After demonetization, Indian people struggled to get money in the form of cash to cater to their daily needs. At that time Paytm offered a unique solution to go cashless. Paytm is a major contributor in helping India go digital. Get to know the Paytm Success Story through this article.
Paytm Success Story
Paytm is an acronym for ‘Pay Through Mobile’. Vijay Shekhar Sharma founded Paytm in 2010 and he is also the current CEO of the company. Paytm is an Indian e-commerce website as well as an app that allows users to pay online for prepaid and postpaid mobile recharges, flight bookings, bus and train tickets, hotel bills, broadband or electricity bills, and also provides many cashback offers and gift vouchers, etc.
Paytm Evolution and Funding
Initially, Paytm was launched in 2010 as a website that offered a prepaid online mobile recharge facility. Today, it is available as a web app that is easily accessible through browsers as well as a native mobile app. Paytm app is available on mobiles with Android and iOS operating systems.
Paytm launched its wallet service in 2014. According to expandedramblings, till July 2019, there were more than 450 million registered users and 130 million active users on Paytm, making it India’s largest mobile payment service platform. The growth of Paytm witnessed an exponential rise after the Indian Government announced the demonetization of the 1000 and 500 currency notes in 2016.
The huge success of Paytm attracted many big investors. Even the well-renowned Indian industrialist Ratan Tata also invested in Paytm in March 2015. Also, the Alibaba group of China made an investment of $575 million in Paytm while Ant Financial Services Group bought 25% stakes in One97 in the same month. For expanding its business, Paytm borrowed a hefty sum of ₹300 Cr from ICICI Bank as working capital in March 2016.
Paytm offers a wide variety of online services, including online shopping, money transfers, bill payments, ticket bookings for movies, buses, trains, flights, etc. Also, there are no hidden charges to make payments on Paytm and it is absolutely free. Users can avail the cashback offers when making payments using Paytm.
Headquarter of Paytm
Paytm headquarter is present in Noida, Uttar Pradesh, India. Also, Paytm offers its services only in India and One97 Communications is its parent company.
Paytm Payments Bank
Paytm made it easier for users to make payments to merchants and send money to the wallets of others users. Surely, this was the reason that the Reserve Bank of India granted a license to start Paytm payments banks. The motive of Paytm Payments Bank is to target existing Paytm customers and offer various banking services, including money transfer, savings account, and debit cards.
The shares of Paytm Payments Bank are divided into the fixed percentage ratio. Both Sharma and One97 Communications have been agreed upon that the payments bank will be a separate entity from Paytm. While the 51% stake will remain with Vijay Shekhar Sharma, One97 Communications holds a 39% stake. The remaining 10% will be shared between the subsidiary of One97 and Sharma.
How to Use Paytm Website and App?
Paytm is easy to use and offers completely secure transactions. You can become a Paytm user by just following the below-mentioned steps:
- Go to https://paytm.com/ or download the mobile app from the Google Play Store or App Store.
- Login / Sign Up with your Mobile No. or Email ID and click on Proceed button.
- To transfer money select the ‘Pay or Send’ option.
- To use a Paytm wallet, add some money using a debit card, credit card, or net banking.
Wrapping it Up
Paytm has today become one of the most eminent and successful technology companies. Paytm success story of revolutionizing the digital payment scenario in India is completely awe-inspiring. Also, India has become one of the leading countries with the most online transactions, and Paytm has a significant contribution in helping the country achieve this feat.
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