Paytm

Paytm
Type of site
 E-commerce
Founded 2010 (2010)
Headquarters Noida, Uttar Pradesh, India
Area served India
Founder(s) Vijay Shekhar Sharma
Key people Vijay Shekhar Sharma (CEO)
Industry Internet
Services Online shopping
Parent One97[1]
Website paytm.com
Alexa rank Decrease 294 (As of November 2016)[2]
Current status Online

Paytm is an Indian e-commerce website headquartered in Noida, India. It was launched in 2010 and adds to the industry of FinTech in India. It is owned by One97 Communications. The firm started by offering mobile recharging, adding bill payment and e-commerce, with products similar to businesses such as Flipkart, Amazon.com, Snapdeal. In 2015, it further added booking bus travel.[3] Paytm also launched movie ticket booking by partnering with Cinépolis in the year 2016.[4][5]

Background

Paytm was founded and incubated by One97 Communications in 2010 as a prepaid mobile recharge website. Paytm is an acronym for "Pay Through Mobile".[6] with Android, Windows and iOS apps.

In 2014, the company launched Paytm Wallet, now India's largest mobile payment service platform with over 100 million wallets & 10 million app downloads.[7] According to data shared by App Annie, a mobile-tracking website, Amazon has taken the second position from Paytm in terms of mobile downloads.[8]

Funding

In March 2015, Indian industrialist Ratan Tata made personal investment in the firm.[9] The same month, the company received a $575 million investment from Chinese e-commerce company Alibaba Group,[10] after Ant Financial Services Group, an Alibaba Group affiliate, took 25% stake in One97 as part of a strategic agreement.[11] Paytm borrowed 300cr from ICICI Bank in March 2016 as working capital.

Partners

The application enables users to perform purchases such as air tickets, taxi booking, mobile recharge, DTH bill payment and electricity payment, among others.[12] Paytm users can also pay for fuel at Indian Oil Petrol pump through the wallet.[13] Users can also book movie tickets as the e-commerce player has partnered with PVR Cinemas.[14]

Payments bank

In 2015 Paytm received a license from Reserve Bank of India for starting India's first payments bank. The bank intends to use Paytm’s existing user base for offering new services, including debit cards, savings accounts, online banking and transfers, to enable a cashless economy. The payments bank would be a separate entity in which the founder Vijay Shekhar Sharma will hold 51%, One97 Communications will hold 39% and 10% will be held by a subsidiary of One97 and Sharma.[15]

Paytm is also approved as an operating unit for Bharat Bill Payment System, as a result of which users can pay their bills anytime and anywhere.[16]

References

  1. ↑ "Alibaba enters India's e-commerce space with 25% stake in Paytm owner One97". India Times. 6 February 2015. Retrieved 30 March 2015.
  2. ↑ "paytm.com Site Overview". Alexa Internet. Retrieved 2016-07-15.
  3. ↑ Verma, Shrutika (14 January 2015). "Alibaba diverges with SoftBank with Paytm pick". Live Mint. Retrieved 30 March 2015.
  4. ↑ "Paytm, Cinepolis tie up to expand consumer entertainment avenues". Business Standard. 11 May 2016. Retrieved 22 May 2016.
  5. ↑ "PM Narendra Modi Advertising For Paytm 'Shameful,' Says Arvind Kejriwal". NDTV.com.
  6. ↑ "Paytm, always bringing the Uber experience to you". #PaytmKaro. Paytm. November 13, 2014.
  7. ↑ Russell, Jon (13 March 2015). "India's Top Mobile Wallet App Adds Support For Payments To Bank Accounts". TechCrunch. Retrieved 30 March 2015.
  8. ↑ "Amazon pips Paytm to No. 2 slot in app downloads". The Financial Express. 18 May 2016. Retrieved 22 May 2016.
  9. ↑ Sharma, Samidha (13 March 2015). "Ratan Tata's fifth personal investment in the digital economy is Paytm". Times of India. Retrieved 30 March 2015.
  10. ↑ Goyal, Malini (15 March 2015). "How startups have successfully established their own rules of hiring, rewarding & retaining talent". Times of India. Retrieved 30 March 2015.
  11. ↑ Shu, Catherine (5 February 2015). "Alibaba's Financial Affiliate Takes 25% Stake In India's One97, Owner Of Paytm". TechCrunch. Retrieved 30 March 2015.
  12. ↑ "M-wallets may make hard currency history". The Hindu. 2 May 2016. Retrieved 21 May 2016.
  13. ↑ "Pay for Petrol With Paytm at Indian Oil Pumps". 8 February 2016. Retrieved 20 May 2016.
  14. ↑ "Paytm partners with PVR Cinemas". The Times of India. 21 March 2016. Retrieved 20 May 2016.
  15. ↑ Aamir, Mohamed (14 September 2015). "Paytm plans to start India's first payments bank". Economic Times.
  16. ↑ "PayU India, Paytm get in-principle approvals for consumer bill payment services". Economic Times. 16 May 2016. Retrieved 21 May 2016.

Further reading

See also

External links

This article is issued from Wikipedia - version of the 12/4/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.