NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, June 27, 2017

Paytm, India’s most popular mobile wallet company, is continuing its push into the financial services sector, according to The Economic Times. The firm is seeking out a license to set up a money market fund, and it’s planning to go live on India’s Unified Payment Interface (UPI).

Paytm recently became the second nonbank to leverage India’s payment bank initiative, which works to give more consumers access to mainstream financial services. As part of the initiative, Paytm will be able to accept deposits, issue debit cards, and facilitate online transactions, but it won’t be able to lend money to consumers.