“Depending on the Indian Government’s approval, and that the virtual assets are declared legal by the Government, the possibility of rendering Bitcoin services can be explored”, says the CFO of PayTm.
Paytm is an electronic payment app which has been active in mostly three countries namely Japan, Canada and India. It is a downloadable app which can be installed in any hand-held device with internet connection such as mobile phones, tabs and even laptops. However, accessing the app and using it for a pre-defined purpose requires internet connection and does not work offline
For India, in particular, Paytm is currently the biggest electronic payment app which is being used by millions of Indian users. In India, the app comes with the facility of multilingual and has language support in 11 native major Indian languages.
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Paytm was last evaluated at a price of US$ 16 Billion as of 30th June, 2020. It was founded by an Indian philanthropist namely Vijay Shekhar Sharma who is currently the CEO of Paytm.
Majority of tech savvy and non-technical Indians use Paytm’s app very actively. For instance, if they were to pay their government bills (i.e. electricity, gas etc.) they use Paytm for making online payments. By doing so that do not need to visit a bank physically and wait in the long queues for their turns.
Similarly, if they want to pay their mobile cellphone bills or top up, they can do so through Paytm. Even if one were to buy cinema tickets or book a flight or accommodation, Paytm comes very handy for the Indians.
Also, there are loads of perks and benefits that have been offered at the usage of the app. There is hardly any Indian who is not aware of the app or that he hasn’t ever used Paytm for any particular purpose.
Madhur Deora is currently the Chief Financial Officer of Paytm who is also very optimistic about crypto future in India. He was seen recently making a comment in which he suggested that rendering Bitcoin services through the app could be an option.
Deora was being interviewed for Bloomberg TV where he made such remarks. He added further in the interview that Indian crypto market was growing on a rapid pace until the Government started to take interest. He commented that currently the Indian crypto market is stable i.e. neither going up nor going down.
This is because Indian Government is working on crypto draft proposal which has stalled industry’s progress for the time being, said Deora. He further suggested that if Government decides to legalize Bitcoin then his app, Paytm, would love to offer Bitcoin services.
Once the Bitcoin acquires legal status in the country, Paytm would be amongst the first ones integrating Bitcoin, said Deora.
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