People & Startups

Paytm to launch Virtual Incubator for Startups

Paytm to launch Virtual Incubator for Startups

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One of India’s leading digital payment giant and unicorn Paytm is in the process of launching incubator for startups. The company is looking forward encourage and facilitate the development of Startups particularly in the Tech Product domain for its “Build for India” initiative.

The Fintech giant is calling upon tech enthusiasts including professionals and students from across the country. Some of the virtual incubator’s key areas of focus includes education, financial inclusion, digital lifestyle, machine learning, virtual reality and augmented reality.

Speaking on the development, Paytm Senior Vice President Deepak Abbot said, “In our country, we use a lot of open source projects but do not contribute back enough to the developer community. We aim at correcting this by promoting new open source projects developed from India. We will also create communities around these projects to maintain them. With the Open Source Project Incubator, Paytm aims to give back to the developer community.”

In the recent past Paytm has overshot its userbase by more than 300% and has outgrown almost all the Fintech companies not just in India but also global players like Paypal. A brief peek into Paytm’s as well as its competition stats.

 

Paytm – Quick Statistics
Merchants 30 lakhs
Consumers 230 million
Paytm has crossed 100 million downloads and currently has 230 million mobile wallet users.
It has also hit 5 billion GMV and is currently clocking INR 120 crores worth deal daily
Has launched the POS Service for all merchants across PAN India
Post Demonetisation, it has grown into three folds with 7 million + transactions daily
The company has also launched its Fintech Services in Cananda
Paytm has also launched recurring billing service for digital subscription cloud-based companies, such as content apps and websites, newsletters, utilities and media companies.
BHIM App – Quick Statistics
Downloads 20 Mn+
Transactions per day  5 Mn +
Mobikwik – Quick Statistics
Merchants 5 lakhs
Consumers 55 million
Has recently tied up with 391 toll plazas in India to pay through their app
Allows merchants to transfer the amount in their account with 0% facilitation fee
Mobikwik with a user base of 40 million has seen a growth of 40% in daily app downloads.
Also has partnered with Mumbai Traffic Police
Freecharge Quick Statistics
Merchants 6 lakh
Consumers 50 Million
Has recently partenered with IOCL, BPCL and HPCL across the country.Will be available on major petrol pumps in India
The list includes nearly 26,000 petrol pumps of IOCL, nearly 13,500 petrol pumps of HPCL and nearly 13,800 petrol pumps of BPCL.
Will also be available to pay with 17,000 LPG distributors across the Country.
Paypall Quick Statistics
Total Volume of Digital Payments Globally $282 Billion
Total Volume of Mobile Payments Globally $66 Billion (23% of Total Digital Payments)
Paypal has lesser volume of total payments through mobile which will always lure Paypal towards Mobile Wallets in India which is an emerging market for Fintech Companies worldwide
Paypall has officially launched their services in India, exactly after one year of demonetisation
Google Tez Statistics
Consumers 8 Million
WhatsApp Statistics
Consumers 200 Million
They are testing their services in India. Have tied up with leading player like Book My Show for their beta stage
Hike Statistics
Consumers 100 Million
Chat turned digital wallet is looking to expand its horizon from peer to peer transaction through payment integration through an extensive network of merhants and banks

 

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