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Transformation of the Digital Payment Ecosystem in India: A Case Study of Paytm
[journal article]
Abstract Paytm is a payment app in India providing e‐wallet services; it is also the most prominent mobile e‐commerce app in the world’s third‐largest economy. This article uses Paytm as a case study to better understand the global platform economy and its implications for social and economic inequities. We ... view more
Paytm is a payment app in India providing e‐wallet services; it is also the most prominent mobile e‐commerce app in the world’s third‐largest economy. This article uses Paytm as a case study to better understand the global platform economy and its implications for social and economic inequities. We contextualize the emergence of Paytm by drawing attention to its relationship with India's developing digital infrastructure and marginalized populations - many of whom are part of the platform's user base. We use a political economy lens to investigate Paytm’s market structure, stakeholders, innovations, and beneficiaries. Our research is guided by the question: What resources, infrastructures, and policies have given rise to India's digital payment ecosystem, and how have these contributed to economic and social inequities? Accordingly, we audited the international and Indian business press and Paytm’s corporate communications from 2016 to 2020. Our analysis points to the tensions between private and public interests in the larger platform ecosystem, dispelling notions of platforms as neutral arbiters of market transactions. We argue that Paytm is socially beneficial to the extent that it reduces transaction costs and makes digital payments more accessible for marginalized populations; it is detrimental to the time that it jeopardizes user data and privacy while suppressing competition in the platform economy.... view less
Keywords
inclusion; digitalization; India; social inequality; financial service; application; financial market
Classification
Technology Assessment
Sociology of Science, Sociology of Technology, Research on Science and Technology
Interactive, electronic Media
Free Keywords
digital wallet; financial inclusion; multi‐sided market; network effects; platforms
Document language
English
Publication Year
2023
Page/Pages
p. 320-331
Journal
Social Inclusion, 11 (2023) 3
Issue topic
Expanding the Boundaries of Digital Inclusion: Perspectives From Network Peripheries and Non-Adopters
ISSN
2183-2803
Status
Published Version; peer reviewed