Paytm to expand its market to the US.
While much ink has been given to the various U.S. companies trying to grab up a foothold in India, this week’s news seems to be flowing the other way across the sea. India’s largest payments player — Paytm — is eying the United States for its own expansion.
That comes straight from the mouth of Chief Executive Vijay Shekhar Sharma at The Wall Street Journal’s D.Live Singapore event. Sharma also noted that the goal is for international expansion writ large.
“I want to build a product made in India consumed by those … in the developed world,” he said.
The U.S. mobile payment market was worth around $112 billion last year, according to Forrester Research.
Paytm, for its part, is currently valued at $7 billion after a $1.4 billion fundraising round care of Japan’s SoftBank. But, as of yet, and despite being India’s largest mobile payment player by far, Paytm has not turned a profit.
Paytm is already live in Canada — and has been since March — and according to its CEO, that could serve a base of operations to bridge further North American expansion. The Canadian user base is small — as opposed to the service’s 260 million Indian users — but the average Canadian transaction is much larger than its Indian equivalent. Canadians can use Paytm to pay mobile phone, cable, internet and utility bills, as well as property taxes. They can also pay for insurance.
Paytm has plenty of funds for the years ahead, Sharma said, and no plans for an initial public offering, though it is always looking for “intelligent” investors to fuel its ongoing expansion project.