Leading mobile commerce platform Paytm crossed 100 million Paytm Wallet users in line with its vision of transforming India into a ‘cash-free’ economy.
In a statement the company said its 100 million Paytm Wallet users carry out over 75 million transactions every month. It is accepted at over 80,000 merchants and plans to reach 10 million merchants by end of next year.
“Today, with over 100 million Paytm wallets, India has committed towards a less-cash society,” Vijay Shekhar Sharma, founder and CEO, Paytm said in a statement.
“We are happy with the momentum and are well on our way towards getting half a billion Indians on the Paytm platform.”
Launched in 2014, Paytm is a RBI-approved secure mobile wallet through which customers can pay bills, recharge mobile/DTH, shop online and pay for online services such as Uber, Food Panda, and others. Users can load money to Paytm wallet using debt cards, credit cards, net banking and over 20,000 cash deposit points. The company said it is partnering with various banks.
Paytm said it was also disrupting money transfer and remittance business with person to person money transfer at zero cost. It offers a full marketplace to consumers on its mobile application and its investors include Ant Financials (AliPay), SAIF Partners, Sapphire Venture and Silicon Valley Bank.
