Microsoft plans invest in electronic wallet company Paytm

It has been said that every technology company expands until it eventually becomes a payment platform, as we have observed with Apple and Google, and now a new rumour suggests Microsoft may be getting into the game too.

The Electronic Times of India reports Digital payments firm Paytm has had talks with Microsoft for a fresh funding round, which may amount to $100 million.

Advertisements

Paytm is an Indian e-commerce payment system and financial technology company, which offers online mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, and more with the Paytm QR code.

Over 7 million merchants across India use their QR code to accept payments directly into their bank account.

Paytm is currently valued at around $16 billion.

“The talks with Microsoft began last year when Paytm was in the middle of raising funds. While Microsoft could not participate in the funding then, it is likely to pump in cash now,” a person familiar with the talks said.

Paytm has already received investments from major venture capital companies such as Softbank and Alibaba, though not all of this money may have come through to the company’s coffers yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.