Alibaba to set-up Paytm bank in India, eying half billion of E-shoppers

E-commerce giant Alibaba has acquired a large stake in India’s biggest mobile payment platform Paytm last year.

Paytm in next few months is slated to launch the first payment bank in a country where only 10 percent of the total transactions are done cashless.

Almost half of the country’s 1.3 billion people have been excluded out of formal banking system.

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