Paytm enters offline retail space

Ties up with quick-service restaurants like CCD and Domino's

Mobile wallet Paytm will soon foray into offline platforms as well. The Alibaba-backed company, which has forged ties with quick service restaurants (QSRs) like CCD and Domino’s, is believed to be set to enter the offline retail space by mid-June this year.
 
Paytm currently offers recharge-related services for DTH and mobile phones, along with mobile wallet services for online transactions on cab-aggregator service Uber, ticket-booking site Bookmyshow, and online retail firms eBay and IRCTC. It allows users to digitally store their money and avail of exclusive concessions and offers. This virtual wallet also recently enrolled for e-commerce.
 
“We are now foraying into the offline space. We have partnered various QSRs covering 7,000-10,000 outlets in cities like Delhi, Mumbai, Bengaluru and Hyderabad,” news agency PTI quoted Paytm Vice-President (Business) Amit Lakhotia as saying. Lakhotia seemed confident that the number of users, 66 million at present, will exceed 100 million before the end of 2015. And, the offline platform will allow users to receive the benefits of a more reliable platform.
 
Launched in 2003, Paytm expects its revenue run rate to more than double to $4 billion by the end of the year, from $1.5 billion now. “Mobile wallet usage is definitely growing in the country,” Lakhotia was quoted as saying by PTI.