Paytm crosses 200 million wallet users

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Mobile wallet app, Paytm today announced that it has crossed 200 million wallets within just three years of launching. The numbers and transaction have been increased after demonetization.

Paytm crosses 200 million wallet users

"Next milestone, 500 million by 2020," Vijay Shekhar Sharma tweeted. Sharma's post on Twitter showed the company was adding 7 lakh users per day. His tweet also mentioned that the total balance in the Paytm wallets stood at Rs 899 crore.

Meanwhile, the company via release said, "Paytm has been emerging as the preferred method of payment for a wide variety of use-cases ranging from mobile and DTH recharges to electricity & water bill payments to payments in the offline world for milk booths, grocery stores, pharmacies and parking among others. The company's strong set of use-cases and intuitive user interface has triggered mass adoption by both consumers and merchants, creating a network effect across the country and gaining significant volumes in a short time."

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Deepak Abbot, Senior Vice President at Paytm said, "At Paytm, our goal is to help merchants and consumers transact digitally at zero extra cost. Reaching 200 Mn 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. Going forward, we would continue to drive strong consumer-focused innovation in the category to reach the widest set of merchants and consumers in India."

The company says that it has registered strong growth across its newly launched use-cases including tolls, canteens, parking and healthcare among others.

Recently, Paytm has also announced that it will invest Rs 600 crore in its QR code-based payment solution to enable digital payments for merchants across India.

Paytm's QR code-based solution is already powering more than five million merchants and is used by consumers to pay at kirana (grocery) stores, tolls, food courts, hospitals and retail outlets

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