Paytm is an Indian e-commerce payment gateway system and digital wallet company, Headquarter in NOIDA SEZ,(UP), India.
Paytm is available in more than 15 Indian languages and gives online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, pay to customer, restaurants, all shop, parking, tolls, pharmacies, educational institutions and now accepted at petrol pump with the Paytm QR code.
Paytm was founded in August 2010 with an initial investment of $2 million by its founder Vijay Shekhar Sharma in NOIDA, a region adjacent to India’s capital New Delhi.
It started off as a prepaid mobile and DTH recharge platform and succeeding added data card, postpaid mobile, electricity bill and landline bill payments in 2013.
In January 2014, the company launched the Paytm Wallet, and the Indian Railways, Ola and Uber added it as a payment option. It launched into E-commerce with
In 2016, Paytm launched movies, events, and amusement parks ticketing, bus ticketing bookings as well as flight ticket bookings with a Paytm QR Code. Later that year, it launched rail ticket booking, gift card and now accepted the
In 2017, Paytm became India’s first payment gateway app to cross over more than 100 million apps installed. In the same year, it launched Paytm Gold and gifts coupons, a product that allowed users to buy as little as ₹1 of pure gold online. It also launched the Paytm Payments Bank and inbox a messaging platform within chat payments amongst other products. By 2018, it started providing merchants to accept Paytm, UPI and Credit and Debit Card payments directly into their bank accounts at 0% charge. It also launched the ‘Paytm for Business’ app, allowing dealers to track their payments and day-to-day agreements immediately. This commenced its dealer base to grow to more than 7 million by April 2018.
California based PayPal had registered a case against the Paytm in the Indian trademark office for using a logo alike to match, its own on 18 November 2016. As of January 2018, Paytm is valued more than $10 billion.
Excellent Startup of the Year Award at Forbes Leadership Awards in 2016.
In March 2015, Paytm received its funding from Chinese e-commerce company Alibaba Group based in Hangzhou, China, after Ant Financial Services Group, an Alibaba Group affiliate, bought 25% stakes in One97 as part of a strategic agreement. Soon after, it taking backing come from Ratan Tata, the MD, and CEO of Tata Sons.
It after launched a ‘Paytm for Business’ app in more than 10 regional languages of India, allowing these merchants to track their payments and day-to-day settlements conveniently. In August 2015, the Reserve Bank of India allowed in-principle’ permission for Payments Bank to Paytm. In 2017, the company launched the Paytm Payments Bank with the goal to deliver banking and financial services access to half-a-billion un-served and under-served Indians.
In 2018, it starts Paytm Money to build investment and wealth management presents for its users and customer. This business was expected to transport or accompany direct mutual funds and money-bazaar funds to the Indian masses.
In August 2016, Paytm increased funding from Mountain Capital, one of Taiwan-based MediaTek‘s investment funds at a cost of over $5 billion.
In May 2017, Paytm received its biggest step of funding by a single investor – SoftBank which also has large stakes in Alibaba group, thus bringing the company’s cost to an around $10 billion. In August 2018, Berkshire Hathaway invested $366 million for 3%- 5% stake in Paytm, although Berkshire Hathaway confirmed that Warren Buffett was not involved in the transaction.
In July 2015, One97 Communications, the firm that keeps the brand Paytm, got the title sponsorship rights for India’s domestic and international cricket matches at home for a term of four years starting in August 2015. The rights hold sponsor branding of series with the title sponsor logo, designation as the title sponsor of the series, to increase visibility at the stadium, and broadcast sponsorship rights. This also involves all Board of Control for Cricket (BCCI) domestic (Ranji Trophy, Duleep Trophy etc.) matches in India.
In August 2015, Paytm received a license from The Reserve Bank of India (RBI) to launch a payments bank. The Paytm Payments Bank is an independent entity in which founder Vijay Shekhar Sharma will hold a 51% share, One97 Communications holds 39% and 10% will be taken by a helpful of One97 and Sharma. Paytm Payment Bank originated as India mobile-first bank with zero minimum Balance, online Transaction fee. The bank was officially inaugurated in 28 November 2017 by the Indian Finance Minister, MR Arun Jaitley. The inauguration ceremony featured well-known famous banking personalities including earlier RBI Executive Director PV Bhaskar, Saama Capital Director Ash Lilani and former Shriram Group Director GS Sundarajan. Vijay Shekhar Sharma Founder of Patym and Renu Satti(resigned), MD and CEO of paytm payment bank LTD.
Paytm Payments Bank has appointed experienced and well-know banker Satish Gupta as its new Managing Director and CEO.