Citigroup looks to vastly expand India reach with Paytm tie-up
Updated : May 15, 2019 08:51 AM IST
The new card should help Paytm stay a step ahead of rivals in the fiercely competitive digital payments market in India where companies from Alphabet Inc-owned Google to Walmart-owned PhonePe, are all scrambling to grab a piece of the digital payments pie that is projected to grow to $500 billion by 2020.
Even if only 1 percent of Paytm's over 300 million customers use the new credit card, that's a huge number, Stephen Bird, Chief Executive, Global Consumer Banking at Citi told reporters at a news conference.
Paytm became a household name across India after New Delhi's shock move to ban high-value currency notes late in 2016 led to a cash crunch and boosted use of its electronic wallet.
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