Tag: paytm

India’s mobile payments ecosystem is beginning to mature

| January 15, 2016

Mobile payments continue to see strong growth throughout India, largely due to the availability of mobile wallets

India’s mobile commerce ecosystem is maturing at a rapid pace. In 2015, consumers throughout the country began realizing the benefits associated with mobile payments technology. The most notable benefit of this technology can be found in mobile wallets, which serve as digital versions of their physical counterparts. These wallets can be used to store a wealth of information, including financial details and special deals being offered by merchants. Mobile wallets have helped power the growth of the mobile payments space in India.

Mobile wallets have become quite popular with consumers

Currently, there are 12 mobile wallets available in India, coming from Paytm, MobiKwik, Oxigen, M-Pesa, and mRupee. Throughout India, some 125 million people use these mobile wallets, with Paytm accounting for the largest share of these consumers. Research and consultancy firm RNCOS recently released a study concerning the mobile wallet market in India. The study found that Indian consumers are quite interested in mobile payments, which has lead to a dramatic rise in the demand for digital wallets.

Mobile wallet market expected to reach $183 million by 2019

Mobile Payments Mature in IndiaAccording to the study from RNCOS, India’s mobile wallet market currently stands at $53 million. The market is expected to reach $183 million by 2019. Several companies are beginning to provide mobile payments services to consumers. As more people gain access to smartphones and tablets, they are becoming more active in the mobile commerce space. This has created an incentive for retailers and other businesses to support mobile payments in order to effectively engage consumers that are becoming increasingly mobile-centric.

More consumers are gaining access to smartphones and bank accounts

Some 400 million new consumers will have smartphones and bank accounts in the near future, making India a very attractive mobile commerce market. Retailers and financial institutions are expected to take advantage of this by offering new services that appeal to the needs of consumers. Competition may ensure that innovation comes to the mobile payments market, allowing mobile wallets to become more capable than they are currently.

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.