Within three years of its launch, e-wallets major Paytm has crossed a user base of 200 million wallets across the country, it said in a statement today.

Commenting on the development, Paytm’s Deepak Abbot said, “Reaching 200 million registered users and more than half a million users on a daily basis is a great showcase of the country’s trust in our payment solution and reaffirms our belief in the need for a quick and easy cashless payment method. Going forward, we would continue to drive strong consumer-focused innovation in the category to reach the widest set of merchants and consumers in India.”

The Alibaba-backed company also announced the launch of Paytm Mall app, which will allow consumers to shop from 1.4 lakh registered sellers.

Paytm Mall is an One97 Communications entity where Alibaba owns more than 40 percent stake, paving the way for the Chinese internet conglomerate's direct entry into the local online retail market.

The new platform is inspired by Alibaba’s T-mall in China as Alibaba owns 40 percent stake in the company.

“We have defined quality criteria for sellers and are building strict controls over warehousing and shipping for products sold on Paytm Mall. Consumers would continue to get the largest assortment of domestic and international products through Paytm Bazaar, which will also be featured on the new app,” said Patym’s Saurabh Vashishtha on the launch of Paytm Mall.

The platform is starting with over 17 fulfilment centres across India, and plans to provide the widest reach through a vast network of 40 courier partners.

The latest version of the app would be available in seven regional languages.

Paytm Mall is expected to give tough competition to existing e-commerce giants such as Flipkart, Amazon and Snapdeal.