Tag: india mobile commerce

Mobile payments firm acquires Near.in in India

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 is exploding in India

Gartner report shows the growth of India’s digital commerce market

India is quickly becoming one of the world’s leading mobile commerce markets. Overall, digital commerce is growing quickly throughout the country, with consumers beginning to favor shopping online rather than visit physical stores. This is due to the convenient nature of e-commerce, and more consumers are beginning to rely on their mobile devices to get their shopping done. A new report from Gartner highlights the growing power of the digital commerce market in India.

More consumers are beginning to use their mobile devices to shop online

According to the report from Gartner, the Indian digital commerce market has reached $7 billion. While digital commerce represents less than one percent of total retail sales in the country, this market is growing very quickly. The market is still in a nascent stage in India, with relatively low Internet penetration slowing the adoption of online shopping. The market has grown by 40% year on year, with business to business commerce leading the way. Notably, mobile commerce is the primary channel powering the growth of the market.

Low Internet penetration is slowing the adoption of mobile commerce

Mobile Commerce Taking off in IndiaConsumers appear to favor shopping with their smartphones and tablets, as they can get their shopping done no matter where they are in the country. In 2014, more than 40% of all digital commerce transactions came from mobile devices. By the end of this year, more than half of these transactions are expected to come from smartphones and tablets, according to Gartner. The convenient nature of mobile commerce is one of its most attractive features, and more retailers are beginning to embrace the mobile space in order to effectively connect with consumers.

Retailers are embracing the mobile world

As mobile commerce continues to grow, retailers are likely to become more mobile-centric, offering new services to online shoppers. Financial institutions are also embracing the mobile space, introducing new applications that allow consumers to manage their finances with their mobile devices. India is expected to become one of the most prominent mobile commerce markets in the world in the coming years.