India has become the new China for many international tech companies as they seek better growth opportunities, and e-commerce giant Alibaba Group is at the center of the action, according to Caixin. Alibaba, through its payments affiliate Ant Financial Services Group, is partnering with Paytm, which has grown into India’s largest online payment provider since its modest launch in 2010 as a mobile top-up service provider, to tap the Indian market. Since the two companies teamed up in 2015, Paytm has seen its user numbers grow from 40 million to 140 million and now offers services in 50 major Indian cities for users to pay their utility bills, book tickets and make purchases both online and offline. Paytm now accounts for about 74% of India’s online payments market.
China Economic Review