Paytm Mall Sold Rs 24,000 Crore Worth Of Goods; Walmart Embraces UPI!
Paytm Mall has declared that they want to dominate Indian ecommerce.
Walmart, the company which has bought Flipkart, and elevated themselves to the top ranks of Indian ecommerce, has now embraced UPI.
Where can you use it, and how does it makes the difference? Read on to know more!
In a related news, Paytm Mall has informed us that they are aiming for Rs 70,000 crore business by March, 2019. And, they have claimed to process Rs 24,500 crore worth of annualized gross sales by the end of June, 2018.
What are their next plans?
Paytm Mall Aims For $10 Billion Gross Sales
In a press release, Paytm Mall has informed us that they have set their targets straight for the period 2018-19, and it is indeed fascinating.
Between August 2018 and March 2019, Paytm wants to churn out annualized gross sales worth $10 billion, or Rs 70,000 crore.
For the year ending June, 2018, Paytm has successfully churned out gross sales of $3.5 billion or Rs 24,500 crore as per today’s currency conversion.
Paytm said, “This robust performance has made the Mall a strong No. 3 contender in the local e-commerce market within a year of its launch.”
Currently valued at $2 billion, Paytm Mall has raised $650 million since its inception last year.
It would be really interesting to see how Paytm Mall positions itself uniquely, and increase their sales by three-fold by March 2019.
Walmart, Amazon and Flipkart should lookout for Paytm Mall more closely now!
Walmart Will Use UPI!
Meanwhile Walmart, the American retail giant has finally embraced UPI, or Unified Payment Interface.
Kirana store owners, retailers and wholesellers, who are regular customers of Walmart at their website: www.bestprice.in can now pay via UPI for all their wholesale shopping done on the website.
In a statement, Walmart said, “This will especially benefit kirana members who neither hold any credit/debit card nor have the time to visit banks for making RTGS payments.”
Launched in 2014 as BestPriceWholesale.Co.In, Walmart changed the brand name of their B2B wholesale online hub as BestPrice.in.
Embracing UPI for their online purchases makes sense for them, as Flipkart-owned PhonePe can be integrated with their platform now. This will help all three parties involved: Walmart, merchants and PhonePe.
Interestingly, PhonePe has beaten Paytm in UPI transactions, and is currently #1 app for all UPI based cashless payments.
We will keep you updated, as receive more updates and news.