The online retail platform that emerged from mobile wallet Paytm, Paytm Mall, will soon commence shipping of Indian brands on its platform across the border to China.
The firm, which has headquarters in Hangzhou where Alibaba also has its office, is thinking to ship Indian goods to China within 7 Days of order placement. Ant Financial, payments affiliate of Alibaba, and Alibaba together contribute more than 50% shares in Paytm Mall and almost 40% shared in One97 Communications. “We wish to assist 100,000 Indian SMEs trade in China. We would assist them generate a catalogue in the local language and I want Indian brands such as Eicher Motors and Raymonds to trade in China,” CEO of Paytm, Vijay Shekhar Sharma, claimed in a statement to the media at the Alibaba Group Global Entrepreneur meeting.
The wallet ecosystem made by Ant Financial along with its investee firms, Alipay Plus, will assist to carry out cross-border payments, he claimed to the media in a statement. “Right at this moment, we do are short of a wallet aggregator such as a card aggregator. Ant Financial will make this, where you can transact via Alipay and associates,” claimed Sharma in a statement to the media adding that Paytm was the first international associate for Alipay. Media had reported this week that Paytm Mall was estimating a share in BigBasket.
“Paytm and BigBasket fall in the same category—online-to-offline platform. Grocery is something you need to deliver the exact day or next day,” claimed Sharma to the media in a statement. Paytm Mall gave out 18% orders the exact same day via its platform in last month. In addition to Paytm Mall venture, Paytm Payments Bank, rolled out earlier this year, has set a goal of registering 500 Million saving accounts and current accounts by the end of 2020. At the moment, Paytm has 200 Million wallet customers who will be moved to the bank steadily. “The plan is to increase users,” claimed Sharma. Paytm Mall was not seeking to lift capital instantly since capital burn had come down over time in the country, he claimed.