Your browser is currently blocking notification.
Please follow this instruction to subscribe:
Notifications are already enabled.

Paytm Partners With Alibaba To Enter International Market

Paytm Partners With Alibaba To Enter International Market

Mobile commerce platform Paytm and Alibaba’s cloud computing arm AliCloud, have entered into a commercial partnership that will allow Paytm to expand its network to global markets. In return, Paytm will give Alipay (Alibaba’s financial arm) access to India’s payments services industry.

As per the deal, Paytm will spend about $18 Mn (INR 120 Cr) to utilise Alipay’s technology via AliCloud (also known as Aliyun).

The payment modes of the two firms will be integrated in their existing platforms. So, a Chinese customer shopping with Indian merchants will be able to pay via Alipay. While, an Indian Paytm user will be allowed to access Alipay’s existing merchant base in markets such as US, China, Japan and the UK.

Paytm’s founder Vijay Shekhar Sharma said, “With Aliyun platform we will have access to services such as data analytics and insights into customer trends across markets where Alipay is present and it will help us build stronger merchant database.”

A team of 20 people from Aliyun has been operating out of Paytm’s office in Noida for the past six months to roll out the cloud services.

Last week, Paytm signed an MoU with the Madhya Pradesh government to start a back-end center in Jabalpur (M.P.). The mobile payment and ecommerce platform that currently has a user-base of more than 100 Mn acquired Delhi-based consumer behaviour prediction platform, Shifu, in an $8 Mn deal. In December, it tied-up with IRCTC to allow passengers to make online payments for food ordered through e-catering.

Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.