E-commerce platform Paytm is extremely optimistic of 2016 as it seeks to beef-up its play across different verticals in the online and the offline space.
In 2010, Paytm was launched as a platform for mobile and DTH recharges but over the years it has morphed into an pure play marketplace that seeks to compete with the likes of Snapdeal and Flipkart, said Sudhanshu Gupta, vice president of Business at Paytm.
With more than 122 million users, Paytm will be adding big ticket items such as flight tickets on its platform, which will be launched soon as the eKYC policy gets clearer.
At present, there is a R10,000 monthly wallet limit for non-KYC users on mobile wallets — users can increase this if they get a KYC done with the app through what is now a tedious method.
All of this can change once eKYC comes in place for mobile wallets. “I am optimistic about the regulator. There are a bunch of requirements that are awaited and once that is sorted we hope to start with eKYC on a big scale. Will it happen overnight? Of course not, but we know that by the end of the year things will be clear,” said Nitin Misra, Paytm’s VP for Product.