Paytm - Complete information in detail
Paytm is a company that has made easier and convenient for a person to do cashless transactions in no time without any difficulty of carrying cash from one place to another. Paytm is a safe system to make quick transactions. Paytm has reached to such a hike that whenever a person think of cashless transactions, the 2 most common words that come to the mind is “PAYTM KARO”.
Paytm gives us so many options yet in
a very understandable format that anyone can use it with little technical
knowledge as well.
Paytm is
a well known Indian e-commerce payment system flourished with many options built
to facilitate the needs of its various customers.
This company is based on financial technology and is headquartered
at NOIDA, UTTAR PRADESH.
The consumers who prefer Paytm for regular transactions are so
pleased to know that paytm is available in 11 different languages to make it
more convenient for the users who come from different states, countries with
their different languages and can use paytm according to their preferences and
languages.
In the above paragraph we
have talked about the various options/features that are provided by paytm to facilitate
its users. Now let us discuss the features given by paytm:
1.
Mobile
charges (There are various plans that we can use to recharge through
paytm.)
2.
Used
for travelling (We can book airplane tickets, railway tickets and reserve our
seats prior to going out for our destination by just sitting at our homes.)
3.
Event
bookings (India is a land of festivals and people celebrate everything
with joy and wisdom. So to book hotels or halls for any event can also be done
by Paytm.)
4.
In-store
payments (The scope of paytm is day by day rising and now it is not only
used for big transactions but can be used for small transactions as well like
in grocery stores, vegetable or fruit vendors, small shops.)
5.
Restaurants, pharmacies and educational institutions also make use of Paytm by using QR code.
When a company is so big and huge with its customers, millions
of people trust the company, sometimes it happens that the company has to face
some criticism from other competing companies.
A California based company PAYPAL did the same as they put
allegations on Paytm regarding the color combination depicted in the logo of
both Paypal and Paytm.
This hugely reputed company has over 7 million merchants across
India who manages to use their QR code payment system to give and receive
payments through direct transactions from bank account.
So, this was initially the overview of what Paytm is exactly
about and how its functioning is done.
But knowing this is not enough, in the next paragraph we will
see the struggle of the founder and CEO of Paytm MR. VIJAY SHEKHAR SHARMA and
how he manages to make it reach to the next level.
PAYTM was founded by MR.VIJAY SHEKHAR SHARMA in August 2010 with
an initial investment of $2 million in NOIDA.
Vijay Shekhar Sharma started with a passion to serve a prepaid
mobile and DTH recharge platform and then gradually added some more options
like postpaid and landline bill payments, data card etc.
It took a lot of years for VIJAY SHEKHAR SHARMA to get started
with Paytm.
The founder and CEO of paytm VIJAY SHEKHAR SHARMA struggled a lot
during his childhood days as he had completed his 12th from Hindi
medium school but later when he moved to DELHI to pursue engineering, he struggled
a lot with his English. He got admission in Delhi college of engineering (one
of the prestigious college known for the meritorious students.)
But unfortunately VIJAY SHEKHAR SHARMA was not able to take the
stress of the college as it was all in English and he has always studied in
Hindi medium school. So English language was becoming a hurdle for him at that
point of time. But he was so passionate that he didn’t loose hopes and start
practicing to improve his vocabulary and finally his fluency in English.
A day came when VIJAY SHEKHAR SHARMA was known as the INDIA’s 74th
richest person.
Paytm carries around 16 million transactions on daily basis, not
only this but it has around 30 crore active users with humungous reach
Paytm is one of the biggest platform for mobile wallet and
mobile payment transactions and is considered as the FINTECH company.
Many of us may be wandering that WHAT IS FINTECH COMPANY ?
Paytm is a company that is the amalgamation of FINANCE AND
TECHNOLOGY and hence is known as Fintech company.
As India is moving gradually towards cashless payments and
digitalization many banks have learnt to move online, but they lack somewhere
in adapting alternate payment options.
People still have to stand in long queue, waiting for their
turns, tackling with chaos and unnecessary changes imposed by banks and to
remove these obstacles, Fintech companies like Paytm have to come in frame.
Paytm already know that the Internet
reach of our country is massive.
