is partnering with various banks to enable users to add money through bank branch and ATM machines.
Vijay Shekhar Sharma, Paytm founder and CEO, said “Today with over 100 million Paytm wallets, India has committed towards a less-cash society. We are happy with the momentum and are well on our way towards getting half a billion Indians on the Paytm platform. One use case at a time, one user at a time. Paytm stands for a cash-free India. I am a firm believer that cash usage is one of the foundational problems for our country. We believe Paytm is new India’s new way to pay. ”
With person to person money transfer at zero cost, Paytm is also disrupting money transfer and remittance businesses.
Paytm started by offering mobile recharge and utility bill payments and currently it offers a full marketplace to consumers on its mobile application. It authorises inter-wallet or person-to-person money transfers and wallet-to-bank transfers. Such services have helped Paytm offer great advantage to those who are often left out of the fold of financial inclusion in the country. The Paytm Wallet has also eliminated the safety and convenience-related concerns that accompany carrying huge amounts of cash.