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Mobile Wallet Use Reaches 50 Million in Market

Developing nations like India are increasingly moving towards digital wallets. A noteworthy example here is that of Paytm, one of the leading digital wallets in India. The company is poised to revolutionize payments and commerce in India and recently declared that it has reached 50 million users. Moreover, Paytm now feels confident that it can now grow this number further to 100 million by the end of this year. Paytm is also planning to spend over $80 million towards marketing and branding efforts. Earlier this year, Paytm raised a massive $575 million from the e-commerce giant Alibaba and its payments arm, Alipay. The company is now being valued at over $2 billion. Paytm started off its business by offering services such as mobile recharge and utility bill payments. The company has progressed substantially since then and now offers a fully fledged online marketplace right on its official mobile app. Paytm has also incorporated a money transfer services which includes sending money to another Paytm user, or to a bank account. Paytm leverages IMPS (Immediate Payment Service), India’s real-time payment service.

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