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Report: India's Paytm to take on WhatsApp with messaging service

Indian mobile wallet Paytm E-Commerce Pvt. Ltd. is set to launch a messaging service to compete with Facebook Inc.'s WhatsApp Inc., a source familiar with the matter told The Wall Street Journal on Aug. 1.

The messaging service, which will be integrated on Paytm's payments app, will reportedly let users send text, video and images. Paytm hopes to take on WhatsApp, which has 200 million users in India.

Paytm, which recently lost to Axis Bank in acquiring Snapdeal's digital payment platform FreeCharge, secured $1.4 billion from SoftBank Group Corp. early this year.