Google, Walmart gain fintech users from India as Paytm faces restrictions

Google and Walmart Inc. are rapidly gaining customers from India’s Paytm, the fintech pioneer struggling to navigate central bank restrictions and the potential shutdown of a key payments affiliate.

The value of Paytm payments made on India’s state-backed transactions system fell 14 per cent to Rs 1.65 trillion ($19.9 billion) from January, the National Payments Council of India said on its website Wednesday. Walmart-owned PhonePe and Google’s GPay, which both process far more payments than No. 3 Paytm, each had an increase in their payments value.