In the times, when U.S. companies along with various countries are trying to set their foot in the Indian market, our very-own home grown Indian company, is set to enter the U.S. markets. It is none other than, our digital payments wallet, PayTM.
To further ascertain our claim, Vijay Shekhar Sharma, Chief Executive said at The Wall Street Journal’s Singapore event, “I want to build a product made in India consumed by those … in the developed world”.
However, this is not their first venture abroad. As PayTM wallet is already active in Canada since March this year. Canadians can use PayTM to pay mobile phone, cable, internet and utility bills. In addition they can pay for medical insurances as well. Although the consumer base is small in Canada in comparison to the 260 million Indian users. But the average Canadian transaction is much larger than its Indian equivalent. More so, according to the company’s CEO, this will help bridge North American expansion.
Though PayTM is still a bud in the flower market, it is eyeing expansion since the last 12-18 months. It has expanded its purview from mobile payment to eCommerce and other payments services (like opening a private bank) in May. Besides this, after an abrupt decision of demonetization and a tremendous promotion of digital wallet gave a major boost to Paytm. Additionally, through a $1.4 billion fundraising round care of Japan’s SoftBank, PayTM currently values $7 billion. Moreover, according to Forrester Research, until last year the U.S. mobile payment market was worth around $112 billion.