Paytm hits Indian fintech, but faces crowded market near IPO

Paytm hits Indian fintech, but faces crowded market near IPO

Paytm, a pioneer in mobile payments in India and one of the country’s best-known startups, set out years ago to create an all-encompassing digital-finance ecosystem, like Ant Group company’s Alipay in China.

Now, as Paytm owners near a $2.2 billion listing that will see it beat ant in the public markets, the company is not the dominant player it wanted to be and is facing growing challenges in the increasingly crowded Indian payments market. Still working. It has already been overtaken in a key area by deep-pocketed rivals including Alphabet Inc’s Google and Walmart Inc-backed Indian startup PhonePe.

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