Tag: india

Twitter teams with Lookup to offer new mobile payments service in India

| January 5, 2016

Companies are offering more options when it comes to making mobile payments in India

Twitter has partnered with Lookup, developers of an application of the same name that connects consumers with retailers, to bring new mobile payments services to India. The Indian market has proven to be quite prominent in the mobile payments space, largely due to rapidly growing smartphone penetration and the fact that consumers are beginning to use their devices to shop online. The new services will be available through Twitter, and shoppers can use the handle @lookuplite for a variety of purposes.

Twitter will serve as a platform to connect merchants directly with consumers through Lookup

Twitter users will be able to send a direct message to Lookup to receive information about products that they may be interested in. They will also be able to use Lookup’s new handle to make appointments with certain organizations and, in some cases, complete mobile transactions. The social media company will not be handling the transactions made through the new service, serving instead as a sort of middleman for these payments.

Lookup boasts of more than 1.2 million registered users

Mobile Payments - IndiaLookup has been growing in popularity because of its ability to connect merchants directly with consumers. The company boasts of 1.2 million registered users despite only operating in Mumbai, Delhi, and Bangalore. Through Lookup, consumers are able to find a wealth of information about products being offered by merchants. The service can even be used to set up a transaction, allowing consumers to purchase the products that they are interested in.

India continues to grow as a prominent mobile payments market

India has quickly established its as a prominent mobile payments market. Many consumers have begun using their mobile devices to shop online rather than visit physical stores. They see mobile shopping as more convenient, allowing them to bypass the traditional checkout process. Several organizations have begun coming to the country in order to find success with their mobile commerce endeavors, but competition has proven to be quite fierce in India. Companies like Lookup have managed to establish a strong foothold in India by providing unique services that appeal to mobile shoppers.

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.