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As Diwali approaches and the Indian ecommerce market hots up, the mobile ecommerce site Paytm has stated its ambition to be India’s leading online shop.
The Indian ecommerce market is dominated by local giants such as Flipkart and Snapdeal, with Paytm often being thought of as a third-place online platform.
Paytm has said it wants to grow its revenues from 2.3 billion US dollars today to 20 billion US dollars by 2018, and has also said it wants to boost its user numbers to half a billion by that time.
A spokesperson from Paytm said the company had an edge over competitors because it had its own online payments system, Paytm Wallet.
As well as allowing users to pay for items bought from the platform, it also allows merchants to offer cash back credits.
A recent report by Goldman Sachs predicted that the Indian ecommerce market will be worth over 100 billion US dollars by 2020, making it a hugely lucrative market for companies wanting to sell their goods online.