Indian ecommerce and e-payments payment facilitator Paytm is again adding new services, this time enhancing investment and wealth management options for its local consumer base. Set for launch in Q1 of this year, Paytm Money Limited will provide the missing link the company needs to comprehensively cover the entire spectrum of wealth management.
“India’s wealth management services market have so far focused mainly on the urban segment leaving a huge chunk of the market untapped. I am excited to join Paytm Money to build the most consumer-friendly investment product & experience for investors. India will be a Mutual-Funds first market and we are in discussions with leading AMCs to offer Mutual Fund Investments in Direct Mode for our users,” Pravin Jadhav, the newly appointed head of the venture, said in a blog post.
The Indian payment facilitator has seen significant growth as India has embraced and promoted digital payments. It has sought to expand beyond payments to other financial services, launching a payments bank last year (previously reported on here). The company also plans to add more investment offerings in the future, according to the same blog post.
Razorpay is another company aiming to gain traction in the ever-growing Indian ecommerce marketplace. The Indian payment facilitator just announced a $20 million contribution to their Series B funding round led by Tiger Global, a global investment firm, according to Techcrunch.
The same article quotes Partner at Y Combinator’s Continuity Fund Anu Hariharan regarding the emergence of Razorpay into the Indian payments ecosystem: “With the online and digital payment space going through a massive transformation in India, their business is only going to grow further. There is now an inherent need for better systems, process and infrastructure in place and we are confident that Razorpay is perfectly suited to make the most of the changing landscape. They have disrupted the market with top talent shipping out great products, through cutting-edge technology and a customer-centric approach.”
And what about any potential partnerships and acquisitions in the near future for the payments startup? Stripe, Paypal, Amazon and Adyen have all expressed interest in and even approached Razorpay regarding future partnership opportunities, according to the same article.
And finally, The Drum quoted a recent report by eMarketer touting India as “the fastest-growing proximity mobile payment market in the world.” The report defined proximity mobile payments as scanning, tapping, swiping or checking in with a mobile device at the POS to complete a transaction.
Rahul Chadha, eMarketer’s Asia-Pacific analyst, was quoted in the same article, explaining how “India might follow in the path already blazed by China where the now seemingly ubiquitous barcodes became a highly cost-effective driver of the adoption of proximity payments completed on mobile devices.”
As the Indian payments market continues its projected forward momentum, their payments ecosystem will continue to provide ample opportunity for digital commerce companies around the globe.