With a vision of becoming “India’s leading payment app”, Paytm has always been at the forefront of the digital revolution.
Paytm was primarily designed for easy online money transfers for consumers and businesses, but it has gradually expanded its financial services including, eCommerce options, as well as cell and DTH recharging assistance.
Over the last few weeks, there has been a constant dilemma about the future of Paytm, but, with the NPCI’s “approval to One97 Communications Limited (OCL), Paytm's parent entity, to participate in UPI services as a Third-Party Application Provider (TPAP) under multi-bank model,” relieved both consumers and marchents.
In this article, we will see the journey of Paytm in bringing digital revolution in India.
Indian entrepreneur Vijay Shekhar Sharma launched Paytm to provide digital payments along with financial services.
Paytm was awarded with the ‘Most Innovative Startup of the Year’ from Franchise India which was a turning point.
Following the success in last year, Paytm got another important award as ‘Knowledge Fabre Best Mobile Wallet Program’ Award.
Paytm launched Paytm Mall to explore the eCommerce space. Globally famous Alibaba provided an initial $200 million capital to Paytm Mall, which was followed by Ant Financial and to strengthen the Paytm wallet system.
Paytm received the prestigious ‘Diamond SABRE Award’ in the category of Company of the Year.
Paytm has partnered with famous Softbank Group and Yahoo Japan to unveil its e-wallet financial services in Japan under the name of PayPay.
This year, Paytm also became the official partner of the IPL cricket team Mumbai Indians.
Paytm brought the concept of ‘contactless in-store ordering’ to promote minimal physical contact during pandemic caused by coronavirus. This was aimed to redefine the retail experience and improve safety measures.
Paytm began a new pan-India partnership with Tata Starbucks for providing a contactless dining experience amidst pandemic.
In an attempt to counter the Google Play Store's supremacy in the digital world, Paytm introduced a micro app store to support Indian app developers as well as entrepreneurs.
Paytm along with Ola collaborated with IndusInd Bank and together applied for the NUE license to the Reserve Bank of India (RBI).
Paytm partnered with the Life Insurance Corporation of India (LIC) provide easy digital payments for consumers.
Paytm and HDFC Bank came onboard to provide financial solutions across payment gateways, POS machines, as well as credit products.
Paytm, for the first time, brought real-time international remittances through the Paytm mobile wallet by collaborating with Ria Money Transfer.
Paytm launched a revolutionary device named Card Soundbox to empower merchants to seamlessly accept various mobile and card payments through different networks, including Mastercard, Visa, RuPay, and American Express. The most attractive part of this device was ‘tap and pay’ feature which was easy to use.
Paytm partnered with Amadeus for next three years to provide its platform for searching, booking, and associated payment processes for any kind of travel.
Over the last 14 years, Paytm has provided an innovative digital payment services in India and totally revolutionized online transaction space.
