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Paytm plans to enter the US market has been Ali investment
Source:Powered | Author:admin | Time:2017-12-06 | Views:35

Vijay Shekhar Sharma, founder, and CEO of Paytm, India’s largest mobile payment application, said today that the company is looking at the U.S. market with the goal of Developed market expansion. Paytm has acquired investment from Alibaba Group and Softbank Group.

India’s largest mobile payment application Paytm plans to enter the US market has been Ali investment

Sharma, the company’s founder and chief executive, made the statement on The Wall Street Journal in Singapore at D.Live. Sharma said his goal is to enter developed markets, including Japan and Europe.Sharma said the company has entered the Canadian market in March of this year and will use the area as a test base for its operations. Sharma said Paytm has a smaller customer base in Canada, but with an average deal per transaction higher than India, with more than 260 million users in India. Canadians can use Paytm to pay for cell phones, cable television, Internet and utilities, as well as property taxes, as well as pay premiums.According to Forrester Research, in the US mobile payment market, Paytm will face mature rivals such as PayPal, which hit a high of 112 billion U.S. dollars last year.

As one of India’s largest start-ups, Paytm valued its last asset at more than $ 7 billion, after earlier this year the company just raised $ 1.4 billion from SoftBank. According to Sharma, the company is not yet profitable.

According to TechinAsia, Indian Prime Minister Modi announced yesterday the launch of Bharat Interface for Money (BHIM). Interestingly, Bhim is also a powerful role name in Indian mythology.) Developed by National Payments Corporation of India, this app allows users to make interbank transfers via BHIM.

In April, India introduced the Unified Payments Interface (UPI), which is for Android-only use to simplify remittance between banks. Through UPI this unified interface, people can get a virtual payment address (Virtual Payments Address, VPA), such as your name @ upi, virtual address and backend encoding, bank account details associated. Indian people using VPA for inter-bank remittance, you can remove the account, IFSC code, digital payment beneficiary details and other complicated names.

Based on the UPI, a number of Indian banks have developed APPs to help users make quick transfers among many banks. However, the promotion of this electronic payment method is slow because these APP functions are overloaded and unfriendly to the user. Probably the government of India launched the bank’s APP really hate Iron and Steel, decided to roll up their sleeves to do it, so BHIM appeared.

BHIM’s function is simple to the extreme, that is, money transfer + payment, and save the user basic information and payee information. The Indian government hopes the APP will encourage more people to start experimenting with electronic accounts and cultivating their electronic revenue and expenditure habits.

India’s largest mobile payment application Paytm plans to enter the US market has been Ali investment

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