200 m Carry Paytm Wal­lets: Sharma

The Economic Times - - Dis­rup­tion: Star­tups & Tech - Mugdha.Vari­yar @times­group.com

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

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.