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被称作“印度支付宝”的初创公司Paytm，如今正迅速拉近自己和资本市场间的距离。
根据印媒The Economic Times的报道，Paytm母公司——One97
Communications正打算在今年晚些时候的IPO中发行价值1200亿卢比(约合16亿美元)的新股，外加1%的面向承销商的潜在超额配售;另据此前的报道，Paytm计划于今年11月左右在印度上市，预计融资2180亿卢比(约合30亿美元)，从而成为印度有史以来规模最大的IPO。
作为今天印度最大的金融科技平台，Paytm的主要业务版图已经涵盖数字支付、财富管理、数字钱包、保险、信贷、股票经纪等泛金融业务。不仅如此，它还以这个基点向外延伸，试图进军电商、游戏、应用分发等赛道，挑战在印度占据优势的硅谷科技巨头们。可以预见的是，上市“填充弹药”后，Paytm与竞争者们之间的硝烟味只会更浓。
Paytm十年发家史：被“废钞行动”推上神坛的印度支付巨头
从成立时间上来看，作为Paytm母公司的One97 Communication早在2012年就已经成立，Paytm则成立于2010年，但它在最初成立的几年里过的并不怎么好——从数据来看，截至2015年，Paytm的注册用户也不过2500万人。
Paytm之所以扩张缓慢，印度早年间薄弱的互联网和基础设施建设无疑是罪魁祸首。截至2015年4月，印度能够使用宽带服务的人数也不过1亿，那时4G网络甚至还未大范围普及。
Paytm能做到今天这样的规模，很大程度上要归因于印度总理纳伦德拉·莫迪(Narendra
Modi)在2015年推出的“数字印度”计划。这个倡议旨在聚焦发展印度本国的电子政务、加强网络基础设施建设、让印度广大的农村人口也能接入互联网。“数字印度”计划最终催生了我们今天看到的印度互联网巨头们，例如电信巨头Reliance
Jio，Paytm也是其中的一员。
当然，2016年那波声势浩大的废钞行动也对Paytm的发展起到了积极作用。
2016年，莫迪政府闪电宣布废除民间大多数500及1000卢比面额的纸钞，令绝大多数行业陷入混乱之中。废钞令生效后不久，Paytm就宣布创下单日交易次数记录，应用下载量成长超千倍，每人平均交易次数也暴增。数据显示，它的注册用户在四个月里就增至1．22亿。
借一系列利好政策之势，Paytm很快成为了全球第四大移动支付应用，并斩获了阿里巴巴、软银集团以及巴菲特旗下伯克希尔·哈撒韦公司的几轮融资。根据Paytm创始人兼CEO维杰·谢哈尔·夏尔马(Vijay
Shekhar Sharma)的说法，Paytm目前已拿到了超过2000亿卢比(约合27．3亿美元)的融资。
按照目前的股权结构，夏尔马持有One97 Communication
14．61%的股份，而蚂蚁集团则持股30．33%，为第一大股东。余下的股东名单里，软银集团持股18．73%、阿里持股7．32%。另外，截止目前，Paytm以160亿美元估值位列印度估值第二高的初创公司，仅次于教育巨头Byju’s。
数字钱包不再是香饽饽，Paytm能否抓住UPI风口?
作为一个正推进数字化的人口大国，印度支付市场前景依旧可期。从数据上来看，目前仅有约10%的印度民众使用数字支付，也就是说，印度仍有12．8亿潜在客户等待发掘。另据Review Tech统计，印度支付市场规模将在2022年达到7000亿美元。
在如今的印度支付市场上，Paytm处于暂时的领先地位。根据咨询研究公司RedSeer
Consulting发布的一份调查报告显示，Paytm在印度国内店铺支付(P2M)领域中占据了50%的市场份额，其已成为印度金融科技领域中一体化程度最高的支付供应商。在调查中，有超过68%的商家表示愿意在几家支付应用中选择Paytm。
之所以说Paytm是支付市场上暂时的霸主，是因为目前印度市场上的不确定性实在太多。
随着印度国家支付公司(NPCI)开发出可以用手机跨行转账的统一支付界面(UPI)，用户转账时并不需要像Paytm的移动钱包那样需要预存金额，也无需担心不同钱包之间互转的风险。毫无疑问，Paytm是移动钱包时代的王者，但它也不得不加速向更可靠的UPI靠拢，这某种意义上为它带来了众多的竞争对手，其中不仅有国内的，来自国外的更多。
在印度国内，来自政府的Bharat Pay已经对Paytm带来了一定冲击，而海外来的竞争者更值得担忧——由于时下入局UPI支付无需申请预付工具(PPI)牌照，谷歌、沃尔玛、Facebook、三星电子、小米、Realme等企业均在印度推出了支付应用。
在UPI领域，Paytm远远不如谷歌、沃尔玛两家巨头——它们分别占据着一半的印度零售市场以及几乎全部的手机系统市场，要推行支付服务并不难。据彭博社统计，谷歌的Google
Pay与沃尔玛的PhonePe在印度的UPI交易占比分别达到59．75%和24．91%。
如果没法加速推进UPI支付，Paytm就只能抱着不断衰退的数字钱包待在下沉市场，这恐怕不是它想看到的;而另一方面，众多对手的涌入也会迫使它掏出更多的营销费用用于获客，这势必会导致其财务状况进一步恶化。根据Paytm公布的年报显示，其2020财年的综合营收为362．9亿卢比，亏损却高达421．7亿卢比(约5．8亿美元)。
支付服务之外，Paytm还有什么牌可打?
