Paytm is one of the most successful financial banking platforms. The number of Paytm users is increasing daily in India.
Paytm with the goal of a cash-free nation, has proved that in a country where cash plays a significant role in the market, a new and innovative idea of cashless India can strike its way in.
This platform has reached almost everyone in India, from street vendors to ordinary people. Now all you need is your mobile phone and a Paytm account to buy errands, eat at restaurants, have medical supplies, enjoy on paytm casino sites, and many more things.
What is Paytm?
Paytm, abbreviated as “pay through mobile,” is an online payment service based in Noida, Uttar Pradesh, India.
Launched in 2010 by Vijay Shekhar Sharma, Paytm has an initial budget of $2 million. Paytm was initially launched as a platform to recharge your DTH and prepaid mobile; later, Paytm included postpaid bill payment, data card, and landline bill payment.
By the start of 2014, Paytm launched Paytm Wallet and Indian Railways, and Uber offered customers Paytm wallet as a payment gateway on the official mobile application and site.
By 2015, Paytm launched more services like metro card recharge, education fee payment, electricity, gas, and water bill payment. In 2016, the launch of Paytm QR had made a big difference and offered customers to book flight tickets via QR code.
And by 2016, users were able to book movie and amusement park tickets. Paytm partnered with Alibaba Group by 2018 and launched Gamepind, which was later renamed Paytm First Games.
Paytm: User Range
At the moment, there are almost all the options that are available on Paytm. Paytm has evolved itself to such an extent that you can go outside and pay for nearly everything via Paytm.
With the advancement in technology used by Paytm, the user base reached 11.4 million by the end of 2014 and 104 million by 2015. The travel business spiked to $500 million annually with 2 million tickets booked per month.
As of March 2021, 1.2 billion transactions and 2.29 billion UPI transactions have been done via Paytm. Almost 85% of person-to-person transactions are done via Paytm.
Paytm has expanded its services to cater to merchants from the local market to international firms. Paytm serves more than 17 million merchants in the Indian market, and this count is growing by 15% every month.
Paytm has remarkably expected over six lakhs villages in India and empowers the notion of digital India to every corner of the nation.
By 2018, 350 million active users were present on Paytm, some of which even enjoy paytm poker, and the number is expanding over the years. Paytm was awarded Outstanding Startup by Forbes Leadership awards in 2016.
Paytm has proven itself as one of the most powerful and influential online payment services in India.
It has opened a new door of payment gateway to Indians that allows them to go cashless, but it gives them a sense of security to make online payments to international merchants.