Mobile wallet company Paytm has touched 200 million wallets users, founder Vijay Shekhar Sharma tweeted on Monday.The company has seen a massive spike in number of users and transactions in the months post demonetization. "Next milestone, 500 Mn by 2020," Sharma tweeted.
Sharma's post on Twitter showed the company was adding 7 lakh users per day. His tweet also mentioned that the total balance in the Paytm wallets stood at Rs 899 crore.
In a press statement, the company said Paytm has become a preferred method of payment for use-cases ranging from mobile and DTH recharges to electricity and water bill payments as well as offline payments at grocery stores, pharmacies and parking among others.
“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. Going forward, we would continue to drive strong consumer-focused innovation in the category to reach the widest set of merchants and consumers in India," Deepak Abbot, senior vice-president said.
The Alibaba-backed company recently announced that it was investing Rs 600 crore in its QR code scanning technology to enroll 10 million offline merchants by the end of the year.
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