Paytm announces Rs 10 Cr investment fund for mini-app developers
Fintech giant Paytm on Thursday said it will invest Rs 10 crore to fund mini-app developers on its platform, and will host workshops and webinars to help them better their offerings on the startup's Mini App Store.
The fund was announced at a Mini Apps Developers conference held by Paytm on Thursday, which was aimed at formally introducing the new app store ecosystem, and walking developers through the product.
Paytm had recently announced the launch of its Mini App Store — a platform inside the fintech giant's own app that lists applications of other companies. These applications — called Mini apps — are meant to give users an app-like experience, but without having to download them separately.
The company said it will list and distribute these mini-apps, within its own app, for free. The developers of these apps can use Paytm's wallet services to charge clients or enable payments via UPI, netbanking, and cards.
The Mini App Store is largely seen as Paytm head Vijay Shekhar Sharma's retaliation to Google's 30 percent commission decision via Play Store billing, which was protested by a lot of Indian companies and app developers.
Indian tech leaders have also been discussing creating an Indian app store ecosystem - like Google Play Store and Apple's app store - so they could have more autonomy on how to run their apps, and how to charge users for their subscriptions and purchases.
More than 300 app-based service providers such as Decathlon, Ola, Park+, Rapido, Netmeds, 1MG, Domino's Pizza, FreshMenu, and NoBroker, among others have already joined the mini-apps programme, Paytm said.
Listing on the fintech company's app is expected to give these service providers access to Paytm's 150 million monthly active users.
On the agenda at the developer's conference is also discussion on why India should control its own app ecosystem destiny, and what the future holds for Indian apps.