The cumulative user money lying with Paytm, the digital wallet company, has crossed the Rs 100 crore mark. Paytm, the consumer brand of mobile internet company One97 Communications, had launched semi-closed wallet service in January 2014. The company has also applied for payment banking licence.
“Earlier this month, the money with Paytm lying in 80 million users’ wallets reached R100 crore mark. This is a 20-fold jump in last 18 months. Not many people keep their money outside banks. But, these numbers are an indication of changing mindset and increasing trust in Paytm,” Amit Lakhotia, vice-president, payments, at Paytm told FE.
As per the RBI guidelines, the money received by non-banking entities like Paytm is required to be kept in an escrow account with a bank, and interest can be earned after first year of operation once the accounts have been duly audited. “The company is not earning any revenue on the said amount as the audited balance sheet for last year is not yet ready. It will be submitted to RBI by September,” said Lakhotia.
Paytm had clocked a gross merchandise value (GMV) of $1.5 billion in the last 15 months.