India is now the world’s fastest-growing “near mobile payment” market, and its mobile payment market has always been highly competitive.
Unlike China, where mobile payments are ubiquitous, India’s growth rate comes from a low user base. As a result, India has not been the same as China Mobile’s payments, but has become the fastest-growing big mobile payment market.
Previously, including Google, Facebook’s WhatsApp and local giant Paytm have launched mobile payment products in the Indian market.
India’s payment giant, PAYTM, has developed 140 million users in a few years, Indian consumers can use Paytm’s service to order movie tickets or airline tickets online at a physical store, shopping, transfer money to each other or buy goods from Paytm’s online marketplace.
Trading with Paytm only requires a quick sweep of the merchant’s barcode or a few clicks of a smartphone, which can be as succinct as Apple’s mobile payment service Apple pay or VENMO.
And now, tech giant Amazon is going to start competing.
Previously, thanks to India’s Unified Payment Interface (UPI), Amazon payment users in India could scan QR codes directly through the app for in-store payments.
In the future, Amazon users in India can also directly complete P2P payments directly through handheld devices such as smartphones, tablets, etc., significantly increasing the efficiency and convenience of payments.