The mobile money app, called Paytm, lets users make a small payment and receive it within seconds.

It’s available in India and around the world, and has over 40 million users.

But a new study has revealed that over 80 per cent of the app’s revenue is generated from an online ad-sales business.

“This is the first study of its kind, and it indicates that the Paytm ad-supported business model is the primary driver of the business model,” says Dr Nanda Ravi, a senior associate professor at Jawaharlal Nehru University and a former director of the Department of Commerce and Technology.

“The study has shown that the app has a significant portion of its revenue coming from ad-sponsored transactions, which we don’t see happening with other payment services.”

The study is part of a larger research effort by Ravi and his co-authors to determine how many ad-based businesses are generating revenues from mobile money, and how fast.

In the study, published in the journal Cybernetics and Applications, the researchers looked at Paytm’s revenues in six countries across the world.

The most popular countries are Singapore, Australia, New Zealand, the United States and India.

Ravi and co-author Jeyendra Jain analysed the data for Paytm in Singapore.

They found that in 2017, the app generated about $15 million in revenue in India, but only $2 million in ad-funded revenue.

That was the same year the company introduced its pay-as-you-go feature, which let users pay using Paytm and receive cash back in the form of Paytm currency.

This was a large shift in revenue, but it wasn’t enough to generate the $15m in ad revenue Ravi had previously estimated.

A year later, the company announced a new revenue model that saw it charge users in addition to their monthly payments.

However, the study showed that a smaller number of PayTM users were receiving payouts, in part because many of them had not yet installed the new feature.

To determine how fast the PayTM ad-driven business model was growing, the authors took into account Paytm transactions from a number of sources, including the company’s website and advertising partners.

Their conclusion?

That Paytm had a much higher rate of growth than the others.

These figures also indicate that the pay-up-front revenue model is more effective than the free money model.

Paytm has recently raised $6.4 billion in funding from several major investors, including Sequoia Capital, Sequoias Venture Capital, Benchmark Capital, KKR and Wachovia.