Prolific investment firm SoftBank’s chief executive, Masayoshi Son, expressed superlative praise for leading Indian digital payments service, Paytm. In a recently concluded earnings call with SoftBank’s investors, Son highlighted how Paytm, in which the SoftBank Vision Fund made key investments, created numerous technologies that were adopted by Japan’s PayPay, and this in turn seemingly helped PayPay become the top digital payments app in Japan within a very short period of time.
Speaking to his investors, Son said, “PayPay was not developed by Yahoo Japan. Yahoo Japan worked together with PayPay, and PayPay was not necessarily developed by SoftBank. We helped them in terms of sales, but original technology came from Paytm – an Indian company. Paytm is the company that Vision Fund invested in.”
Paytm was one of the first apps in India that adopted digital payments, and witnessed exponential growth – particularly during the 2016 demonetisation in India. Since then, Paytm was one of India’s leading parties that helped speed up the adoption of digital payments in India, and onboard numerous small businesses and local kirana stores on to the digital payments platform. Over time, Paytm transformed its business from primarily being a payments wallet, into the e-commerce site Paytm Mall, the Paytm Payments Bank and a host of other holdings.
Son also highlighted how key Paytm technologies such as scannable QR codes and barcodes have been critical in PayPay’s growth in Japan. Today, the non-banking financial corporation has a full-stack digital finance offering for both consumers and enterprises. It also offers banking services, investment options and related financial services, for users who look for a single app for all their banking needs.
Paytm notably rivals the likes of PhonePe and Google Pay in India in the digital payments market.