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Paytm now has 200 million wallets

In a tweet, Paytm CEO Vijay Shekhar Sharma said that the company has crossed 200 million wallets. The tweet added that the total balance in the wallets is Rs 899.11 crore with 106.8 million wallets with money or with a card saved.

To put things in context, it is estimated that the number of Internet subscribers in India is 462 million in 2016, as indicated by Internet live stats. So going by this number, nearly 43% of India’s Internet subscribers are on Paytm. However, there isn’t an accurate figure on the number of monthly and daily active number of users.

During the early days of the demonetization drive, Paytm’s Deppak Abbot (senior vice president of product growth) indicated that there are around 41 million daily active users (DAUs). The number of monthly active users on desktop and mobile web was 40 million. We have written to the company for updated numbers and will update once we hear from them.

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Note that Paytm is now concentrating its efforts to onboard merchants and it recently said that it would be spending Rs 600 crore for the same. It currently has 5 million merchants and wants to hit 10 million merchants by the year end in over 650 districts.  The company has been leveraging its QR code payment system which also received a huge fillip following the demonetization. Paytm says that QR codes payments account for around 65% of overall transactions on its platform.

Paytm’s announcement for getting merchants came shortly after Visa, MasterCard, RuPay and American Express which launched the BharatQR an inter-operable QR code payment system for card networks and banks. Wallets and the UPI are not a part of the payment system yet.  Wallets’ QR code systems, such as Paytm’s, are a closed systems and work only between the wallet’s users.

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