The mobile wallet industry has been very much active in the recent times. With so many new entrants looking to disrupt the digital payments market, the competition is only getting hotter. Paytm, a name synonymous with mobile wallets enthusiasts in India, is looking to scribble a new chapter with a magical number.
Paytm has been very successful for a while & it was one of the earliest innovators of the digital payment industry. Thanks to the boom in the mobile market and people showing great enthusiasm towards going cashless, the opportunities are never-ending. A generational shift is taking place with regards to the payments being done in the country. Catering to this shift, Paytm is looking to expand its user base to 500 million by 2020. The smartphone revolution and the technological growth have opened up new avenues for growth in the country. If we go five to six years back, the digital payments industry was termed to be on a back burner. However, over the period of the last couple years, the digital payment industry has emerged as a mainstream phenomenon. Paytm is also looking to leverage its merchant partnerships in order to triple their wallet transactions to 10 million on a daily basis by the end of 2016. The vision is to cement its place in the market and become a leader in terms of digital wallet solutions in the country. The announcement comes close on the heels of FreeCharge announcing that they were closing in on achieving the 7 million daily transaction mark. 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. Many experts have predicted that m-banking transactions will continue to grow at a fast rate. Airtel, Vodafone and Paytm will soon reap the benefits of bagging a payments bank license & Paytm will continue to be a hot favorite amongst the youth. Paytm, MobiKwik & FreeCharge are often termed as the big 3 in the digital payment industry.
The mobile wallet industry has been one of the busiest sectors in the industry. The intensity in the digital payments spectrum will continue to further heat up in the coming months. Mobile banking will not be termed as a laggard & will grow at a quick pace over the course of next two years. Paytm is looking to be in the center of all the action taking place in the digital payment sector. Speaking about the new announcement, Nitin Misra, VP – Products, Paytm said, “Paytm today has 120 million wallets and 1,50,000 merchants on its platform and this number will grow aggressively. Over the years we have built products and crafted use cases where both customer and merchant lifecycle feed into each other. This spans our payments, marketplace and the upcoming financial services business. Our strong analytics, product and operational capabilities backed by customer trust is what will help us reach 300 million transactions a month.”