$10 million spends a day paytm says doable this year
$10 million Spends a Day?
Paytm says Doable this Year
Co said it will leverage its merchant partnerships & consumer base
to triple its wallet transactions
The competition in the wallet commerce business is heating up. Mobile
payments and commerce platform Paytm said it will leverage its merchant
partnerships and consumer base to triple its wallet transactions to 10 million
a day by the end of this year as it looks to cement its leadership position in
the business. “Today we have market leadership in payments with over 120-
million Paytm wallets and 1,50,000 merchants. This is backed by our
marketplace that has proven to be one of our anchor use case in driving
digital behaviour and repeat transaction,“ said Nitin Misra, vice president at
The announcement comes at a time when smaller player FreeCharge, backed
by Snapdeal parent Jasper Infotech, said it too is on its way to achieve seven-
million transactions a day by the end of 2016 from a current base of
Govind Rajan, chief operating officer of FreeCharge, said that the company is
focused on creating the digital habit and making sure that each transaction is
completed within 10 seconds.
“While recharges continue to be the single largest use case, we are
witnessing a huge growth in bill payments as well. Twenty per cent of our
transaction value is now bill payments,“ he said.
FreeCharge wallet has registered over 20-million users since the launch in
Mobile wallets, including Paytm, Airtel Money, MobiKwik and FreeCharge,
which started with mobile recharges, have aggressively moved up the value
chain to provide a host of other services like shopping online and offline,
cabs and ticketing.
While several wallet players are looking at forging different and
exclusive partnerships in a bid to get traction and wider use cases for
customers, the gap between the first and the second is widening.
“We don't see anyone that has this rich interlinked ecosystem of
customers, merchants, data and services,“ Paytm's Misra said. In 2015,
100-million Paytm customers did one-billion transactions and by end of
this year, the platform expects 300-million transactions per month.
“Cash is the competition,“ he said.
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