Paytm set to increase Indian wallet service

Paytm, India's largest mobile wallet operator by user number, is on course to introduce a money market fund, a credit scoring system and other functions similar to the architecture of Alipay by 2020, its chief executive officer said.

The next step toward building an all-round financial services app is the imminent launch of a payments bank, which is awaiting regulatory clearance from the Indian central bank, said Vijay Shekhar, Paytm's founder and chief executive officer.

"No doubt we will have launched all that by 2020. This is in line with our goal of serving 500 million unbanked people in three years," Shekhar told a media briefing in Hangzhou, Zhejiang province.