Paytm Gearing up to get 1 million Chinese Merchants to its Portfolio
Published By : 11 Jun 2015 | Published By : QYRESEARCH
The mobile commerce industry has expanded exponentially in the last couple of years. Paytm, as we know is the latest offering in the sector of mobile banking. Backed the Chinese e-commerce giant Alibaba’s financial wing, Ant Financial, Paytm is gearing up to register one million merchants from across China in its marketplace. With this the mobile commerce wing is also looking forward to add approximately 100 million SKUs (stock-keeping units) to its platforms within July-August of this year.
Paytm which ventured in the online shopping world almost a year ago is also looking forward to increase the number of local and regional merchants significantly. Speaking about their expansion strategy the founder and chief executive officer of One97 a Noida-based company running the operations of Paytm, Vijay Shekhar Sharma said that as a part of the deal they had with Alibaba, the company will aim include over one million Chinese merchants and add at least 100 million SKUs to within their business periphery. The company also revealed its plan of increasing the number of Indian merchants from 40,000 to 100,000 before the financial year ends.
Earlier this year to increase its stake to 25% in Paytm, the Ant financial made an investment of whopping US$500 million in the company.
When asked about market competitors like Flipkart and Snapdea, Sharma revealed that they weer not worried about the same, since as of now Paytm plans to carry business within the mobile payment platform, while offerings from the company as a marketplace is carried out only as a value addition to the customers. Mobile payments according to Sharma will continue to remain the major source of revenue for the company.