Paytm Karo, these two words are established in the mind of Indian people. Whether they go for shopping to a small shop or a big mall or online, Paytm is the one-stop payment solution. It is a famous e-commerce payment system and digital wallet company; it is based out in NOIDA SEZ, India. Paytm is considered as a trailblazer of payment solution that has brought a complete transformation in the industry by simplifying the payment methodology. It offers numerous online use-cases including mobile recharges utility bill payments, travel, movies, and events bookings, movie ticket and also in-store payments at grocery stores, fruits and vegetable shops, hotels, restaurants, parking, tolls, pharmacies, and education institutions, colleges with the Paytm QR code.
Data says that present-day, company has over 7 million merchants across India, who uses this QR code to accept payments directly into their bank account. At the initial phase, it was used only to make payments for limited things such as mobile and DTH recharge and shopping bills. With time, the portal has expanded its scope and has brought about anything and everything under the ambit of its operations. In the contemporary world, the story of Paytm is ever expanding with the addition of e-retail and e-commerce stores. And, Paytm is pioneered of QR based mobile payments in the country. Today this is India’s largest and renowned payment wallet; it provides comprehensive payment services to customer and merchants. It offers mobile payment solutions to over 7 million merchants and lets consumers make easy mobile payments from Cards, Bank Accounts, Digital Credit and more.
Vijay Shekhar Sharma is the brains behind this brand. He came up with this idea and took the foundation of Paytm in August 2010 with an initial investment of $2 million. It was started in off as a prepaid mobile and DTH recharge platform, and later added data card, postpaid mobile, and landline bill payments in 2013. After getting positive responses, the company thought to bring something more and so by January 2014, it launched the Paytm Wallet, and the Indian Railways and Uber added it as a payment option. In the same year, it was also launched into E-commerce with online deals and bus ticketing. Paytm was unveiled more use-cases like education fees, metro recharges, electricity, gas, and water bill payments in the year 2015.
Paytm Payments Bank was launched in August 2015 after getting the license from RBI. The main focus of Payments Bank is to bring banking and financial services to half-a-billion un-served and under-served Indians. It is a separate entity in which founder Vijay Shekhar Sharma holds 51% share, One97 Communications holds 39% and 10% held by a subsidiary of One97 and Sharma. Officially, the bank was inaugurated in November 2017 by the Indian Finance Minister, Arun Jaitley.
Paytm Wallet is basically a digital payment instrument by which one can transfer money from his bank account or credit card to use for transactions on the platform. Before using, one needs to set up an account using his contact number and email ID to set up a Paytm account and transfer cash to the wallet. The monthly limit to add in the wallet in one month is Rs. 10,000 and if one wishes to increase this limit, he needs to go through the KYC (Know Your Customer) process. After KYC, one can add approx. Rs. 1 lakh in his Paytm Wallet at any point of time.
This was the complete story of the flag bearer of retail payment solution, Paytm from initiation to present day.