Paytm is an online digital payment medium used to transfer cash through integrated wallet via online banking
Paytm- How it started & growing.
In August 2010 Paytm comes in light, It’s a consumer brand of parent company One97 Communications located at Delhi NCR, India, Basically its started for the payment through mobile or operates as Paytm payment gateway and Paytm Wallet. After the announcement of demonetization of Rs 500 and 1000 notes, Paytm have tremendous growth, as the shorten of cash and long line in ATM and banks it made Paytm a necessity payment medium for smartphone users. At present company has over 12,500+ employees and has 2.5 million offline merchants all over India.
What is Paytm?
Paytm is an online digital payment medium used to transfer cash through integrated wallet via online banking through cards either debit or credit cards, by depositing cash in your account through bank, You can pay cash through having payment in your wallet, Paytm app can used to recharges mobile phones, metro cards, DTH cable, data cards, landline/ broadband, electricity, water,gas bills, also book tickets for buses, trains, flights, movies, hotel rooms and much more by using paytm and even make offline payments at over 2.5 million offline merchants that use paytm cash accepted corner.
Who started Paytm?
Paytm is the parent company of One97 Communications limited founded by Vijay Shekhar Sharma and started in August 2010, located at Delhi NCR, India. First, it’s launched as prepaid mobile recharge website, in 2013 company decided to launch Paytm wallet, and soon it became India’s largest mobile payment service stage with over 1.5 million wallets and 7.5 million Android-based app downloads as of November 2017. After the announcement of demonetization of Rs 500 and 1000 notes, Paytm have tremendous growth, less availability of cash and long line in ATM and banks it made Paytm a necessity payment medium for smartphone users. At present company has over 12,500+ employees and has 2.5 million offline merchants all over India.
How Paytm started.
Its a great effort of Vijay Shekhar Sharma to established such a big platform, In 2001 he founded one97 communication (p) limited company with former colleague Rajiv Shukla bt soon as company went into loss with the dotcom bust in 2001, his partner left him After a long struggle in 2011 he launched Paytm (pay through mobile) an online recharge portal after that he never see back and launches paytm wallet and now paytm is the biggest online payment platform in India
How does Paytm works?
Paytm acts as a medium between your bank and third-party operator, Paytm portal is integrated with a payment gateway which is associated with your bank accounts
Here we discuss “How does paytm works?”
Whenever, you want to transfer money from your Paytm wallet or Paytm mobile app to any other third party bank,
Follow the steps given below –
Install PayTM App on your mobile
Go to your Wallet. A notification appears on the screen “how much Paytm balance you have in your wallet”.
Tap on the Passbook icon and choose to Send Money to Bank option.
Enter the details like Bank name, Branch, Account number and amount which you to be transferred.
Press the Send button & Your amount will be transferred to bank account.
How do Paytm so successful.
There are many reasons which contributed towards the success of Paytm some main reason that took him on top are
It is one of the first online recharge companies in India at that era when the smartphone is going viral in peoples and android users increase rapidly, users of smartphones, just added to the growth of Paytm to a very large extent.
In 2011 Vijay Shekhar Sharma introduced Paytm wallet, the company reduced the step of making payments which in turn optimizes the time to a very good extent, and that’s what exactly customers want. its another big reason to their success
Paytm has conquered e-commerce sphere too, now it has online retail and tickets facilities under it which led them on top of the market
Mostly the important things that paytm gained is “public trust”
Paytm gained both in terms of popularity and quality over a period of time.
Offering Flawless service.
Good customer relation & best service.
Having bonded with some of the famous merchandises like uber, zoom cars, alibaba, Tata groups and more
Offering various discount coupons
Easy to use paytm app.
Challenges Faced by Paytm
As the starting stories tell us about how Vijay Shekhar Sharma struggle to build a million dollar company, but it’s not as easy as they look like, Journey of paytm is not good at starting. In 2001 he founded one97 communication (p) limited company with former colleague Rajiv Shukla bt soon as company gone into loss with the dotcom bust in 2001, his partner left him After a long struggle in 2011 he launched Paytm (pay through mobile) an online recharge portal after that he never see back and launches paytm wallet and now paytm is the biggest online payment platform in India
Few more Details about Paytm
Paytm is one of the biggest digital payment platforms in India, recently Indian industrialist Ratan tata invest in paytm Ali baba group also invest 575 million dollars in one97, Paytm borrowed 300cr from ICICI Bank in March 2016 as working capital.
Reserve Bank of India permitted or gives license to start one of India’s first payments banks, called “Paytm Payments Bank Limited” in 2015
Paytm offers payment services in many categories like electronics, home appliances, mobile phones, clothing, Booking bikes, cars and much more
Paytm added Digital gold services recently in 2017.