US-based big tech companies must stop treating India like a "Third-World market" as it is the largest consumer base for such companies, said Paytm Chief Executive Officer (CEO) Vijay Shekhar Sharma.
"It feels bad to be treated like a Third-World country, when we are, in fact, the largest consumer internet market in the world," Sharma told The Economic Times at the launch of Paytm Money's futures and options services.
"More than regulations (for Big Techs), it's about how some of these policies are enforced in India," he said.
Facebook-owned WhatsApp on January 5, started sending in-app notifications to its users in India and other countries, asking users to agree to the messaging app's new privacy rules by February 8. WhatsApp said that if the users want to continue using the app, they will have to accept the company's terms and conditions. If they didn't, they would no longer be able to access their WhatsApp accounts from February 8.
Sharma's Paytm competes with WhatsApp for Unified Payments Interface (UPI)-based payment services in India. WhatsApp, which has over 400 million active users and 15 million business users in India, is a new entrant in digital payment services in India.
Paytm Money, a wholly-owned subsidiary of fintech major Paytm, on Wednesday said it will provide Futures & Options trading (F&O) on its platform as it aims facilitating daily turnover of Rs 1.5 lakh crore in next 18-24 months. Paytm Money will charge brokerage at Rs 10 for all F&O trades, which is in line with its intraday charges of Rs 10 and free for delivery.
The platform - which also offers services around stocks, direct mutual funds, ETF, IPO, NPS, and digital gold - is focussed on bringing "wealth services to 100 million Indians," Sharma said during the online launch of the F&O trading service.
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