The Indian e-wallets major, PayTM, has just announced that it has crossed 200 million subscribers.
Since its launch three years ago, PayTM has seen a large amount of success in India, and the recent demonetization of the Rs.500 and Rs.1,000 currency notes moved a large amount of transactions online and, thereby, helped boost PayTM’s customer base.
The company is looking to drive strong customer-centric innovation in the future to reach the largest set of merchants and customers in India. PayTM has now launched a smartphone application and a website for its online marketplace business. The new platform is called PayTM Mall, which was inspired by Alibaba’s business-to-customer online portal TMall.
The new online portal will focus on structured categories and brand-authorised stores in electronics, fashion and Fast Moving Consumer Goods (FMCG). PayTM is raising fresh funds for this project and will be giving a 40% stake in the new project to the Chinese e-commerce major Alibaba and its payments gateway AliPay.
PayTM Mall is set to give larger players like Flipkart, Amazon and Snapdeal some stiff competition. PayTM Mall has been launched on Android and has a website. Presently, the marketplace has 1.4 lakh sellers with over 68 million products.
In light of this launch, PayTM has restructured certain portions of its top management by moving two of its vice-presidents Amit Bagaria and Saurabh Vashishtha to the new online marketplace, and has moved vice-president Subhanshu Gupta, who was part of the company’s commerce business, to the payments part of the business.