Paytm has crossed the 100 million digital wallet users in India. Accepted at over 80,000 merchants, Paytm plans to reach 10 million merchants by end of next year. 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.
Nearest competitor, Mobikwik has 17 million wallet users.
Paytm announced that it had 80 million users for its digital wallet back in June who made 60 million transactions a month. Further, the company said its gross user deposits at the time had crossed to Rs 100 crore.
The company is also looking to make it big in the hyperlocal commerce space and has readied a $500 million war chest to acquire startups.
Digital payments will be the backbone of Paytm’s e-commerce dreams apart from the company tying up with various brands to enable seamless transactions both online and offline.
P2P payments was another feature Paytm added to its digital wallet last month, enabling users to transfer funds to other users rather than using the platform to pay bills and recharge subscriptions.