Emerges in an extreme rapid way after demonetization in India and now become India’s super app with over 200 services. Paytm’s digital payment leadership reflects its success story in several digital transition services paytm provides and makes its presence in a street vender to a premium retail store.
Paytm QR, which is seen at kirana stores, has become ubiquitous to cash in India. Paytm provides up to 200 services on its platform ranging from recharges and bill payments, to travel and entertainment booking and everything related with payments for a common man.
Paytm’s hassle free services and mode of transactions attracted tech giants Google, Facebook, Whatsapp and Walmart’s Phonepe. All these companies start following a similar strategy but success is so far for them. They are burning massive cash to attract more users through incentives and cash back.
Form instant payment, UPI payment and payment through paytm wallet, Paytm has also facility of postpaid services for their users. Riding on the success of the network effect it has created in the online and offline domain, the company is now building a variety of services to enhance engagement and drive repeat transactions from its large consumer base.
The success of Paytm’s business model has city services like “Fastag”, challan, donation Paytm Inbox has news, cricket and entertainment videos as well as financial services like loan, gold, insurance etc.
In a rapid growing economy in India Paytm grabs the digital transaction market in a very unique way. According to a senior official of Paytm “In India we see the rise of a trend, where users want everything immediately so we have created Paytm as a super app that encompasses all their daily payment needs instantly. It is extremely satisfying to see that Paytm has become a household brand and is ubiquitous to cash. Going forward, we will continue to bring on board and build as many services to contribute to the mission of Digital India.”