![]() ![]() Paytm is now looking to consolidate the space. Last month, the Paytm Money app was launched to offer mutual fund products to its clients and over 1 million customers have already registered for the service. However, no restriction has been placed on the bank for servicing its existing customers. ![]() From June this year, the RBI has prohibited Paytm Payments Bank from opening any new accounts and wallets on account of violation of certain licensing conditions and operating guidelines. Paytm Payments Bank was India’s first bank with no charges for online transactions and minimum balance requirements. Following this, One 97 Communication transferred the Paytm wallet business and all the wallet accounts to the bank. Last year, the Paytm Payments Bank Ltd was launched. Looks like the demonetization opened up this market for Paytm in a big way. About 50% of its transactions are from small towns and villages. It processes over 1 billion transactions per quarter and adds 10 million new users every month. It allows consumers to make payments for their mobile phone, electricity, gas and water bills, book bus tickets, train, and movie tickets, pay fees for associated schools and colleges, book amusement park tickets, and even make purchases from its online marketplace. Today, Paytm has over 320 million users and 7 million offline merchants. It was the first company to popularise payment using QR code and when digitization was forced on an unprepared Indian market, Paytm took off in a big way. To leverage its user base, Paytm launched an e-commerce platform Paytm Mall and Paytm Wallet for online payments. Within a year of its launch, the company was handling over 500 million subscribers per day. Inspired by the initial success, Paytm started offering recharges for Datacards and even tickets for the Delhi Metro. Soon after, it launched SMS-based applications, gaming applications, and subscription-based content services.īy 2010, Vijay had figured out the importance of mobile phones in the country and launched Paytm as an online recharge portal that allowed subscribers to purchase pre-paid recharge cards for their mobile phones. Initially, the company offered live astrology services for a GSM operator in Delhi. Paytm’s parent company One97 Communication was founded in 2000 by Delhi College of Engineering graduate Vijay Shekhar Sharma. Following the acquisition of Flipkart, digital payment company Paytm has become the most valauble startup among Indian Billion Dollar Unicorns despite struggling with profitability. India’s digital payments market is expected to grow five times to reach $1 trillion by 2023. ![]()
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