Paytm is an Indian e-commerce payment system and digital wallet company. It was founded by Vijay Shekhar Sharma in August 2010 and is based out of Noida SEZ, India. Paytm is available in 10 Indian languages and offers 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, restaurants, parking, tolls, pharmacies and education institutions with the Paytm QR code. California based PayPal had filed a case against Paytm in the Indian trademark office for using a logo similar to its own on 18 November 2016. As of January 2018, Paytm is valued at $10 billion.
Today over 7 million merchants across India use this QR code to accept payments directly into their bank account at 3% fee. The company also uses advertisements and paid promotional content to generate revenues. The company has also launched the ‘Paytm for Business’ app in over 10 regional languages, allowing these merchants to track their payments and day-to-day settlements conveniently.
In August 2015, the Reserve Bank of India granted ‘in-principle’ approval for Payments Bank to Paytm. In 2017, the company launched the Paytm Payments Bank with the aim to bring banking and financial services access to half-a-billion un-served and under-served Indians.
The same year, Paytm launched an app for Canadian mobile phone, cable, Internet, electricity and water bill payments. In 2018, it set up Paytm Money to build investment and wealth management offerings for its users. This business will bring direct mutual funds and money-market funds to the Indian masses.