200 m Carry Paytm Wallets: Sharma
Bengaluru: Payments firm Paytm has registered 200 million users for its digital wallet, reaching a milestone few other internet companies have in India.
Chief executive Vijay Shekhar Sharma highlighted the achievement on Twitter on Monday, adding a more ambitious target: “Next milestone, 500 Mn by 2020”.
Sharma said on Twitter that the company had added 7,00,000 users in a single day and that the total balance in Paytm wallets was .₹ 899 crore. That said, only 106 million wallets had money or credit or debit card information stored in the wallets, translating into an average balance of .₹ 84 per wallet. “Every day, many consumers add money to their Paytm wallets and consume it. Currently, over106 million wallets have residual money at the end of the day or have saved cards in their Paytm accounts,” the company said in a statement.
Paytm, which registered a massive spike in the number of users and transactions in the months post demonetisation, is among the most deeply penetrated internet companies in the country, alongside WhatsApp. Paytm had about 177 million registered users of its digital wallet in December.
Paytm wallets can be used for paying mobile, cable TV, electricity and water bills as well as at grocery stores and pharmacies, among other things. The Alibaba-backed company recently announced that it was investing .₹ 600 crore in its QR code scanning technology and enroll 10 million offline merchants by the end of the year. The company recently reorganised its wallet business under its new payment bank.
Of the 200 million wallet users, only those who have given consent and have been active for the last six months or have a non-zero balance would move to the payments bank, while other accounts would remain as Paytm accounts. India has an estimated 500 million mobile internet users but many are still reluctant to transact online. To encourage cashless payments, the government is introducing its digital payments tools — BHIM app, Aadhaar Pay and BharatQR.
The company recently announced that it was investing 600 crore in its QR code scanning tech