In today’s scenario, when whole India is struggling to get cash to fulfill to day-to-day requirements post demonetization, Paytm is an exclusive solution to go cashless. Paytm is a big step towards digital India.
Paytm means ‘Pay Through Mobile’. Paytm was established in 2010 by Vijay Shekhar Sharma, who is the present CEO of Paytm. Paytm is an Indian e-commerce company that allows its user to pay online by using mobile number for services, i.e. book airline tickets, mobile recharge, pay broadband or electricity bill, etc.
Background and Funding
Paytm was founded in 2010 as prepaid online mobile recharge website. It can be accessed from a browser or the Paytm app is applicable on mobiles compatible with Windows, Android and iOS operating systems.
Paytm wallet was set up in 2014. As of November 2016, over 75 million Android-based apps and 150 million wallets were downloaded of Paytm wallet, making it Indian’s biggest mobile payment service platform. The credit for the surge in its usage definitely goes to demonetization of the 500 and 1000 currency notes.
The big success of Paytm drew attention of some investors as well. Famous Indian Industrialist, Ratan Tata, invested personally in March 2015. Apart from this, Alibaba Group of China invested $575 million, while Ant Financial Services Group funded 25% in One97 in the same month. In March 2016, Paytm borrowed 300 Cr as working capital from ICICI Bank.
The services that Paytm provide currently are any kind of online shoppings, payment for services, money transfers etc. The transactions performed using Paytm are actually free and have no hidden charges.
Paytm is possessed by One97 Communications and is headquartered in Noida, Uttar Pradesh, India. Paytm provides its services only in India.
The easy and continuous transactions using Paytm can be utilized for other banking services as well. Perhaps, due to this reason, Paytm was granted a license from the Reserve Bank of India (RBI) to start India’s first payments banks. The purpose is to use current users of Paytm as the first database for providing new services which include debit cards, savings account, online banking and transfers, and other such services.
How to Use Paytm
It’s quite easy to use Paytm for digital transactions. Just follow below mentioned simple steps:
- Download Paytm app on your smartphone and create Paytm account using your email id and phone number.
- Add money to the Paytm wallet as and when you want to use. Money can be added using a credit card, debit card or net banking.
- To pay for the products or services, select option ‘pay’. Key in the seller’s registered mobile number and you are done.