Digital wallet and commerce platform Paytm has announced that it has so far accounted for Rs 100 crore in user deposits.
The company’s 80 million users in India now make 60 million transactions a month, and is fast growing as digital wallets become a more popular alternative to cash.
Growth has been driven by Paytm’s new feature that allows users to recharge their wallets by depositing cash at offline stores.
Currently the company has signed up over 20,000 online merchants and recently clocked a GMV of $1.5bn in the last 15 months.
Money that is stored in a Paytm wallet is kept in an escrow account where an interest can be earned after the first year of operation once the accounts have been duly audited.