PayTM Investing $18 Million For Alibaba Cloud Computing Platform 'Aliyun'

PayTM Investing  For Alibaba Cloud Computing Platform

PayTM Investing $18 Million With Alibaba Cloud Computing Platform 'Aliyun'.

M-commerce platform company Paytm on Monday consented to a $18 Mn (INR 120 Crore)  arrangement with its lead speculator Alibaba's cloud computing arm AliCloud. 

Under the agreement, Paytm clients will be permitted to get to Alibaba's online payment platform 'Alipay' for shopping in US, China, Japan and the UK. In kind, Alipay's user can shop in India through Paytm.

According to the deal, Paytm will spend about $18 Mn (INR 120 Cr) to use Alipay's technology through AliCloud (also called Aliyun).

Alibaba is a biggest Chinese e-commerce company that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals.

The intention of Paytm behind this deal is to enter the International Market.

Paytm’s founder Vijay Shekhar Sharma said, “With Aliyun platform we will have access to services such as data analytics and insights into customer trends across markets where Alipay is present and it will help us build stronger merchant database.”

Paytm was founded and incubated by One97 communications in 2010 as a prepaid mobile recharge website. Paytm is an acronym for "Pay Through Mobile" with Android, windows and iOS apps.

In 2014, the company launched Paytm Wallet, now its a India's largest mobile payment service platform with over 40 million wallets. The service became the preferred mode of payment across leading consumer internet companies

Source: Inc42

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