Market opens for Alibaba backed ‘Paytm’
The magic words used to open the cave with treasures hidden inside were ‘Open Sesame’ or ‘Khul ja Sim Sim’. In the Story of Ali Baba and the Forty Thieves, Ali Baba manages to somehow weather the dangers from the forty thieves thanks to the clever Morgiana.
Cool Chilli’s Comments
In our context thanks to the clever move by Modi, to eliminate black money, drug financing and cross border counterfeit currency, Alibaba backed paytm is hitting paydirt. A cave of oportunities is opening for it. Paytm already had about 0.85 million traders registered with it. Now with demonitization, it finds more than 10% growth over this number in just a few days. Most of it non-solicited (i.e. without any sales effort by the service provider)
Morgiana and Ali Baba surely ended the story on a good note for themselves. Modi and the Alibaba backed paytm would surely have much to be pleased about with the plan to put all the ‘bad notes’ out of circulation. The SIM enabled cashless transactions over the mobile phones surely give a new meaning to the ‘Khul Ja SIM SIM’ magic words.