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M-commerce player Paytm crosses 50 million mobile wallets mark on its platform

Paytm announced
today that it has crossed over 50 million wallets on its platform. The company
claims to handle more than 16 million unique transacting wallets in a given
month.

Paytm announced
today that it has crossed over 50 million wallets on its platform. The company
claims to handle more than 16 million unique transacting wallets in a given
month.

With more and
more people embracing Paytm as a convenient alternative to cash, the company is
well on its way towards acquiring 100 million wallets by 2015. Paytm has
introduced bleeding edge features in its mobile wallet such as inter wallet
money transfer and wallet to bank transfer. It is reportedly clocking over 60
million transactions per month, with the average user transacting 4 times per
month on its platform.

Recently, Paytm announced
the launch of its Rs 50 crore campaign in IPL. It is an associate sponsor on
Sony, and is also the official sponsor of the Mumbai Indian team. The company aims
to spend over Rs. 500 crores on marketing in the coming year. Its marketing
efforts on IPL and other mega media properties are towards establishing itself
as an even more credible, mass and consumer friendly brand.

Vijay
Shekhar Sharma
, CEO,
Paytm said, “It is a matter of great pride that over 50 million Indians have
trusted us with their money, and 1/3rd of them transact on Paytm on any given
month.  We do over 60 million transaction
per month, which makes us the largest mobile commerce player. In fact, we are
larger than all the other mobile commerce companies put together. Our mission
is to be and remain India’s most trusted mobile commerce platform; we have
never taken even a single consumer for granted. Our consumers are at the center
of our universe and this landmark is a reaffirmation of their faith on us. We
believe that half a billion Indians will be a part of the Paytm story, and we
will help in on-boarding them into India’s main stream economy, using mobile
payment & commerce services.”

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