The founder of India-based Paytm, Vijay Shekhar Sharma, voiced an ambition to export its technology to Europe and the Americas in the wake of continued success of a JV in Japan, Fortune reported.
In an interview with the magazine, Sharma highlighted growth in Japan JV PayPay, adding the use of its technology there proved its suitability in a “complex” market, which paved the way for its use in other countries.
Last week PayPay, which was formed by a partnership between Paytm; SoftBank; and Yahoo Japan, announced user numbers for its mobile wallet had reached 25 million by the end of December 2019, up from 15 million in early October.
Sharma noted he would prefer the new international ventures to be in developed markets rather than developing, with the eventual mark of success being when it “lands in the USA”.
Moves into new countries would likely be in collaboration with major backers SoftBank or Alipay parent Ant Financial, both of which have a record of expansion and investment to increase their influence in global mobile financial services.
Paytm closed a $1 billion funding round in November 2019, with the cash set to be used to increase the scale and scope of its operation, including helping fund new services in its home market.Subscribe to our daily newsletter Back