NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, April 14, 2015

Mobile payment processor Paytm said on Monday that it now has over 50 million wallets on its platform and is expected to touch 100 million by 2015.

Paytm, run by One97 Communications Ltd, said that over 16 million of these 50 million wallets transact on Paytm in any month.

The company is reaching out to the masses, including autorickshaw and cab drivers who are adopting a wallet for a hassle-free payment method, said chief executive officer Vijay Shekhar Sharma said. Taxi hailing service Uber uses Paytm’s wallet to pay for rides in India.

Paytm allows inter-wallet money transfers and wallet-to-bank transfers where a customer can transfer the money stored in the wallet to a bank account.