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

Wednesday, August 12, 2015

Indian firm Paytm, whose parent is backed by Ant Financial, claimed it is the first mobile wallet in the country to pass 100 million users.

“Announcing 100 million Paytm wallet users. India’s first product to cross 100 million user mark,” tweeted CEO and founder Vijay Shekhar.

The firm, whose backers include Alibaba’s financial arm, has ambitious plans to target offline as well as online payments.

The company also blogged about its achievements, and its target to woo users away from cash payments: “Making payments in the offline world has its challenges. We’re excluding credit or debit card transactions as they are minuscule, cash in India is king in the offline world.”