Digital payments company Paytm on Monday said it had over 200 million users its wallet and other services. In a post on Twitter, Paytm founder Vijay Shekhar said the company was adding at least 700,000 digital wallets a day, with the total balance of all wallets being Rs 899.11 crore.
The company currently has 106.8 million wallets with card or money saved on them, Shekhar said. “Next milestone, 500 million by 2020,” he added. In a blogpost on January 1, the company had said it had 177 million wallet users by December 2016, with over one billion transactions through 147 million transacting users. The company also reported two billion user sessions and said it had registered more than two million merchants for its platform.
On February 20, the company said it would invest Rs 600 crore by December to expand its quick response code-based payment network. The money will boost manpower and technology as well as help the company make more cashback offers and educate merchants on opting for digital payments, it said. It is also likely to launch its payment bank by the end of March.