Paytm stands for “pay through mobile”. The website was launched in 2010. It is a consumer brand of india’s leading mobile internet company ‘One97 Communications’. The basic purpose initially is mobile recharge and other utility bill payments. In addition, it offers products also like Flipkart, Snapdeal. The headquarters of Paytm are in Noida, Uttar Pradesh. One97 communications investors include Ant Financials, SAIF Partners, Sapphire Venture And Silicon Valley Bank.
Today, Paytm is the biggest mobile commerce platform. In 2014 the company launched Paytm wallet. Consequently it becomes the largest mobile payment service platform.
Paytm has 100million registered users and gets 60million orders per month. Today Paytm has got official permission from RBI to launch digital bank. The recent demonetization program by Indian government increased the use of mobile wallets. Within 12 days paytm reaches 7mn transactions with $17.5 mn in volume. Paytm says that it has 177 mn wallets till December 2016. Prior to this it was having only 135mn wallets. In 2016, Paytm’s valuation came up to $5 billion.
Its aim is to modernize the passbook and the digital era. Furthermore, make the service user friendly and easy banking. Goal is to serve atleast half a billion people in India. The focus is on bringing financial services to millions of unserved or underserved Indians.
Paytm is one of the 11 companies who got permission from RBI for launching payments bank. Presently, Airtel is the only company which has a operating payments bank. Furthermore, Aditya Birla Group will be launching the services in first half of 2017. Also, this marks the beginning of digital revolution in the country. The recent political environment is inclining towards shift to digital era.
It is a step to revolutionize the banking sector. It takes it to another level making it easily accessible and user friendly. it involves innovation and change in the banking services.
