The app lists products from about 1.4 lakh sellers that will allow consumers to shop across categories like fashion, home furnishings, electronics and consumer durables among others at their convenience.
Meanwhile, Paytm Founder Vijay Shekhar Sharma announced on Twitter that Paytm reached 200 million wallet users. “Next milestone, 500 Mn by 2020,” Sharma tweeted. Sharma’s said on the the post that the company was adding 700,000 users per day. He mentioned that the total balance in the Paytm wallets stood at Rs 8.99 billion (US$134.777 million approx).
Next milestone, 500 Mn by 2020. 🤘🏼
Thank you India 🇮🇳 pic.twitter.com/uBlkUcKuER
— Vijay Shekhar Sharma (@vijayshekhar) February 27, 2017
The Mall app is reportedly based on the model of TMall, China’s leading e-commerce player, and an Alibaba-backed entity. Available only for the Android platform currently, it is soon expected to pave its way to the iOS platform. Paytm has further revealed that it will allow only trusted sellers passing strict quality guidelines and qualification criteria on the ‘Mall’.
Also, the products listed on the mall will go through Paytm certified warehouse and shipping channels to ensure guaranteed consumer trust.
The service was introduced by Paytm’s e-commerce segment, which has been running parallel with the company wallet service since the beginning. Earlier, users could shop within the app but now it has segregated the two segments with the launch of this new app exclusively devoted for e-shopping.
“Through Paytm Mall, our aim is to offer consumers the most trusted shopping experience. We have defined quality criteria for sellers and are building strict controls over warehousing and shipping for products sold on the Mall. Consumers would continue to get the largest assortment of domestic and international products through Paytm Bazaar, which will also be featured on the new app,” said Saurabh Vashishtha, Vice President, Paytm.
Earlier this month, it was reported that the Indian m-wallet company was raising $200 million from Alibaba, its major investor for its e-commerce business. Alibaba currently owns more than 40 percent stake in the One97 Communications entity, along with being an investor in Snapdeal.
Last week, Paytm rolled out a new update for its wallet app that allows users to pay loan installments. With the latest app update, Capital First, Manappuram and Muthoot Fincorp loan-payers can instantly pay their monthly loan installments on the app. The company also plans to get aboard more loan partners soon.