Paytm, the mobile payment services firm on Friday announced its foray into the eCommerce space. There will be a direct competition of it with eCommerce giants like Amazon, Flipkart and Snapdeal.
In Paytm Alibaba which is world’s one of the largest e-tailers had picked up stake, expects its eCommerce entry to help revenue run rate to more than double to USD 4 billion (Rs 25,417 crore) by year end from USD 1.5 billion now.
Paytm founder and CEO Vijay Shekhar Sharma said, “We were testing the product and already have 33,000 sellers on board. The sellers can come on board without paying a fee… The payment for products will be through the Paytm platform, which ensures that it is safe and secure for the end-consumer.”
“We have 33,000 sellers and we expect this to touch one lakh by year-end. They can list their products in simple steps and customers can also communicate with the seller through chat that is built into the platform,” he added.