Tag: india mobile commerce

Mobile commerce firm to launch its own payment bank

| September 16, 2015

Paytm intends to launch its own bank in India in the near future

Paytm, an Indian electronic and mobile commerce organization, has announced plans to establish India’s first payments bank. The company intends to leverage its extensive mobile commerce experience, especially when it comes to mobile wallets, to establish a lead in the financial sector. The company has already found success in the mobile space by offering consumers access to its mobile wallet platform, which is expected to reach 150 million users by March 2016.

Several companies have been approved to launch their own banks in the country

Paytm is among 42 companies that have received approval from the Indian government to launch payment banks. The banks will take deposits and provide remittance and payment services. These banks are expected to be quite useful for migrant workers that need to send money to their home country. The banks will be unable to issue loans, however, but they will be able to provide a wealth of services to consumers that still do not have bank accounts.

Paytm will see relatively little competition with its new bank

Mobile Commerce - Payment Bank IndiaOperating in the mobile commerce space has given Paytm the experience it needs to find success with its payment bank. The company is expected to launch its payment bank before its competitors, which will give it a significant edge. Alibaba, a Chinese company that has established a major presence in the mobile commerce space, has plans to launch a payment bank of its own through its One97 Communications organization. The company will be significantly slower in launching this bank, however, and Paytm will have streamlined its financial services before any major competition enters the market.

Mobile commerce companies are expanding into new territory

Mobile commerce continues to grow in popularity in India, which has become one of the world’s most attractive mobile markets. As companies specializing in mobile payments find more success, they are beginning to expand into new territory. These companies are bringing more competition into new sectors, which is forcing other companies to provide better services to consumers.

India holds vast promise in the mobile commerce space

| August 26, 2015

Entrepreneurs in India could find success in the growing mobile commerce market

India may be home to vast, untapped potential when it comes to mobile commerce. A recent summit of students from the Indian Institute of Management and the Indian Institute of Technology attracted many professionals in the mobile sector. These professionals highlighted the promise of mobile commerce, largely due to the growth of smartphone penetration throughout the country. With more consumers using their mobile devices to shop online, retailers are beginning to invest heavily in mobile commerce.

More than 800 technology startups are launched in India every year, with many being mobile-centric

According to Ganesh Natarajan, CEO of Zensar Technologies and former chairman of NASSCOM, technology entrepreneurship in India leads to more than 800 new startups being launched every year. A growing number of these startups are focused on the mobile space, either providing consumers with a way to shop and pay for products online or give retailers a way to serve mobile consumers more effectively. The growing number of mobile startups is leading more consumers to become more active in the mobile commerce space.

India continues to outpace other countries as a leading mobile commerce market

Mobile Commerce - IndiaIndia is one of the world’s fastest growing mobile commerce markets, rivaled only by China. Several organizations have begun to flock to the country in order to take advantage of growing number of mobile consumers. These organizations are launching mobile services or taking majority stakes in companies that have already established a foothold in the mobile commerce space. Alibaba is one such company.

Alibaba sees major promise in India’s mobile commerce market, offering financial support to some platforms

Alibaba has already found success in China’s bustling mobile commerce market, but it has begun to set its sights on the Indian market as well. Alibaba has invested in some of India’s leading mobile payments platforms, hoping to encourage growth throughout the country. Such growth could benefit Alibaba in the future, as the global e-commerce market has become so interconnected that retailers can find success in several markets at once.