In the year 2010, Vijay Shekhar Sharma, an alumnus of Delhi College of Engineering (now Delhi Technological University), founded the company.
As a result of the startling decision made by Prime Minister Mr. Narendra Modi regarding demonetisation, the company gained sudden prominence. As an economic engine, Paytm became a dominant force. Since people were unable to access cash, they turned to Paytm.
In the wake of demonetisation, the company gained new success opportunities. The company was able to reach out to the less-educated and less technologically savvy people like hawkers and street vendors. There was much ridicule and mockery directed at Mr. Sharma for his idea. Yet, when a flyer with the text “Paytm Accepted here” began appearing everywhere in our country, including remote areas we had never heard of before, they themselves became laughing stocks.
With Paytm, the entire payment methodology has been transformed, causing a revolution in the retail industry. A limited variety of utilities, such as mobile and DTH recharges and shopping bills, were initially paid for by this online wallet/e-commerce app. With time, this portal has expanded its scope, encompassing anything and everything within the scope of its activities.
Paytm is an e-wallet approved by the Reserve Bank of India (RBI), which means the money of the user is secured by an Escrow account with a nationalised bank. Paytm is the most popular digital payment platform in India due to its security features and simple user interface.
Whether it’s improving their products or services or improving their customer experience, Paytm is committed. Even the smallest features are constantly improved by their team of dedicated professionals. In order to maintain its position as the most preferred digital payment platform, Paytm always strives to add small and incremental features, yet they are all very effective. The company has today become one of the world’s largest and most successful firms in the technology space.