Paytm and Visa have entered into a partnership that will give the users of the Paytm app the ability to make credit card payments across banks. According to the announcement made on September 7th, it would appear as though Paytm is aiming to process over 2 million credit card bill payments this financial year. A reason for this growth can be attributed due to the fact additional payment use-cases are moving to a digital platform as pointed out by a statement made by Murali Nair, Head of Business Development, Visa India,
“With Visa credit card bill payments now enabled on Paytm, it effectively marks the complete digital transformation of the credit card ecosystem. From issuance to purchases and now bill payment, the Visa credit card is now truly a preferred digital payment tool for India’s mobile-first generation.”
In addition to the partnership Paytm has also announced that they have integrated BHIM UPI as a source for pulling funds for the customer to pay for credit card bill payments. The integration according to the announcement as an important use case for Paytm BHIM UPI.
This year alone Paytm has been having tremendous success not only have they launched in Canada, but they have also received a substantial investment from Warren Buffett as well. One of the primary reasons for this significant investment is due to the India payment market potential as we have seen being highlighted by other industry professionals. Recently PaymentsJournal had the opportunity to speak with ACI worldwide on a podcast to discuss a study that he conducted looking at the India payment market opportunities.
Paytm continues to be an exciting company to watch as the India payment market matures. As they look to increase their market share in India from some additionally tough competitors professionals should also pay attention to how they expand globally and the overall impact this will have on the market.
