For Indian e-commerce firms, already struggling to shrug off the ill-effects of demonetisation and goods and services tax, this festival season is likely to be crucial. What has made the situation all the more tricky is the entrance of a new deep-pocketed player, Paytm Mall.
With FreeCharge to be acquired Paytm and MobiKwik a distant second, there is only one clear leader in the digital wallet space currently. Paytm has surpassed several others in this segment and positioned itself well to rise the demonetisation wave.
Paytm and MobiKwik, India’s largest mobile wallet companies, had better pad up for their biggest competition yet. For, Amazon is preparing to enter the mobile recharge segment, which accounts for nearly one-third of spending on mobile wallets, with Amazon Pay.
A decade after allowing Amazon to start what would become India’s largest online marketplace, Flipkart co-founder Sachin Bansal appealed for government protection against his former employer.
Start-ups, the playfield of the young and the restless, have had a hard reality check.
The next company that is being greenlighted to enter the prestigious Unicorn club of startups is Oyo Rooms, a SoftBank-backed budget hotel aggregator.
If Snapdeal follows the rule of the game, the company would deny any kind of merger talks with rival Paytm, or with investor Alibaba, unless a deal is concluded, at least verbally.
Mukesh Ambani-promoted Reliance Jio’s partnership with Uber, the American cab-hailing company announced on Monday, signals a larger battle in the mobile wallet space where Paytm leads with over 160 million users.
At 43, Vijay Shekhar Sharma’s energy level is palpable, as he danced on “Malhari” the song from actor Ranveer Singh’s movie Bajirao Mastani, at the annual Paytm event. But Sharma forgot that in the era of internet, on which Paytm’s business depends, nothing is private. While many would call it an “oops moment”, Sharma, founder of Paytm went with the flow, and has grabbed unwanted attention.
The government’s demonetisation of ₹500 and ₹1,000 currency notes has led to the meteoric rise of Paytm, India’s largest digital wallet and payment company.
For banks and other financial services providers one big challenge is to deliver accessible and affordable services to people in rural India. The country has 640,867 villages, with more than 830 million people living in them. Some of these villages lie in places that are not connected through public transport.
Paytm, the country’s largest digital payments company, which also has a payment banks licence, plans to use mobiles as a gateway to deliver financial services to people in these places.
India’s largest digital payments company, Paytm, through its mobile wallets is looking at ways to revolutionise India’s insurance business. It has launched a program to offer health insurance to auto and cab drivers – 300,000 of them – who use Paytm to accept fares.
China’s internet giant, the Jack Ma-controlled Alibaba, might soon start competing with Amazon and Flipkart in India as it eyes new markets to hit Ma’s target of two billion users.
Alibaba, which posted quarterly revenue of $4.84 billion on Thursday, has initiated discussions with Vijay Shekhar Sharma-owned Paytm to either fully acquire or own a sizable share in the latter’s marketplace business, Paytm Mall.