The same "Alipay", why the contrast between India and China is so big? www.deekpay.com

## India's version of Alipay "explosion": why Paytm is difficult to copy China's success? India also has a "Alipay", called Paytm, but it has encountered many obstacles in the development, and finally "mine". Paytm was established in 2010, claiming to have 300 million users, equivalent to half of the number of Internet users in India, and was once regarded as the leader of Internet payment in India. However, a series of events in recent years has made Paytm's development road become full of bumps. In February 2023, Paytm was hit hard by the Reserve Bank of India (RBI), which ordered it to stop its popular mobile wallet business, among other things, which undoubtedly dealt a huge blow to Paytm. As a result, shares of Paytm's parent company, One97 Communications, plummeted by 36%, shrinking its market capitalisation by Rs 217.55 billion. Paytm's failure was not accidental, it revealed some fatal flaws in its development. Paytm lacked core competencies. Instead of being deeply tied to e-commerce platforms like China's Alipay, Paytm tried to use payment tools to find payment scenarios, resulting in a very narrow profit model. Paytm missed the opportunity to grow. When the Indian government implemented the "abolition of banknotes", Paytm did not seize the opportunity to cultivate its own advantages, but missed the opportunity to establish a good user experience. Paytm is overly reliant on Chinese capital. Paytm has received financial and technical support from Alibaba and Ant Group, but in recent years, the Indian government's restrictions on Chinese capital, as well as some Indian media's malicious smear campaigns, have seriously hampered Paytm's development. Paytm lacks a national payment model. In India, Paytm has never been able to get a deep tie-up like China's Taobao, which makes it difficult to replicate the successful model of China's Alipay. Paytm's failure has also prompted people to think about the development path of the Indian Internet market. Although India has a huge population and market size, but its Internet development environment is quite different from China. The Indian government's policy orientation, market regulation, and social and cultural factors all influence the way Indian Internet companies operate. In the end, Paytm's "explosion" may provide us with a warning: in different market environments, successful business models may not be able to be completely copied. In order to be successful, enterprises must have a deep understanding of the local market, and according to their own characteristics of the development of a unique strategy. This article is for reference only and does not represent the views of any organisation.