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India has 100 Forbes list billionaires for the first time

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For the first time in three decades of the Forbes World’s Billionaires List, there are over 100 Indian billionaires. Only three countries, U.S., China and Germany, have more. 

India’s rise in the global wealth list is aligned to the country’s burgeoning economy that recently surpassed Britain to become the fifth largest in the world.

Paytm’s Vijay Shekhar Sharma is the youngest Indian on the list with a net worth of $1.3 billion. The 38-year-old’s wealth soared in 2016 along with his company’s valuation.

The Alibaba-backed mobile wallet is now valued at $4.8 billion and boasts of 200 million users. It also made its first international foray last week by launching in Canada.  Read more…

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You will soon be able to pay for Netflix using Paytm

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Netflix is about to make it much more convenient for Indians to pay for its monthly subscription. 

The on-demand video streaming service will soon integrate the Paytm mobile wallet service as a payment method, according to two sources familiar with the matter. 

Right now, the company only supports credit cards for payments, the penetration of which remains very low in India. This has been among one of the chief factors in limiting the company’s reach in the country.

The California-based company recently met with several Indian wallet companies who presented their offerings and it has finalised its talks with Paytm, said one source, who requested anonymity.  Read more…

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India's Paytm hits 200 million mobile wallet users

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In a country where cash is still king, a mobile app that offers online transactions is seeing 700,000 new users join the platform each day.

India’s Paytm has hit 200 million wallet users, CEO Vijay Shekhar Sharma said Monday.

With this milestone reached, Sharma is also setting his company a new goal to get half a billion Indians to do online transactions using his app in the next four years. 

Even though the six-year-old mobile wallet app has been fairly popular among urban Indians for years, it wasn’t until November last year when prime minister Narendra Modi declared the vast majority of cash invalid in the country that its relevance skyrocketed. Read more…

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Alibaba’s Ant Financial expands to Korea with $200M investment in Kakao Pay

daum kakao Alibaba affiliate Ant Financial is making yet another M&A deal. The firm is investing $200 million into a fintech project belonging to Kakao, the $5 billion firm that runs Korea’s dominant messaging service.
Ant Financial, which manages payments service Alipay and Alibaba’s digital banking business, will invest the capital into Kakao Pay, a soon-to-launch Kakao fintech division. Read More

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Alibaba’s Ant Financial extends global reach with first investment in the Philippines

philippines Alibaba affiliate Ant Financial has again extended its global reach after it completed its maiden investment in the Philippines. The company, which manages payment service Alipay and Alibaba’s digital banking services and is valued at $60 million, said it made an undisclosed investment in Mynt, a financial venture from Globe Telecom. Mynt’s interests include a micro-payment… Read More

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India can't stop talking about this startup CEO's passionate speech to employees

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Leonardo DiCaprio’s iconic boss speech to employees as businessman Jordan Belfort in ‘The Wolf of Wall Street’ has got its own real life rendition — and people are not sure if they want such behavior from a CEO just yet. 

A private address to employees by Vijay Shekhar Sharma, the outspoken founder of India’s largest mobile wallet app Paytm, has become a talking point in the nation. The usually polite and down-to-earth Sharma was seen pumped on-stage, and to everyone’s surprise, using abusive language to address the competition. Read more…

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