Leading mobile wallet company Paytm has achieved a subscriber base of 200 million users, according to a tweet put out by founder & CEO, Vijay Shekhar Sharma, who also spoke about the next target being 500 million users by year 2020. In a tweet on Monday, Sharma said, “Double century! Next milestone, 500 Mn by 2020. Thank you India.”
The post also gives the breakup with total wallets being 200.3 million, new users added at the rate of 0.7 million per day, total balance in wallets at R899.11 crore. Lastly, the wallets with money or saved cards stood at 106.8 million, the tweet added.
The mobile wallet company also on Monday launched its e-commerce operations called the Paytm Mall. It will have products across categories such as fashion, electronics, consumer durables and home furnishing with 68 million products from 1,40,000 sellers.
The launch of this e-commerce operations also marks an entry of sorts for Chinese online retailer Alibaba which is the major investor in Paytm. Paytm’s e-commerce business is also in the final stages of raising $180-200 million in an investment round led by Alibaba, which will take this new entity at a valuation of $1 billion. The move towards demonetisation on November 8, 2016 came as a big boost for Paytm, in terms of subscribers addition. The mobile wallet company started 2016 with a subscriber base of 122 million and ended the year with 177 million. The Paytm platform is currently available in 10 regional languages.
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Commenting on this development, Deepak Abbot, senior vice president – Paytm said, “At Paytm, our goal is to help merchants and consumers transact digitally at zero extra cost. Reaching 200 million registered users and more than half a million users on a daily basis is a great showcase of the country’s trust in our payment solution and reaffirms our belief in the need for a quick and easy cashless payment method.”
Paytm has also lined up expansion plans which includes opening of a payment bank which is likely to be operational by March.