Paytm Stands as a vast company across India that uses the FinTech method. Fintech stands for Financial Technology, and fintech firms specialize in technology growth to support the banking and Financial Industries. Paytm has 30 crores Active Mobile App Users with the Largest Mobile and Ecommerce Transaction mechanism and Stands at the top of the List with Most No. of Users in the Market.
In recent years, the Indian economy has benefited from a new breed of entrepreneurs with exceptional business acumen, allowing it to weather even the most severe crises, such as the global recession of 2008. These entrepreneurs and their unusual concepts were frequently turned down due to an apparent lack of practical applications.
However, these entrepreneurs pioneered a new experience for a country with the second-largest population and customer base globally, thanks to their firm conviction, dedication, and faith in ideas. After demonetization, the entire country struggled to access cash to meet day-to-day necessities, and the situation has yet to be fully rectified. At the time, Paytm presented a unique alternative to going cashless. Paytm has made a significant contribution to India’s digital transformation.
Critical Features of Paytm –
- Every day, there are 16 billion transactions. (In comparison to other FinTech Apps, 68 percent share)
- 30 crore active mobile users, the world’s largest mobile wallet and e-commerce transaction
- A FinTech firm uses QR codes to pay and receive money over the internet.
More on Paytm’s success journey
Paytm, widely regarded as India’s pioneer of the payback business model, has established itself as the unchallenged leader in the fields of mobile payments, e-wallets, and e-commerce, to mention a few. Mr. Vijay Shekhar Sharma, a visionary alumnus of Delhi College of Engineering (now DTU), founded the company in 2010.
- The maximum single transaction buy cap has been raised to Rs 1 crore;
- the number of new clients has climbed by 50%, and the total order size has climbed by 60%.
- Digital gold is now available through Paytm Money.
Following the unexpected demonetization announcement by honorable Prime Minister Mr. Narendra Modi, the company rose to popularity quickly. Paytm has become one of the most important sources of revenue for the economy. People were enticed to utilize Paytm because of the lack of access to cash.
Paytm’s Development and Financing –
Paytm began as a website offering prepaid online cellphone recharge services in 2010. Paytm offers a website and an app that may be accessed via a computer or mobile device. The Paytm app is compatible with mobile devices running Android, iOS, and Windows.
In 2014, Paytm introduced its wallet service. According to data, more than 75 million Android-based apps and 150 million wallets were downloaded from Paytm wallet between November 2016 and November 2017, making it India’s largest mobile payment service platform. Paytm’s actual rise is due to the demonetization of the 1000 and 500 rupee currencies.
Paytm’s enormous success attracted a slew of investors. In March 2015, even renowned Indian industrialist Ratan Tata put his funds in Paytm. In addition, China’s largest internet group, Alibaba, invested $575 million in One97, while Ant Financial Services Group invested 25% in Paytm in the same month. Paytm took out a $300 million working capital loan from ICICI Bank in March 2016 to fund its rapid growth.
Services provided by Paytm –
Paytm currently offers online services such as online shopping from other portals, money transfers, making payments for various services, booking cinema tickets online, and traveling by bus, train, or air. There are no hidden fees while using Paytm to make payments, and it is entirely free for everyone. When making purchases with Paytm, users can take advantage of cashback offers to save money.
- Paytm’s headquarters: Paytm’s service is currently only available in India, and One97 Communications own it. The headquarters of Paytm is located in Noida, Uttar Pradesh, India.
- Paytm Payments Bank: Other banking services were also made frictionless and straightforward with Paytm. This was the driving force behind the Reserve Bank of India’s decision to grant the country’s first payment banks a license. This payment bank’s primary purpose is to hire existing Paytm customers to provide new services, including online banking and transfers, savings accounts, debit cards, and other similar services. The shares are divided in a preset percentage ratio. Sharma and One97 Communications have agreed that the payments bank will be a separate business from Paytm, with Vijay Shekhar Sharma, the Paytm founder, holding 51 percent and One97 Communications holding 39 percent. Sharma’s subsidiary and One97’s company will split the remaining 10%.
Vijay Shekhar Sharma’s Success Story
The company is now worth $8 billion. The year is 2017. Sharma was named the youngest billionaire in India, with a net worth of $1.3 billion. Sharma has instilled a new sense of vigor and hope in emerging entrepreneurs, teaching us to pursue our objectives with passion and devotion.
