Paytm CEO Vijay Shekhar has announced via his Facebook account that there are now over 200 million wallet users. The company has reached this milestone in just three years since its inception.
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Paytm now aims to have 500 million wallet users by 2020. Shekhar also revealed that the total balance of Rs 899.11 crore is now present in the wallets with 106.8 million wallets with money or with a card saved. In addition, Paytm today has announced the launch of Paytm Mall, which is its own e-commerce portal that boasts will allow customers to shop from 68 million products across categories such as fashion, electronics, home furnishings among others from about 140,000 sellers. At present, the Paytm Mall is available on Android.
Paytm Mall will target FMCG products, electronics and apparels from domestic and international brands while with Paytm Bazaar, it will focus on high-value products such as home furnishing. Paytm Mall will have exclusive access to 17 fulfilment centres across India, and use the network expertise of 40 courier partners.
Saurabh Vashishtha, vice-president, Paytm said,
We have defined quality criteria for sellers and are building strict controls over warehousing and shipping for products sold on Paytm Mall. Consumers would continue to get the largest assortment of domestic and international products through Paytm Bazaar, which will also be featured on the new app.