Paytm to expand in Retail – Planning to open 50000 Retail Outlets
Paytm, A venture of 197 Communications, An India company run by Vijay Shekhar Sharma. Recently, Jack Ma’s Alibaba bought 25 % stake in 197 Communications. Since than , 197 Communication been thinking of spreading wings. PAYTM started its base by offering Bill payments and Mobile recharges, and later expansed in Mobile based Market place.
Paytm has been thinking of expanding since Alibaba joined hands with 197. Ant Financial, a company who is running Alipay Wallet with over 190 mn subscribers base, is set to provide Strategic and Technical support for Paytm. Ant Financial and Paytm will also build on synergies in the mobile wallet front in order to offer Indian consumers comprehensive product and services and to tap the significant potential of the Indian mobile payment market.
Cyril Han, Vice President of Ant Financial stated ” India potential is way too high with over 1 Billion people. Moreover, Growth of Smartphones is significant in India and soon it will be No. 1 country for Smartphones.” This is the right time to explore possibilities in Mobile wallet field.”
Paytm may plan to set up around 50,000 Retail counters to tap this potential. Paytm plan to cross 50 million users in 2015 and revenuve in tune of $ 3 Billion. As per Amit Lakhotia, VP payments, Paytm ” More you are close to customers and make them experience, more successful you will be. Banks are not our competitors, rather we see them as our Partners.”