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January 3, 2014updated 04 Apr 2017 4:09pm

Paytm plans to launch new semi closed wallet

Paytm, a digital goods and services provider, is planning to launch a semi-closed wallet following a license approval from the Reserve Bank of India.

By Verdict Staff

Paytm, a digital goods and services provider, is planning to launch a semi-closed wallet following a license approval from the Reserve Bank of India.

Consumers will be able to use this wallet across various services on Paytm as well as over several online merchants, reported VC Circle.

Additionally, Paytm users will have to sign up once again for this new semi closed wallet.

Currently, about 14-15% of the user base will actively use the wallet for recharges and they expects that this number will go up to 40% following the launch, according to the news agency.

Paytm senior marketing professional was quoted by VC Circle as saying that the site has already exceeded 100 million visitors in 2013, among which five million active users emerged through apps.

He added that prepaid mobile recharges currently account for bulk of the total number of transactions, followed by DTH recharges and post-paid bill payments.

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