Smart2PayTM, the company with the world's largest coverage of online alternative payment solutions, has added the popular Indian wallet solution Paytm to its 200+ payment methods portfolio.
With a total valuation of USD 15 billion as of August 2019, Paytm is a QR-based mobile payment solution currently being offered to over 12 million merchants. As well, it has over 450 million registered customers, out of which 130 million are active. It provides consumers a fast and easy way to make seamless mobile payments from a number of payment instruments such as Cards, Bank Accounts and Digital Credit.
With this integration, Smart2PayTM offers its Merchants an additional means to tapping into the Indian market, besides local credit cards processing which is already offered by Smart2PayTM. Mobile wallet solutions like Paytm are the most popular form of electronic payments in India, with an estimated value of USD 500 billion by 2020, adding up to 15 per cent of the country’s GDP.
Stefan Iancu, CTO of Smart2PayTM:
We are proud to add Paytm to our extensive payment methods portfolio. We constantly improve and expand our services in direct relation to market dynamics. We are very confident that, with this latest addition, our Merchants and partners will successfully expand their business in a very digitally-oriented and lucrative market like India.
Vijay Shekhar Sharma started the Indian company in August 2010 with an initial capital of USD 2 million. It initially processed mobile recharge and utility bill payments but it rapidly diversified its business model with the launch of Paytm Wallet in 2014, which would allow the company to tap online ticket reservations such as transportation, movies and entertainment events.
In 2015, Paytm begins offering banking services by launching Paytm Payments Bank and in 2017 enters into ecommerce operations with the launch of e-platform Paytm Mall. Its parent Company is One97 Communications and the main investors are SAIF Partners, AlibabaGroup, SoftBank and MediaTek.
Smart2PayTM offers a single API for all payment services to international Merchants, covering credit card and local payment options throughout the world! By using Smart2PayTM, you will be offering the preferred local method of payment to your global Customers, thus significantly boosting your sales!