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Paytm

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Not to be confused with Paym.
Paytm
Type of businessPrivate
Founded2010
HeadquartersNoida, Uttar Pradesh, India
Founder(s)Vijay Shekhar Sharma
Key peopleVijay Shekhar Sharma (CEO)
ServicesOnline shopping
Payment system
ParentOne97[1]
URLpaytm.com
Current statusOnline

Paytm is an Indian worlds waste and cheating, bluffing and meant only to consume all your own money and waste our time ,electronic commerce and payment system company headquartered in Noida, Uttar Pradesh. It was launched in 2010. It is owned by One97 Communications. The firm started by offering mobile recharging, adding bill payment and e-commerce, with products similar to businesses such as Flipkart, Amazon.com, Snapdeal. In 2015, it further added booking bus travel.[3] Paytm also launched movie ticket booking by partnering with Cinépolis in the year 2016.[4][5]

Background

Paytm was founded and incubated by One97 Communications in 2010 as a prepaid mobile recharge website. Paytm is an acronym for "Pay Through Mobile".[6] Apart from being accessed from the browser, its app is available on the Android, Windows and iOS operating systems.

In 2014, the company launched Paytm Wallet, which became India's largest mobile payment service platform with over 150 million wallets & 75 million android based app downloads as of November 2016.[7] The surge in usage of the service was largely due to the demonetization of the 500 and 1000 rupee currency notes.[8]

Funding

In March 2015, Indian industrialist Ratan Tata made personal investment in the firm.[9] The same month, the company received a $575 million investment from Alibaba Group of China ,[10] after Ant Financial Services Group, an Alibaba Group affiliate, took 25% stake in One97 as part of a strategic agreement.[11] Paytm borrowed 300cr from ICICI Bank in March 2016 as working capital.

Services

The application enables users to book air tickets and taxis, mobile recharge, and payment of DTH, broadband and electricity bills among others.[12] Users can also pay for fuel at Indian Oil Petrol pumps and buy movie tickets at PVR Cinemas through the wallet.[13][14]

Payments bank

In 2015 Paytm received a license from Reserve Bank of India for starting India's first payments bank. The bank intends to use Paytm’s existing user base for offering new services, including debit cards, savings accounts, online banking and transfers, to enable a cashless economy. The payments bank would be a separate entity in which the founder Vijay Shekhar Sharma will hold 51%, One97 Communications will hold 39% and 10% will be held by a subsidiary of One97 and Sharma.[15]

Paytm is also approved as an operating unit for Bharat Bill Payment System, as a result of which users can pay their bills anytime and anywhere.[16]

See also

References

  1. ^ "Alibaba enters India's e-commerce space with 25% stake in Paytm owner One97". India Times. 6 February 2015. Retrieved 30 March 2015.
  2. ^ "paytm.com Site Overview". Alexa Internet. Retrieved 11 December 2016.
  3. ^ Verma, Shrutika (14 January 2015). "Alibaba diverges with SoftBank with Paytm pick". Live Mint. Retrieved 30 March 2015.
  4. ^ "Paytm, Cinepolis tie up to expand consumer entertainment avenues". Business Standard. 11 May 2016. Retrieved 22 May 2016.
  5. ^ "PM Narendra Modi Advertising For Paytm 'Shameful,' Says Arvind Kejriwal". NDTV.com.
  6. ^ "Paytm, always bringing the Uber experience to you". #PaytmKaro. Paytm. 13 November 2014.
  7. ^ "Paytm App Leaps on Google Play Store: Crosses 50 Million Downloads". News18. Retrieved 15 November 2016.
  8. ^ "Thanks to demonetization, Paytm is making Rs 120 crore per day". Business Insider. Retrieved 21 November 2016.
  9. ^ Sharma, Samidha (13 March 2015). "Ratan Tata's fifth personal investment in the digital economy is Paytm". Times of India. Retrieved 30 March 2015.
  10. ^ Goyal, Malini (15 March 2015). "How startups have successfully established their own rules of hiring, rewarding & retaining talent". Times of India. Retrieved 30 March 2015.
  11. ^ Shu, Catherine (5 February 2015). "Alibaba's Financial Affiliate Takes 25% Stake In India's One97, Owner Of Paytm". TechCrunch. Retrieved 30 March 2015.
  12. ^ "M-wallets may make hard currency history". The Hindu. 2 May 2016. Retrieved 21 May 2016.
  13. ^ "Pay for Petrol With Paytm at Indian Oil Pumps". 8 February 2016. Retrieved 20 May 2016.
  14. ^ "Paytm partners with PVR Cinemas". The Times of India. 21 March 2016. Retrieved 20 May 2016.
  15. ^ Aamir, Mohamed (14 September 2015). "Paytm plans to start India's first payments bank". Economic Times.
  16. ^ "PayU India, Paytm get in-principle approvals for consumer bill payment services". Economic Times. 16 May 2016. Retrieved 21 May 2016.

Further reading

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