Industry News

PayTm in talks with ICICI Group and Citibank

India: PayTm the prominent player in mobile wallet and e-commerce marketplace space is talking to many leading financial & banking players in the country.

PayTm is looking forward to tie-up with ICICI Group companies named - ICICI Bank, ICICI Prudential and ICICI Lombard for its insurance and banking divisions. Also, the company is in talks with Citibank, Induslnd and few other small finance banking organizations for banking tie-ups.

Apart from the banking sector, PayTm is looking to tie-up with the mutual fund players -SBI mutual fund and IIFL.

However, the company is not willing to enter into many partnerships because technical integration is time taking and challenging task.

In December 2015, the company had entered into strategic partnership with ICICI Bank to offer virtual prepaid cards which can be used for offline and online purchase by the user.

According to TechSci Research, mobile wallet players are targeting higher revenue for the next fiscal year. Recently, Snapdeal tripled its revenue target for FY2017. PayTm through these tie-ups is strategically opening the new source of revenue.

The recent report on mobile wallet by TechSci Research, “India Mobile Wallet Market Forecast and Opportunities, 2020” mobile wallet market in India is projected to reach US$ 6.6 billion by 2020. The mobile wallet market in India is projected to exhibit exponential growth during the forecast period, on account of growing usage of mobile wallet across various applications such as money or banking transactions, mobile recharge & bill payments, ticket bookings, utility applications, etc. In addition, approval of payment bank licences of major companies such as Paytm, Vodafone, Airtel, etc. is projected to drive growth in the number of banking transactions through mobile wallet over the next five years.

Relevant News