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India based consumer mobile wallet has raised $1bn in Series G funding at a $16bn valuation. The round was led by T. Rowe Price with participation from Ant Financial and Softbank Vision Fund.
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According to industry estimates, more than 100 million people in India today use mobile payments services. Paytm, which led the local market in peer-to-peer mobile payments two years ago, saw its daily usage skyrocket after New Delhi invalidated much of the cash in circulation in the country in late 2016. (Other local mobile wallet services such MobiKwik and Freecharge also reported growth during the period.)
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