Paytm has surpassed 100 million mobile wallet users in India who are carrying out 75 million transactions every month. The popular mobile commerce marketplace and digital wallet company claims that its wallet is now accepted by over 80,000 merchants across the country.
Paytm plans to reach 10 million merchants by the end of this year. Founded in 2014, Paytm is a RBI approved secure mobile wallet that allows users to pay bills, recharge mobile/DTH, shop online and pay for various online services like Uber, Food Panda, BookMyShow, IRCTC etc. Users can load money to Paytm wallet using debit card, credit card, net banking and over 20,000 cash deposit points. Paytm is partnering with various banks to enable users to add money through bank branch and ATM machines.
The company has announced the 100 million milestone only two months after it announced that it had 80 million users in June. Paytm’s closest competitor MobiKwik has 17 million wallet users and works with about 50,000 merchants. Earlier in June, Alibaba was reported to acquire a 40% stake in Paytm. Until now, AliBaba Group has already invested $200 million into Paytm in two slots of $65 million and $135 million for a stake of 25.88%.