来自硅谷巨头们的压力使得Paytm开始寻找除支付服务之外的出路。在这方面，它经常从自己的大股东阿里和蚂蚁集团身上寻找经验，电商板块Paytm Mall就是它尝试的结果——这是一个类似天猫商城的B2C电商平台，产品覆盖食品、服饰、家电等。
不过，电商市场同样属于是非之地，在这里，Paytm需要面对来势汹汹的亚马逊、沃尔玛的本地代理者Flipkart，以及信实集团旗下信实零售(Reliance Retail)。在没有政策支持的情况下，Paytm Mall实在难以重演Paytm曾经的增长奇迹。
在2018年高达178．755亿卢比(约2．56亿美元)的亏损后，Paytm
Mall开始了对零售业务的收缩，转而效仿阿里旗下盒马鲜生的O2O战略。从业绩来看，这一战略的确取得了成效(2019财年净亏损缩窄至117．144亿卢比，约合1．58亿美元)，但这能否支撑它走到盈利的终点，还尚待时间检验。
此外，Paytm还在去年推出了“迷你应用商店”(mini-app store)，使用体验类似微信小程序。截至今年4月，这个应用商店已经推出600多个应用，每月有超过1500万用户使用该平台。
这之前，Paytm已经被谷歌应用商店时不时的屏蔽弄得极为不满，在一次电话会议上，夏尔马甚至直言，谷歌是控制安卓应用程序分发“氧气供应”的老大哥。“如果我们什么都不做，那么历史将不会对我们仁慈，我们必须控制自己的数字命运。”夏尔马表示。
尽管Paytm做出了这些努力，但只要谷歌还把持着印度用户的手机系统，它推广起自家应用商店来就毫不费力，愿意与它合作的本地伙伴也只多不少。短期来看，Paytm的“迷你应用商店”也许可以从中小企业主身上寻找突破口，但这样做成功的几率又有多少呢?
总而言之，谷歌在印度应用分发平台上的优势地位绝不是一朝一夕就能被撼动的，而Paytm所擅长的数字支付领域也不会轻易被谷歌所攻陷。在没摸清对手的路数之前，它们恐怕还要相互试探很久。
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According to the Reserve Bank of India (RBI), the digital payments ecosystem UPI has grown at a compound annual growth rate (CAGR) of 55.1% over the past five years from 2016-2020. At present, there are 207 banks connected to UPI in India, with a monthly transaction volume of 2.3 billion transactions and a transaction value of 4,161.76 billion rupees ($58 billion). It is the largest online payment system in India.
Unified Payment Interface of India(UPI) is a payment system developed by the National Payments Corporation of India, which can \\'s bank accounts are integrated into a mobile app, and many banking functions can be implemented within the app, integrating money flow and merchant payments. UPI also supports peer-to-peer payment requests, which can be arranged anytime, anywhere.
I. Features of UPI
1. Remittance can be arranged 24*7 and 365 days via mobile device.
2. Users can access different bank accounts through one app.
3. Multiple Authentication – Compliant with regulatory requirements and high security, but also provides a very powerful and convenient one-click payment function .
4. Pushing and obtaining the virtual address of the customer can improve the security, and the customer does not need to enter the card number, account number, IFSC and other detailed information.
