Santa’s come visiting Paytm! Its wallet size expected to increase tenfold in 2016
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"In 2015, we saw wallets become mainstream. Next year, as more and more businesses push marketing dollar spends to cashbacks and wallets, the recharge value and frequency will steadily increase," Paytm founder
This projected figure doesn’t count cashbacks that the company offers its customers when they do e-commerce transactions via Paytm.
Sharma is expecting to see startups offering a lot of extras including loans and insurances built on top of wallets next year, which would help them competing with credit cards, if not replacing them.
As per existing norms set by the RBI, Paytm has to restrict its customers to Rs 10,000 wallet recharge per month on a mobile number and email ID verification. In order to do transactions above this amount, customers need to adhere to full Know Your Customer (KYC) norms, the process of which is like opening a bank account.
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