There are a lot of E-commerce
sites that are in trends and people love to spend a lot of time on these sites.
Huge population has moved from offline to online and have a strong faith on
online transactions.
But then a thought arise that people are surrounded by internet
usage but no one have ever thought of doing direct payments from mobile and
then initially the concept of mobile wallet comes in frame.
On January 2014, the company had launched Paytm wallet,
Paytm wallet is so convenient and is easy for the
customers and the merchants to do transactions, Whenever we want to do small
transactions to vendors like to shoe-vendors, grocery stores etc, we can use
paytm wallet at our convenience.
BENEFITS
OF PAYTM WALLET
1.
Anyone can connect to paytm wallet without having bank account.
2.
People can receive money without having any bank account.
3.
Users can spend money without having any bank account.
Paytm also deals with online E-commerce sites and helps in
booking bus or railway tickets, can help in paying metro charges, payments of
gas and electricity bills and much more.
Paytm was criticized a lot during the time of
demonetization but Vijay Shekhar Sharma didn’t loose hopes and continued
working on the growth of Paytm. He understood the fact that while they are
moving forward with new creation or changes with paytm there is still the need
of stability and the approach for working with stability worked so good that
now Paytm is considered as India’s one of the leading financial services
company that allow its users to do daily payments from mobile itself, gives financial
advices to the customers, helps offline vendors, enhance the use of E-commerce
sites as well.
. VIJAY SHEKHAR SHARMA has started with One97
communications limited and then he become the founder and CEO of Paytm and now
he together own Paytm payments bank.
Paytm payment bank covers around 58 million accountholders and its mission is
to protect and uplift the un-served and under-served Indians with the paytm
payment system.
On August 2015, Paytm got the license from THE RESERVED BANK OF INDIA to launch Paytm payment bank. Although
Paytm payment bank is a separate entity in which Vijay shekhar Sharma holds 51%
share and the rest are divided among One97 communications and a subsidiary of
One97 and Vijay shekhar Sharma.
Paytm payment bank changed the scenario for paytm and helps to
groom the services provided by Paytm to its users.
After that the founder of Paytm thought to expand the company
with more features so he decide to launch a separate mall for paytm users.
PAYTM MALL In February 2017, Paytm launched again a
separate entity that is known to be a Paytm mall.
This mall allows the users to shop various products from 1.4
lakh-registered sellers.
Paytm mall holds the B2B model which is an abbreviation used for BUSINESS TO BUSINESS model where the seller sells their products to the intermediate such as wholesalers or retailers and then the product is been transferred to the ultimate consumers.
The concept of Paytm mall was an inspired theme from a CHINA’s largest B2B platform. Paytm mall has raised $200 million from ALIBABA group and SAIF partners in March 2018.
Now with the help of Paytm mall users can build trust on Paytm and can rely on its features to have relaxed transactions.
IMPORTANCE
OF USING PAYTM
1. Anyone can anytime do online transactions.
2. From small merchants and vendors to big organizations, the sellers can easily send and receive hassle free payments from their customers.
3. Users can just create their account on Paytm and can do mobile recharge, DTH recharge, pay gas and electricity bills and much more in just one click.
4. Customers can shop from Paytm as well and can get vouchers and cash back on their purchases.
HOW TO MAKE
ACCOUNT ON PAYTM
1. The users can firstly install the Paym app in their android mobiles.
2. After installing the app, choose the language in which you are comfortable and click continue.
3. Once the app is open, user can go to the Profile section and click on HELLO, LOGIN TO PAYTM.
4. The user will see the login page and can simply click on SIGN UP to create an account on Paytm.
5. Enter your mobile number, email (optional) then create a password (must contain an alphabet and a number) for your account and click on SIGN UP.
6. The user will receive an OTP on the mobile number given, enter the OTP and click DONE.
7. Then enter your First name, last name, date of birth and click confirm.
8. Congrats! Your account is created.
Now the user can use their Paytm account as per their needs and preferences. There are so many features on the app through which a user can explore many things and the best part about the Paytm app is that it is very simple to use and anyone can use it according to their convenience and can enter in the digital and a safe world of transactions and payments.