Alibaba-backed Paytm solves the problem of card payments in India

Paytm founder and CEO Vijay Shekhar Sharma (right) demonstrates how Paytm’s new product works. Photo credit: Tech in Asia.

Chew this: 740 million debit or credit cards have been issued in India. Only 700,000 merchants accept card payments. And there are only 1.5 million card-swiping machines – point-of-sale (POS) terminals – in the country.

This is a huge gap in card payments which has become a sore point in India’s demonetization drive, with high denomination currency notes suddenly...

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