Success Story of Paytm – India’s leading e-commerce payment system and financial technology company
The prodigy of India’s leading mobile internet company and eCommerce website development company One97 communication’s Paytm was founded by Vijay Shekhar Sharma in August 2010 with an initial investment of $2 million in Noida, New Delhi.
Paytm started off as a mobile recharge, DTH recharge platform and the e-commerce payment system added prepaid mobile recharge, data card, postpaid mobile, and landline bill payments in 2013. Today Paytm has more than 250 million registered users and counting.
By January 2014, the company launched the Paytm Wallet, a Reserve Bank of India (RBI)-approved e-wallet and Uber, an American multinational ride-hailing company and Indian Railways added it as a payment option.
In 2015, Paytm launched into e-commerce with online deals and bus ticketing and unveiled more use-cases like metro recharges, education fees, water, gas, and electricity bill payments. Paytm also launched the payment gateway for Indian Railways.
In 2016, Paytm started flight ticket, events, movies, and amusement parks ticketing, gift cards, rail bookings as well as bookings and Paytm QR
In 2017, Paytm launched Paytm Gold, Paytm Payments Bank, and Inbox’, a messaging platform. Over 100 million app downloads, Paytm became India’s first payment app. At present, this online payment system can handle around 5000 transactions per second.
By 2018, Paytm launched ‘Paytm for Business’ app, payment service for merchants which is now called Business with Paytm App. Paytm for a Business app allowing merchants to track their day-to-day settlements and payments instantly.
The company started allowing merchants to accept Paytm, credit card, debit card payments, and UPI directly into their bank accounts at 0% charge.
Paytm is not only secure but also robust. This online payment system uses Secure Sockets Layer – Verisign-certified SSL 128-bit encryption technology to ensures the online information of the user i.e., the personal information, financial details, and password is safe, thus providing greater protection to users.
As per recent surveys, Paytm has surpassed similar online payment systems such as Freecharge, Mobikwik, PhonePe, and Google Pay in terms of both the revenue generated and the number of users.