Paytm will use Alibaba’s technology for creating credit rating agency. This will be done based on customer’s wallet transactions. Paytm has an e-wallet feature that allows customers to load money into the usable virtual wallet for future purpose so that they don’t have to enter debit card/ credit card or net banking ID and every time they transact on Paytm.
Paytm and Alibaba | Credit rating agency
Delhi based company Paytm has sold its 25% stake to the Chinese ecommerce firm Alibaba and now they are to use Alibaba’s new technology to set up a credit rating agency based on the wallet usage of the customers of Paytm.
Founder of Paytm Vijay Kumar Sharma said,
We are on our roadmap to touch 100 million customers by the end of this year. This large customer base will help us create newer business models in a way no one ever imagined
Another time Mr. Sharma revealed the idea how they are looking forward with this vision to make a credit rating agency-
Based on the transactions on our platform and big data technologies, we can tell what the customer’s monthly income is. We will sign up with affiliates to provide these customers with cash advances, personal and education loans, etc
Pay through Paytm | A new way of paying
Paytm is going to work with Cafe Coffee Day where you can pay using your Paytm wallet credit. They are looking to be integrated with many other super market giants like big bazaar and metro cash and carry.
Using Alibaba’s policy Paytm is looking for raising funds and user base simultaneously.