New Delhi, Jan. 23 -- Paytm is positioned as a "payments toll-road operator" within India's digital commerce ecosystem, according to an Investec Equities research report that initiated coverage on One 97 Communications Ltd with a Buy rating and a target price of Rs 1,550. The research firm states that the company operates across "structurally oligopolistic segments" including UPI P2M, soundbox devices, payment gateways, and merchant loan distribution. The report notes that Paytm's market leadership in these areas enables significant operating leverage and margin expansion.

Investec highlights the scale of Paytm across the merchant acquiring landscape and notes that the company maintains over 50 per cent market share in soundbox devices. ...