Tag: alibaba

Mobile payments firm acquires Near.in in India

| December 10, 2015

Paytm could improve its standing in the mobile payments space through latest acquisition

Paytm, India’s largest mobile payments firm, has announced the successful acquisition of Near.in, a local services startup. Paytm acquired the company for $2 million and believes that the acquisition will improve the company’s already considerably strong position in the mobile commerce space. Near.in is capable of connecting consumers in four of India’s large cities with various verified businesses, ranging from home repair companies to fortune tellers. Paytm believes that the services provided by Near.in will ensure more consumers are exposed to mobile payments.

Paytm is finding significant success in the mobile space

Paytm has raised some $700 million in funding from a wide range of investors, including China’s Alibaba, which has also established a major lead in the mobile payments space. Paytm processes more than 100 million online transactions every month and has begun expanding its business operations in order to connect with more consumers living in India. Mobile payments are becoming a powerful force in India’s retail space, with more companies looking to engage the growing number of mobile consumers in the country.

Firm is working with numerous companies to make mobile payments more accessible

Mobile Payments AcquisitionIn the past two months, Paytm has been making investments in various companies in order to make mobile payments more accessible. The company has invested in Jugnoo, a startup that makes use of rickshaws to make deliveries to consumers. Paytm is also working with BookMyShow and Zomato in order to support services like food deliveries and restaurant reservations. These services are available to mobile consumers, who can use their devices to make mobile payments.

Paytm will have to overcome security challenges to ensure the success of mobile payments

Paytm is expected to see more success in the mobile payments space as it begins working with a wider range of businesses. The demand for mobile payments services is growing quickly and Paytm is ideally suited to address the needs of mobile consumers. One of the challenges the company will have to overcome to ensure continued success, however, is security. Mobile payments has become rife with fraud, which has left many consumers exposed to exploitation.

Mobile commerce continues its aggressive expansion in China

| December 4, 2015

China is leading the way in mobile commerce growth

China is becoming more aggressive when it comes to mobile commerce. Until very recently, the country has relied heavily on cash rather than other forms of commerce. Many shoppers throughout the country had preferred paying in cash because they considered it more secure and convenient. As smartphone penetration grows, however, more consumers are beginning to use their mobile devices to shop for and purchase products. Large companies are beginning to take advantage of this, offering consumers new services that allow them to participate in mobile commerce.

WeChat is finding success by encouraging consumers to use its mobile payments service

WeChat is one of the companies looking to bring consumers into the mobile commerce field. WeChat is China’s largest messaging application and social network and the company launched an ambitious campaign last year to highlight its new payments service. During Chinese New Year last year, some 400 million people sent hongbao, traditional gifts containing money sent during the holiday, to their friends and families. This year, however, more than 1 billion digital hongbao were sent through WeChat’s service.

Consumers are finding it easier to shop for and purchase products with their mobile devices

China Mobile Commerce Booming GrowthConsumers are becoming more comfortable with the concept of mobile commerce, using services like Alipay to purchase products that they are interested in. The companies and retailers behind these services are quickly expanding, looking to find every greater degrees of success in the mobile commerce market. Some of these companies, such as Alibaba, are also investing in foreign mobile commerce firms, hoping to establish a foothold in new markets and encourage the further growth of the mobile commerce field.

Young consumers are more likely to participate in mobile commerce

While many consumers still prefer to pay for products with cash, young consumers are embracing mobile commerce quite aggressively. These consumers have been exposed to technology from a young age, making them more comfortable with digital services. Older consumers are also embracing mobile commerce, but at a slower pace. As new services become available, more consumers are expected to become involved in mobile shopping.