Paytm is India’s largest payments company, valued at USD 7 billion. The company is backed by large investors like Alibaba and SoftBank, which invested USD 1.4 bullion the business.
It appears that Paytm considers expanding into developed markets like US and Japan. Chief Executive Vijay Shekhar Sharma said in an interview at The Wall Street Journal’s D.Live Singapore event that he wants to “build a product made in India consumed by those… in the developed world”.
The US mobile payment market was worth around USD 112 billion in 2015, according to Forrester Research.
Paytm is already live in Canada, where the company has launched bill and tax payments services. It has a small user base, but the average Canadian transaction is worth more than in the company’s home country. In India, the company managed to get a banking license and has made several important investments towards diversifying its offering.
Paytm’s CEO also showed a willingness to partner and collaborate with big tech companies like Facebook and Whatsapp, which would allow the messaging app’s users to plug into Paytm’s services.
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