Tech in Asia — India’s biggest ecommerce company, Flipkart, finally launched its own digital wallet PhonePe this week. The wallet officially started working on subsidiary Myntra today. Flipkart tied up with India’s Yes Bank to launch what it is calling “India’s first unified payments interface-based mobile payments app.”
Times of India — NEW DELHI: Paytm , MobiKwik and Oxigen have rebuffed PayU’s comment that the era of mobile wallets is over, pointing to the millions of Indians who are still unbanked and the growth of smartphones. They, however, admit that there may be no space for new entrants or smaller companies, especially with the new payments system – Unified Payments Interface (UPI) – coming in.
Tech in Asia — Till now, if you were an Uber user in India who wanted to hail a cab anywhere outside the country, you would have had to mandatorily register a credit card on your account. But most Indian internet users don’t have a credit card. India, with its over 350 million internet users, has just 21 million credit card users. But today onwards, Paytm wallet users can hail an Uber cab and pay with the online wallet at any of the 400-odd cities Uber runs in. Paytm has tied up with Uber for this.
Times of India — BENGALURU: Online marketplace Paytm is piloting a service where goods shipped from its platform will be delivered by Ekart, the logistics arm of Flipkart, signalling collaboration between the leader and a fast-growing rival in the fiercely competitive e-tail sector.
Tech in Asia — Paytm has had a unique approach to ecommerce in India. Originally launched as a site for mobile phone top-ups in 2010, the name is an abbreviation for “pay through mobile”. It soon pivoted to become an online wallet and, four years later, it launched an ecommerce site. In August 2015, it was one of eleven companies to receive permission to act as a “payment bank.
ZDNet — For Indian technology startups, 2015 has proved to be a remarkable year as they raised more than $7 billion in private funding in 789 new deals compared with $5.4 billion in 2014. According to a report from startup tracker Tracxn, as many as 341 deals totaling $3.17 billion were finalised between January and June in 2015 while 448 deals were concluded for an amount of $4.05 billion from July 1 to December 15.
First Post — Microsoft chief Satya Nadella said the tech giant will fund hundreds of new generation entrepreneurs in India’s ‘smart cities’ space and is overwhelmed by the startup culture in the country, especially in e-commerce. Delivering keynote address at ‘Future Unleashed: Accelerating India,’ which is Microsoft’s largest ever customer conference in the country, Hyderabad-born Nadella also announced new partnerships with e-commerce leaders such as Justdial, PayTm and Snapdeal.