(Yicai Global) Nov. 17 -- Alibaba is aiming to grow its presence in the Indian mobile payment market. The Chinese internet giant is locked in fierce competition with Google, Apple, Amazon, Facebook and local fintech firm PayTM in the rapidly growng sector,
Some of the companies have already launched payment systems, apps and digital wallet services in the country, while others have invested in local companies operating in India. Alibaba is one such company, pumping 600 million into Paytm in 2015 through its third-party payment affiliate, Ant Financial Services.
Mobile payments are on the rise in the country following last year’s cash ban, which led to an increasing number of consumers engaging in mobile payments.
The Indian government has also put a lot of effort into promoting its fintech sector, successively awarding payment licenses to multiple financial institutions,
According to PwC, India’s mobile payment market was valued at USD50 billion for last year, and could reach USD500 billion by 2020, presenting vast opportunies for established companies with expertise in mobile payments such as Alibaba.