5. Bills can be shared with others.
6. Perfectly solve the problem of cash on delivery.
7. Merchants can complete receipt and payment in a single application or program.
8. Support utility bill payment, counter payment, barcode (scanning payment) payment.
9. UPI can be used for donation, collection, spending and other functions, and the functions are still enriched.
2. Which banks and applications does UPI support?
According to the latest data from UPI\\'s official website, there are currently 214 banks that have entered UPI and 20 third-party payment applications.
The main banks that access UPI are: State Bank of India, Panjab National Bank, ICICI Bank, Canara Bank, Bank of India, 214 such as Bank of Baroda, Union Bank of India, Indian Overseas Bank, and HDFC Bank.
Third, why should India access UPI when going overseas?
1. High security, the central bank supervises UPI as an important way for India to realize a cashless society, and is paid by the government-backed institution, the State of India The company is launched, under the supervision of the Central Bank of India, and the security is very high.
2. Wide product coverage and strong scalability UPI, as an open platform, can continue to access new banks and third-party payment programs, expand Strong sex, very wide coverage.
3. Large transaction volume and wide user coverage UPI is currently the online payment method with the largest transaction volume in India, and the number of active users exceeds 1 billion, the monthly transaction volume exceeds 2.3 billion, and is still growing rapidly.
4. How to access UPI? At present, UPI can be accessed through a third-party gateway, which integrates popular local payment methods to solve all payment problems at one time, and the payment process is convenient and simple.
The startup called \"Alipay in India\"Paytm, is now rapidly closing the distance between itself and the capital market.
According to the Indian media The Economic Times, PaytmParent - One97
Communications is planning an IPO later this year Issued new shares worth 120 billion rupees (about 1.6 billion US dollars), plus a potential over-allotment of 1% for underwriters; according to previous reports, Paytm plans to be listed in India around November this year, and is expected to raise 218 billion rupees ( about $3 billion), making it the largest IPO ever in India.
As the largest fintech platform in India today, Paytm\\'s main business map has covered digital payment, wealth management, digital wallet, insurance, Pan-financial services such as credit and stock brokerage. Not only that, it has also extended outwards from this starting point, trying to enter the e-commerce, games, application distribution and other tracks, and challenge the Silicon Valley technology giants who have an advantage in India. It is foreseeable that after the launch of \"filling ammunition\", the smell of gunpowder between Paytm and its competitors will only be stronger.
Paytm Ten years of family history: Indian payment giant pushed to the altar by \"democratization\"
In terms of time of establishment, One97 Communication, the parent company of Paytm, has been established as early as 2012, and Paytm was established in 2010, but it has not been established in the first few years. It\\'s not very good - from the data point of view, as of 2015, Paytm has only 25 million registered users.
Paytm\\'s slow expansion is undoubtedly the culprit behind the weak Internet and infrastructure construction in India in its early years. As of April 2015, only 100 million people in India had access to broadband services, before 4G networks were even widely available.
Paytm\\'s ability to achieve the scale it is today is largely due to Indian Prime Minister Narendra Modi ( Narendra
Modi) launched its Digital India initiative in 2015. The initiative aims to focus on developing India\\'s own e-government, strengthening network infrastructure, and enabling India\\'s vast rural population to access the Internet. The \"Digital India\" initiative eventually gave birth to the Indian internet giants we see today, such as telecom giant Reliance
Jio, among them Paytm a member of .
Of course, the massive demonetization campaign in 2016 also played a positive role in Paytm\\'s development.
In 2016, the Modi government quickly announced the abolition of most 500 and 1,000 rupee banknotes, causing most industries to fall into in chaos. Shortly after the demonetization went into effect, Paytm announced that it had set a record for the number of transactions per day, the number of downloads of the app grew more than a thousand times, and the number of transactions per person soared. Data shows that its registered users increased to 122 million in four months.
Leveraging a series of favorable policies, Paytm quickly became the fourth largest mobile payment application in the world, and won Alibaba, Several funding rounds from SoftBank Group and Buffett\\'s Berkshire Hathaway. According to Paytm founder and CEO Vijay
Shekhar Sharma, Paytm currently has Received more than 200 billion rupees (about 2.73 billion US dollars) in financing.
According to the current shareholding structure, Sharma holds One97 Communication
14.61% of the shares, while Ant Group holds 30.33% of the shares, making it the largest shareholder. In the remaining list of shareholders, SoftBank Group holds 18.73% and Ali holds 7.32%. In addition, Paytm is currently the second most valuable startup in India with a valuation of $16 billion, after education giant Byju’s.
Digital wallets are no longer a thing,PaytmCan I catch it< a href=\"https://www.npci.org.in/what-we-do/upi/product-overview\" rel=\"noopener noreferrer\" target=\"_blank\" class=\"ql-size-large\">< strong>UPIOutlet?
