Paytm has become a household name when it comes to digital payments in the country. It has created an ecosystem that allows millions of citizens to seamlessly conduct online transactions. It has become so popular that people use ‘Paytm Karo’ synonymously for digital payments similar to ‘Surf’ for detergent powders and Xerox for photocopy in the good old days.
The company, One97 Communications, not only gave India its first Digital Wallet, QR, an entire ecosystem of flexible payments and financial services for both consumers and merchants but also holds the record of the second-biggest public issue in the country.
Paytm’s journey from a simple platform for mobile recharges to revolutionising the digital payments landscape in India is akin to Tesla and Apple’s story. Paytm too had humble beginnings like Apple and Tesla which started their journey from a garage.
Innovation and being ahead of the curve in technology adaptation have made these new-generation firms scale greater heights. For example, Apple’s transition from the desktop to smartphone maker and other gadgets has made it one of the most valuable companies in the US. Similarly, Electric Vehicle maker Tesla with its futuristic product has not only created a buzz around the world but has joined the bandwagon of one of the most valuable companies replacing the old horses.
Likewise, Paytm too which started with a dream has now catapulted to become the country’s most prominent fintech company. Despite many players getting into the segment, Paytm still remains the leading brand with maximum recall value.
The company has achieved many milestones over the years — from revolutionizing digital payments with the Paytm Wallet launch in 2014 and to pioneering QR code next year. In the year 2017, the company became the country’s first-ever payments app to surpass the threshold of 100 million downloads.
Today Paytm boasts of 1.2 billion monthly transactions (as of March 1, 2021) with over 80 million monthly active users (as of September 2022).
Subsequently, Paytm widened its base into becoming India’s first super app, with offerings across recharges and bill payments, wealth management and also, and lending. As part of diversification, the parent company ventured into the credit card business in 2020 and loan distribution with banks and NBFCs in subsequent years. Last year, the company listed its shares on the bourses.
Like any other successful startup be it Apple or Tesla, it had its share of crests and troughs. As they say, Rome was not built over a day so is this company. Continuous innovation and out-of-the-box thinking of the founder have created this iconic brand. The company has gained a competitive advantage through innovation, agility, and customer-centricity adopted by it paving the way for a strong growth path in the future.