Tag: India mobile wallet

Paytm app suddenly taken down from Apple App Store

The largest mobile wallet in India has been delisted for iPhone and iPad due to technical problems.

At a time when mobile payments have taken off explosively in India, the Paytm app has been delisted for iPhone and iPad users. The Apple App Store no longer offers the mobile wallet after Paytm found technical issues such as bugs. The company worked hard to produce an update to iron out the problems and was awaiting Apple’s approval at the time of the writing of this article.

The temporary removal of the mobile payments application occurred on the heels of a service outage.

The Paytm app had been experiencing issues. The entire service was behaving oddly last week and for a stretch before then. It suffered a serious outage and then triggered a range of issues for days following, even after the mobile wallet was taken down from the App Store. That said, many people were quite surprised when the application was entirely delisted.

Paytm App - Apple App StoreThe reason is that while all updates for iPhone and iPad apps require Apple’s approval, the older version of the application will typically remain available for download until the updates receive the nod. In this case, the updates were awaiting approval and the entire app was taken down.

The reason for the Paytm app removal was not because Apple decided to intervene and delist it.

Instead, it was the choice of Paytm to take its mobile wallet down. According to a spokesperson from the company, “We have currently removed the app from the App Store to stop adding incremental new users to our existing base.”

The company then expanded on the statement by making a blog post that read “Today we found a bug in our iOS App where certain app users were not able to pay thereby hanging their app. Soon the system logged them out preventing them from further accessing their account.”

Currently, Paytm has more than 170 million registered users. The version of the app that runs on Android and the web-based platform are working without any problems at all, says the company. It continues to be available to download at Google Play and for browser users.

This may be good news for Android device users as the Paytm app and other mobile wallets have become a necessity for millions of people for the last couple of months. Ever since India decided to take some of its larger currency notes out of circulation – which are now being replaced with new versions – there has been a shortage of cash and consumers have needed to look to other methods of paying for products and services.

Mobile wallet startup gets a financial boost from Alibaba

Paytm has received investment funds from the commerce giant, solidifying its position in India.

Alibaba Group Holding Ltd. has recently announced that it has made an investment into the company behind the Paytm mobile wallet in India, a startup called One97 Communications.

The Chinese online shopping giant revealed this news in a press release issued at the close of September.

The company has chosen to invest in the mobile wallet and online shopping site, sending Alibaba even further into the world of mobile payments. In India, this will also help the company to enhance its competitive position when compared to its rival, Snapdeal. One of its affiliates, Ant Financial Services Group, also made an investment into Paytm, back in February. It will also be joining into this most recent round of investments, said the press release on the matter. The funds will be used by Paytm in order to be able to boost its business and to place a focus on its technology, marketing and talent.

The specific terms of the agreement with regards to the mobile wallet investment have not yet been released.

Mobile Wallet Receives Financial BoostThat said, it is known that Alibaba and Ant Financial have made an investment of $680 million in order to boost their stake in the company from having been 25 percent to become a much larger 40 percent. Back in June, Reuters released a report that indicated that this type of investment could be worth more than $600 million, so the figures do align with what experts had been predicting.

According to the Alibaba Group CEO, Daniel Zhang, “India is an important emerging market with strong e-commerce potential.” He also added that “This investment will further expand Alibaba Group’s global footprint to India’s thriving mobile commerce market.”

This is an important market for Alibaba, which has been watching a slowing in the growth that it has been experiencing in its home country of China. As India is the fastest growing large economy on the planet, it appears to be the next logical step for a company the size of Alibaba. It is a move that is being made by a number of companies in the smartphone sphere, as mobile wallets, payment, and commerce rise in India.