Senior Correspondent, IndianRetailer.com & Retailer Magazine Apr 23, 2018 / 2 MIN READ
Paytm has claimed to own a total of 100 million customers using KYC compliant mobile wallet out of 220 million using its payments service.
Owing to its aggressive offline drive, the Noida-based company converted 45% of its m-wallet users KYC-compliant. Paytm’s total registered user base is over 300 million.
After the RBI made KYC compliance mandatory for m-wallets from March, most digital wallet players have been trying to get users to complete the process.
Prior to the RBI directive, these companies had a small base of users who had completed their KYC. Others like Mobikwik and Amazon Pay have indicated the challenges they are facing following the RBI norm. Paytm, much like others, has been offering incentives like cashback to users so that they submit documents for KYC compliance.
Paytm Payments Bank, which houses the m-wallet business, said the company saw a majority of its users opting for full KYC and have shared their biometrics with the firm. Paytm has set up various KYC points and facilitated home visits by its staff to help users with the KYC process along with offering an in-app option.
This strategic move allows customers across India to access an exclusive range of premium beauty and personal care products at attractive discounts through the Paytm se ONDC Network using the Paytm app.
As a prominent buyer app on the ONDC Network, the company has experienced remarkable growth, now offering over 200 brands across diverse categories.
As consumer preference leans increasingly towards mobile transactions, businesses are swiftly embracing digital payment options.
Paytm reported a positive EBITDA before ESOP cost (earnings before interest, taxes, depreciation, amortization, and employee stock option costs) of Rs 31 crore.
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