Paytm has been engaged in e-commerce since the last three years; Paytm Mall is its independent online shopping platform.
Mobile wallets platform Paytm has launched the Paytm Mall, its independent e-commerce platform. While Paytm was already selling various consumer products on its mobile wallet app and website, this will be a standalone e-commerce platform which will go up against the likes of Amazon and Flipkart.
According to a report by the Business Standard, the app is modelled on TMall, China's leading e-commerce player. Available only for Android phones currently, the app made its way to the Google Play Store on February 26.
The app sells everything from mobile accessories to electronics, groceries, fitness items, musical instruments, stationery and lots more.
Paytm in a statement said, "Paytm Mall will allow customers to shop from 68 million products across categories such as fashion, electronics, consumer durables and home furnishings from about 1,40,000 sellers." Paytm has 17 fulfilment centres of third party warehouse providers and owned by its sellers. They have signed up with 40 courier partners, according to a LiveMint report.
The launch of Paytm Mall comes at a time when the e-wallet provider is rapidly expanding its services. Apart from entering the e-commerce business, Paytm is also in the final stages of setting up its payments bank. It has also decided to invest Rs 600 crore to develop its QR code payment system.
Paytm founder Vijay Shekhar Sharma tweeted on Monday morning that his company now had over 200 million users after adding seven lakh users in a single day. However, out of this only 106.8 million users had money in the wallet or had a card linked to it. Its next aim, he said, was to touch 500 million customers. Paytm became the first advantage beneficiary after the government demonetized the old Rs 500 and Rs 1000 notes and pushed its people to move towards cashless payments and online transactions. The government has also announced a slew on incentives to ensure people are encouraged to transact online.
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