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. Paytm additionally launched movie ticket booking by partnering with Cinépolis in the year 2016.
In 2014, the company launched Paytm Wallet, now India's largest mobile payment service platform with over 100 million wallets & 10 million app downloads. According to data shared by App Annie, a mobile-tracking website, Amazon has taken the second position from Paytm in terms of mobile downloads.
In March 2015, Indian industrialist Ratan Tata made personal investment in the firm. The same month, the company received a $575 million investment from Chinese e-commerce company Alibaba Group, after Ant Financial Services Group, an Alibaba Group affiliate, took twenty-five percent stake in One97 as part of a strategic agreement. Paytm borrowed 300cr from ICICI Bank in March 2016 as working capital.
The application enables users to perform purchases such as air tickets, taxi booking, mobile recharge, DTH bill payment and electricity payment, among others. Paytm users can additionally pay for fuel at Indian Oil Petrol pump through the wallet. Users can additionally book movie tickets as the e-commerce player has partnered with PVR Cinemas.
In 2015 Paytm received a licence 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 percent and ten percent will be held by a subsidiary of One97 and Sharma.
Paytm is additionally approved as an operating unit for Bharat Bill Payment System, as a result of which users can pay their bills anytime and anywhere.