PayTM- Company that changed the way Payment works

There are so many companies in the country but very few make significant changes in people's life. Today in this post I am going to discuss the case study of a company that is popular across the country and because of this, we have gone more digital. I hardly carry cash because I know that it is accepted everywhere. There is no reason for me to withdraw cash from the bank and carry it when I know that the online options are available everywhere and payment can be done using my wallet or the bank account through the mobile application.

Business model

This company name is Paytm, and it is the leading fintech in India. The company was founded in the year 2010 with initial services offering for the mobile recharge only and later on they keep on adding various services on their platform. It's been more than 12 years for this company and in this. They have grown a lot in terms of their overall portfolio and expansion across the country. The business model is to simplify the payment system across the country for users as well as businesses where with digital solutions they are trying to reduce the use of cash in the economy. The Indian government is encouraging people to use more digital payment solutions so that more value can be transitioned toward the digital economy and this company is playing an important role to take it forward.

In India demonetization happened in the year 2016 and this was the time when this company got more attention from the people because cash was not available. This was the time when the company was able to onboard millions of customers and businesses on its digital platform. It was a good time when the company tried to increase people towards the cashless economy and now a major chunk of people use these services provided by the company. I don't date you think of anything related to money and finance and you will get Paytm everywhere. If you think about shopping or paying for any good sense services, then you have the option with you to pay through the pay TM wallet.

Paytm is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida. It was founded in 2010 by Vijay Shekhar Sharma under One97

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Campaign

This was a new business model in India and to bring more attention the company invested a lot of money as part of the promotional campaign. They paid out very good rewards in the beginning to onboard more people but now since things have grown up so they have reduced the marketing expenses, but this is not making any difference in the adoption since people are now used to the services provided by the company. This was a long-term marketing strategy that continued for a couple of years and as a result, the company got whatever it planned for. I believe that proper planning on marketing can bring desired results if the company is focused on the outcome and they are ready to pay whatever the price is good to achieve that.

The Product/Services Portfolio

They have got a bigger portfolio as of now that includes some products and a majority of services, and all these are available under one platform. They have also developed a physical device that speaks whenever any payment is received on the merchant account so there is no need to look at the payment confirmation or even to wait for the SMS. This saves time because you can hear the announcement and it happens instantly. Even though they have a bunch of financial services and are tied up with multiple organizations and business has to enable cashless payment using their platform and even there is no need to link any card since this can also be paid through the bank account or using the UPI transfers. On top of that, they also provide payment gateways, and most of the time these are working flawlessly which helps the businesses to get the collection without any technical issues.

This has become a bigger brand that they have also partnered with leading banks to issue branded credit cards for the customers where they offer certain benefits, so this is another way to bring more revenue and help people going towards the digital economy.

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Experience

My experience with the company has been amazing since the beginning and I am one of the users who has been using their services since 2011 when it was just a mobile recharge company. I never thought that a company which has started with just one service can become so big in a decade and now it is available across the country.

It is listed in the stock market I now become a publicly listed company so anyone can buy their share and only equity in this leading fintech company in India. There have been some issues in the last couple of years, especially after getting listed in the stock market. Some earlier investors have taken out their money which has resulted in the value down for the company but now the way they are working is making things better and we can expect that the company will be making things profitable for them in the coming years. While the company is struggling with funding but now they are in a better position despite all these challenges they were able to keep itself on top in terms of innovation. They are the ones who believe in technology and during tough times also managed to maintain the same pace which means they are on the right path and the company has a bright future.

Fintech is a growing segment in India and it is helping a lot of people to simplify their life with money management which is why the company is getting more users every day. I believe that with the advancement of technology, the offerings by such companies are going to be even better and smarter where the artificial intelligence technology can also play an important role to take it to another level. It will be interesting to see how this company grows as a business and set up an example for others to follow so that together they can contribute to making India a better example in terms of making a cashless economy and encouraging it to make it completely digital.

Thank you