To take a move into mobile commerce, Alibaba backed digital payments and commerce platform Paytm, has today launched a zero commission mobile marketplace app for small and mid-sized firms.
“This is our move into mobile commerce,” said Paytm ,CEO, Vijay Shekhar Sharma. The app has been designed with an aim to connect small businesses and consumers.
The company will not charge merchants commission on their sales unlike the other marketplaces like Flipkart, Snapdeal etc.
Paytm claims to have around 33,000 merchants on its web platform, and targets to have 100,000 merchants on its app by the end of 2015. In addition to its existing eCommerce platform, this move will help to achieve half of its total revenue target of $4 billion by the end of this year.
The company plans to grow the stock-keeping units up to 100 million by the year end, up from 8.5 million today.
Apart from this, Paytm has also introduced a Wallet app for transferring money to friends and family in an instant. Vijay Shekhar Sharma also announced that Paytm has crossed over 60 million wallets on its platform and aims to reach over 100 million by the year end.