Paytm crosses 200 mn wallet users

Paytm announced today that its user base has crossed 200 million wallet users. 

Within just three years of launching the Paytm Wallet, the company has crossed this milestone, making it the most widely used and accepted payment method in the country.

Paytm’s quick and hassle-free payment system has seen it emerging as the preferred method of payment for a wide variety of use-cases ranging from mobile and DTH recharges to electricity and water bill payments to payments in the offline world for milk booths, grocery stores, pharmacies and parking among others. 

The company’s strong set of use-cases and intuitive user interface has triggered mass adoption by both consumers and merchants, creating a network effect across the country and  gaining significant volumes  in a short time.

Speaking on the announcement, Deepak Abbot, senior vice president, Paytm, said, “At Paytm, our goal is to help merchants and consumers transact digitally at zero extra cost. Reaching 200 million registered users and more than half a million users on a daily basis is a great showcase of the country’s trust in our payment solution and reaffirms our belief in the need for a quick and easy cashless payment method.”

The company has also registered strong growth across its newly launched use-cases including tolls, canteens, parking and healthcare among others. This is a great showcase of how fast consumers and merchants across India are adopting the company’s newer services. It has also launched a 24*7 Merchant Helpline to assist merchants across India accepting payments using its cashless payment solution.

Paytm has made its platform available in 10 different regional languages - Hindi, Tamil, Telugu, Gujarati, Marathi, Bengali, Kannada, Malayalam, Oriya and Punjabi thereby resulting in a 5x traffic increase for the platform from smaller towns.