Paytm, one of India’s well established currencies for instant payments, has announced its target of leveraging its large merchant and consumer base to triple its daily mobile wallet transactions to 10 million.
Speaking about the new announcement, Nitin Misra, VP – Products, Paytm said, “Paytm today has 120 million wallets and 1,50,000 merchants on its platform and this number will grow aggressively. Over the years we have built products and crafted use cases where both customer and merchant lifecycle feed into each other. This spans our payments, marketplace and the upcoming financial services business. Our strong analytics, product and operational capabilities backed by customer trust is what will help us reach 300 million transaction a month.”
Paytm is one of India’s well established currencies for instant payments for taxi rides, mobile phone recharges, direct-to-home television subscriptions, money transfers, and transactions at small mom-and-pop stores. Many schools, colleges and petrol pumps have also joined the list of merchants where customers can pay using Paytm. As Paytm heats up the intensity in the digital payments eco-system, it is also planning to expand its user base to 500 million by 2020.