Live
- ‘Get Set, Grow Summit 2024’ Focuses on Digital Detox for Families
- Stokes motivates his team to put in extra effort, says England pacer Potts
- From overcoming setbacks to leading India in U19 Women’s Asia Cup, Niki Prasad's amazing journey
- Driving Enterprise Security: Inside Venkata Reddy Thummala’s Leadership Journey
- Constitution debate: PM Modi hails 'Nari Shakti'; makes strong pitch for 'United Bharat’
- Abhijeet Bhardwaj: Revolutionizing Enterprise Analytics with Innovation and Expertise
- Bihar: Inquiry initiated against principal who went to buy veggies during school hours
- Press Sri Lankan Prez for release of Indian fishermen: TN Cong MP to EAM Jaishankar
- TN: DMK postpones executive meet due to heavy rains & Parliament session
- Porous silicon oxide electrodes can fix durability issues in batteries: Researchers
Paytm adds mobile marketplace app for e-merchants
Highlights
Paytm, an Indian online payments platform backed by China\'s Alibaba(BABA.N), is pushing deeper into India\'s booming e-commerce industry with a zero-commission mobile app marketplace targeted at small and medium-sized firms, the mainstay of the country\'s economy.
Paytm, an Indian online payments platform backed by China's Alibaba(BABA.N), is pushing deeper into India's booming e-commerce industry with a zero-commission mobile app marketplace targeted at small and medium-sized firms, the mainstay of the country's economy.
The company said on Friday this push, in addition to its existing general e-commerce platform, would help marketplace operations make up half of its total revenue target of $4 billion by the end of 2015.
"This is our move into mobile commerce," said Paytm Chief Executive Vijay Shekhar Sharma, adding the mobile app was designed to connect small businesses and consumers.
Even though only about a quarter of the population can access the Internet, India already has the world's third-largest population of internet users, thanks to cheap smartphones. That has driven a boom in e-commerce, in a country that had previously shopped largely in informal stalls and bazaars.
Paytm, which has yet to turn a profit, will not charge merchants commission on their sales, making money instead on commissions levied when they transfer money earned out of the site.
Paytm expects to have 100,000 merchants on its app by the end of the year, up from about 33,000 today on their general web platform. It expects to grow the number of stock-keeping units -- essentially, units sold -- from 8.5 million today to 100 million by the end of the year.
Next Story
ADVERTISEMENT