As a In a country with a large population that is promoting digitalization, the prospects of the Indian payment market are still promising. From the data point of view, only about 10% of Indians currently use digital payments, which means that there are still 1.28 billion potential customers in India waiting to be discovered. According to Review Tech statistics, the Indian payment market will reach $700 billion in 2022.
In today\\'s Indian payments market, Paytm has a temporary lead. According to a survey report released by consulting and research firm RedSeer
Consulting, Paytm has dominated the domestic store payment (P2M) field in India. With a market share of 50%, it has become the most integrated payment provider in the Indian fintech space. In the survey, more than 68% of merchants expressed their willingness to choose Paytm among several payment apps.
The reason why Paytm is the temporary dominant player in the payment market is that there are too many uncertainties in the Indian market.
As the National Payments Corporation of India (NPCI) develops a unified payment interface that can transfer money between banks using mobile phones (UPI), users do not need to pre-store the amount like Paytm\\'s mobile wallet when transferring money, nor do they need to worry about the transfer between different wallets risk. There is no doubt that Paytm is the king of the mobile wallet era, but it also has to accelerate its move towards a more reliable UPI, which in a sense has brought it many competitors, not only domestic ones, but also foreign ones. many.
In India, Bharat Pay from the government has already brought a certain impact on Paytm, and overseas competitors are more worrisome ——Due to the fact that there is no need to apply for a prepaid instrument (PPI) license for UPI payment nowadays, Google, Walmart, Facebook, Samsung Electronics, Xiaomi, Realme and other companies have launched payment applications in India.
In the UPI field, Paytm is far inferior to the two giants Google and Walmart - they occupy half of the Indian retail market and almost half of the Indian retail market respectively. In the entire mobile phone system market, it is not difficult to implement payment services. According to Bloomberg statistics, Google\\'s Google Pay and Wal-Mart\\'s PhonePe account for 59.75% and 24% of UPI transactions in India, respectively. .91%.
If UPI payment cannot be accelerated, Paytm can only stay in the sinking market with its declining digital wallet. What it wants to see; on the other hand, the influx of many opponents will also force it to spend more marketing expenses for customer acquisition, which will inevitably lead to further deterioration of its financial situation. According to the annual report released by Paytm, its consolidated revenue for fiscal year 2020 was 36.29 billion rupees, but the loss was as high as 42.17 billion rupees (about 580 million US dollars).
In addition to payment services,PaytmWhat else is there to play? strong>
Pressure from Silicon Valley giants made Paytm start looking for a way out other than payment services. In this regard, it often seeks experience from its major shareholders Ali and Ant Group. The e-commerce sector Paytm Mall is the result of its attempts - this is a B2C e-commerce platform similar to Tmall Mall, with products covering food, clothing, Appliances, etc.
However, the e-commerce market is also a land of right and wrong, where Paytm needs to face the aggressive local agents of Amazon and Wal-Mart Flipkart, and Reliance Retail, a subsidiary of Reliance Group. In the absence of policy support, it is difficult for Paytm Mall to repeat the growth miracle of Paytm.
Paytm < /p>
Mall began to shrink its retail business and instead followed the O2O strategy of Ali\\'s Hema Xiansheng. From the performance point of view, this strategy has indeed paid off (net loss narrowed to 11.7144 billion rupees, or about $158 million in fiscal 2019), but whether this can support it to reach the end of profitability remains to be seen. Time to test.
In addition, Paytm also launched a \"mini-app store\" last year, which is similar to the WeChat applet. As of April this year, the app store had launched more than 600 apps, with more than 15 million monthly users using the platform.
Before this, Paytm had been so dissatisfied with the occasional blocking from the Google Play Store that in a conference call, Sharma even To put it bluntly, Google is the big brother who controls the \"oxygen supply\" of Android app distribution. \"If we do nothing, history will not be kind to us and we must control our digital destiny,\" Sharma said.
Despite these efforts by Paytm, Google promotes its own app store as long as it controls Indian users\\' mobile systems It is effortless, and there are only a few local partners willing to cooperate with it. In the short term, Paytm\\'s \"mini app store\" may be able to find a breakthrough in small and medium-sized business owners, but what are the chances of doing so?
All in all, Google\\'s dominant position in the Indian application distribution platform will not be shaken overnight, and the digital payment field that Paytm is good at will not be easily captured by Google. They may have to test each other for a long time before they can figure out the opponent\\'s path.