Paytm has partnered with Domino’s Pizza and Café Coffee Day. The Alibaba backed firm’s mobile wallet can soon be accepted at the quick service restaurants as mentioned above. Paytm will foray into the offline retail market in a couple of months.
As of now, Paytm provides recharge services for mobile phones and DTH services and also for mobile wallet services for online transactions on eBay, Uber, IRCTC and Bookmyshow.
A mobile wallet is a prepaid payment tool that lets users to store money digitally and securely to pay bills and other purposes.
Regarding this, Amit Lakhotia, Vice President of Business at Paytm stated that they are foraying into the offline space now by partnering with the quick service restaurants covering around 7,000 to 10,000 outlets in main cities such asBangalore,Delhi, Mumbai andHyderabad.
The integration to the payment is on and the service is expected to be made available by mid-June, he stated. Recently, Paytm forayed into the e-commerce industry by putting itself in a direct competition with the e-commerce giants such as Snapdeal, Flipkart and Amazon.
Lakhotia added that mobile wallet usage is growing constantly in the country and that on the Paytm platform there are around 66 million people who are using these wallet services. He claimed that the firm believes to reach 100 million user base before the end of this year.
With the foray into the offline market, Paytm will provide its customers the choice to pay for their orders via a reliable and secure platform. Paytm expects to achieve a revenue run rate that is over double $4 billion (approx. Rs 25,417 crore) by the end of this year from the existing rate of $1.5 billion.
Revenue run rate is the term that is used in the online retailing industry to point out at the total sales value of the merchandise that is sold through the marketplace over a specific timeframe. Back in February this year, Alibaba acquired 25 percent stake in One97 Communications that is the parent firm of Paytm.