He laid the foundation stone of Paytm’s parent business, One97 Communications, long before the firm was founded in the first year of this millennium. Before that, as an alumnus of one of India’s most prestigious universities, he created the website Indiasite.net in 1997 and eventually sold it for $1 million.
Using One97 Communications, Mr. Sharma leveraged this money to produce mobile content like news, cricket scores, jokes, and ringtones, among other things. Mr. Jack Ma and Masayoshi, who are also his business partners, are his inspirations.
Awards received by Paytm
- At the 2017 SABRE Awards, the Diamond SABRE Award in Company of the Year was presented.
- At the 2017 SABRE Awards, the Diamond SABRE Award for Superior Achievement in Reputation Management was presented.
- At the 2017 SABRE Awards, the Gold SABRE Award in Financial Professional Services was presented.
- Vijay Shekhar Sharma was named one of GQ’s 50 Most Influential Young Indians. He also won the Entrepreneur India Awards 2017.
- Vijay Shekhar Sharma was named Entrepreneur of the Year at The Entrepreneur’s Moneytech Awards 2017 and was named to the 2017’s Time 100 List of Most Influential People in the World.
- Data Quest’s IT Person of the Year is Vijay Shekhar Sharma.
- The Forbes Top 40 Under 40 Award went to Vijay Shekhar Sharma.
PayTM Is Miles Ahead Of Its Rivals For These Reasons –
PayTM is leagues ahead of its competitors for five reasons.
Merchant Onboarding Ease:
PayTM is available to merchants who do not have a bank account. They don’t need a bank account to receive money into their PayTM wallets. They can also use their PayTM wallet balance to shop at other retailers that accept the payment method. They only require a bank account when they wish to withdraw funds from their PayTM account.
PayTM can sign up hundreds of thousands of merchants who do not have bank accounts due to this. As soon as they had an influential need to accept cashless payments, they may sign up for Paytm.
PayPal incentivizes existing users to send money to non-users when it first began in the late 1990s. When customers contributed money to friends and relatives who did not have a PayPal account, PayPal sent them an email with the message “Collect $$ by signing up for PayPal.” This provided a considerably more compelling rationale for non-users to join PayPal than any direct advertising or public relations efforts could have, resulting in tremendous viral dissemination for PayPal.
PayTM has taken a similar strategy. And, like PayPal, has most likely earned the rich rewards.
Approach With Your Feet On The Ground:
PayTM’s strong merchant acquisition campaign has resulted in a couple of Uber drivers becoming PayTM customers. PayTM sales agents ride their motorcycles around the street near Pune Airport, where several Uber and Ola taxis get parked, asking drivers if they want to sign up for PayTM; according to this cabbie who accepts PayTM under his name – PayTM is also Uber’s official digital payments partner. When a driver answers yes, the salesperson uses a tethered WiFi hotspot to connect the driver’s smartphone to his own 4G network, downloads the software, installs it, and onboards the driver on PayTM. All of this can be done in 5-10 minutes. Without passing judgment on whether or not the motorist is tech-savvy. And the cabbie doesn’t have to pay for data. This Uber driver is so familiar with PayTM’s merchant acquisition program that he understands the sales quota for the PayTM rep (10 merchants per day)!
Most of PayTM’s competitors, on the other hand, haven’t tapped into the power of word-of-mouth to attract merchants. Instead, they seemed to expect merchants to register themselves.
Payments with No Friction:
The Sign Out feature in PayTM’s mobile app is hidden deep within the app by design or default. Thus, many users have never seen it and remain permanently hooked to their app. This implies they can make a payment without having to enter a password or PIN.
PayTM suffers a severe security flaw as a result of this. But it also improves PayTM’s customer experience, which significantly impacts when consumers use it several times a day. An element of hygiene is security. This aspect of consumer behavior has been recognized and capitalized on by PayTM. Its competition has wholly overlooked it.
PayTM is well-funded, allowing it to spend a lot of money on advertising while simultaneously being able to withstand losses on almost every transaction.
PayTM automatically preloads its wallet without the need for user participation. As a result, customers who are wary about needing to top up prepaid mobile wallets before making payments prefer the PayTM experience to other mobile wallets, which prompt customers to load enough money into their wallets first and then retry the payment.`
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