Tag: one97 communications

Indian mobile commerce firm to launch new hyperlocal service

Paytm will be launching hyperlocal services in the near future

Paytm, one of India’s leading mobile commerce firms, is gearing up to launch new hyperlocal services that consumers may find valuable. Such services have already established a foothold in India, with consumers using them to find deals and special offers in their local areas. Paytm believes that consumers using the service will become more involved with mobile commerce, as it will allow them to rely more on their mobile devices when shopping and ordering food.

Hyperlocal services may encourage more consumers to become involved in mobile commerce

Initially, the hyperlocal service coming from Paytm will focus on food ordering, table booking, purchasing cinema tickets, and finding deals in their neighborhood. The company has patrnered with BookMyShow and Zomato in order to make the service available. Paytm has high hopes for the hyperlocal service, hoping to bring in nearly half of its total sales from this channel specifically by 2016. This goal may be very attainable, as many consumers have become heavily invested in mobile commerce as a whole.

Hyperlocal may be the next big opportunity for retailers and mobile commerce firms

Mobile Commerce - Flag of IndiaVijay Shekhar Sharma, founder and CEO of Paytm, believes that hyperlocal services are the “next big thing” for the mobile commerce space. He believes that hyperlocal services represent the perfect blend of the convenience of mobile shopping and the engagement potential that retails see in the mobile market. With smartphone penetration on the rise in India, as well as the expansion of the country’s mobile network infrastructure, more consumers are expected to become involved in mobile commerce in the coming years.

Paytm is receiving strong support from foreign companies

Paytm has reached the 100 million user mark and the company suggests that its user base, as a collective, makes 75 million mobile transactions every month. Paytm has experienced so much growth and success that it has also attracted the support of other companies involved in mobile commerce. China’s Alibaba and Ant Financial recently invested in Paytm through One97 Communications, its parent company. This investment is expected to help Paytm expand its services throughout India.

Mobile commerce firm to launch its own payment bank

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.