Tuesday, 28 February 2017
PAYTM – CUSTOMER BASE TARGET OF 500 MILLION BY 2020
Paytm a fintech E-commerce in India, Owned by One 97 Communication Limited, in itself has become a one big world satisfying all its customer needs from A-Z.
Paytm is a widely accepted across the country especially after Government move towards cashless economy due to its ease in payment, acceptance of various modes of payment, wider range of service and freebies available, along with its new launch of Paytm Mall and upcoming Payment bank.
Customer Base – Pre and Post Demonetization
Ø Per demonetization Paytm had customer base to 150 Million.
Ø It had a customer base of 170 million by December 2016.
Ø By February, 2017 the customer base has reached to 200 million digital wallet users.
Ø Paytm Next Target mile is to have 500 million customer base by 2020.
Mr. Vijay Sharma, Chief executive of Paytm said on Twitter that the company had added 7, 00,000 users in a single day and that the total balance in Paytm wallets was Rs 899 crore. Paytm itself has more than Rs 1000 crore in its wallet account. Right now Paytm gets deposits of anywhere between Rs 122 to Rs 150 crore every day in its account and on a cumulative basis the residual balance has started reaching up to Rs 1000 crore.
“Paytm has touched a record five million transactions a day (on Friday and Saturday, each) and is on the way to process over Rs. 24,000 crore (by March 2017), more than any other payment network in the country,” a company statement said.
Statistics on Internet users In India: Internet and Mobile Association of India (IAMAI) and consultancy firm KPMG
Ø The number of mobile Internet users in India is projected to double and cross the 300 million mark by 2017 from 159 million users at present.
Ø The number of smartphone users is expected to reach 369 million by 2018.
Ø The number of 3G subscribers in India is expected to grow to 284 million by the end of 2017 from 42 million at the end of 2013.
Ø 4G user base is projected to grow at an annual growth rate of 344% and a CAGR of 103% from 2013 to 2018.
Thus with rise in smartphone users , increase in population , increase in internet user bases year on year and demonetization along with focus on cashless economy Paytm has a huge market to expand upon customer base year on year with a wider success story.
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