Facebook's $5.7 billion investment in Reliance promises to be the biggest headache yet for Paytm, a SoftBank-backed pioneer in India's digital payments market but which has been losing ground to rivals with deeper pockets.
Paytm also remains unprofitable, with its parent firm reporting a loss of over $500 million in the year ended March 2019.
India’s digital payments market is expected to more than double in size to $135 billion in 2023 from 2019 levels, according to a study by PwC and Indian industry lobby group ASSOCHAM. On one hand, the market is expanding, and sources familiar with the matter say Paytm has seen a boost in transactions as the COVID-19 crisis pushes commerce online.
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