New Story: Mobile Wallet Paytm Hits Pay Dirt Amid India’s Cash Crackdown

A new story out Wed., which I wrote with my colleague Corinne Abrams, begins:

MUMBAI—India’s second-most-valuable startup, the mobile-payments app Paytm, has a new target after proving itself more popular than credit cards.

“We’re competing with cash,” said Madhur Deora, Paytm’s chief financial officer. “In India, we’re not competing with cards.”

The company’s boast isn’t a stretch, given India’s crackdown on cash over the past six months has left citizens and merchants searching for cashless payment alternatives. Paytm has seized the opportunity and become the market leader through timely partnerships, simplifying the app’s process and dispatching an army of up to 10,000 trainers to reach out to the tiny shops that dominate the Indian economy.

The results have been impressive. Five million merchants in India accept payments using Paytm, five times the number that accept credit cards, Mr. Deora said. In addition, Paytm has 225 million mobile wallet customers, more than Snapchat’s 166 million daily active users world-wide and four times as many as rival mobile-payment competitors MobiKwik and FreeCharge, which each have 55 million users.

Click though to to read the rest.

Published by Newley

Hi. I'm Newley Purnell. I cover technology and business for The Wall Street Journal, based in New Delhi. I use this site to share my stories and often blog about the books I read, tech trends, sports, travel, and our dog Ginger. Join the growing group of readers who get my weekly email newsletter.

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