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SoftBank joins Alibaba to back One97’s digital payments platform in India

Japanese telecom company SoftBank is teeing up a $1.9 billion investment in Indian mobile services firm One97 Communications.

The expansion of One97’s Paytm digital payments platform is part of the extension of financial services to India’s growing middle class.

The cash deal would give SoftBank a 20 percent stake in the firm. China’s Alibaba owns a 36 percent share of One97.

Paytm’s platform currently includes a mobile wallet and e-commerce market, both of which have benefited from the Indian government’s move away from cash notes last year according to Deal Street Asia.

One97 aims to invest $1.5 billion over the next three years to expand its banking and financial services.

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