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Paytm is India's largest financial services firm providing an entire range of online payments & financial solutions to customers, online retailers and service partners. The company works towards a vision of introducing at least half a billion Indians into the mainstream economy through payments, trade, finance, recruitment, and financial services. One97 Communications Limited, which owns the Paytm brand, was founded by Vijay Shekhar Sharma in the year 2010. It is headquartered in Noida, Uttar Pradesh. Its primary investors include Softbank, Ant Financial, AGH Holdings, SAIF Partners, Berkshire Hathaway, T Rowe Price and Discovery Capital.
Vijay Shekhar Sharma, founder & CEO of Paytm, and One97 Communications Limited, together owns Paytm Payments Bank, the country's largest digital bank with more than 58 million account holders.
Vijay Shekhar Sharma is a billionaire businessman in India. He graduated from Delhi College of Engineering with a Bachelor's degree in Electronics & Communication Engineering. In the year 1997, while still in college, he designed and launched a website, which he later sold for $1 million in the next two years. One97 Communications, his brainchild was founded in the year 2000. Initially, it was majorly into providing mobile content, like news, cricket scores, ringtones, jokes and examination results. Later, in 2010, Paytm was born.
In 2017, Sharma emerged on Forbes' World Billionaires List, the youngest Indian on the list with a net valuation of $2.1 billion. The founder of Alibaba, Jack Ma, and Masayoshi Son of Softbank, are his inspirations. He was even on the list of the 100 Most Influential Individuals of Time Magazine in 2017.
The primary business of Paytm is digital payments. Paytm serves as a payment gateway to customers and merchants to make seamless payments from cards, bank accounts and other e-wallets. Paytm also provides a range of payment facilities, such as mobile recharges, bill payments, movie tickets, taxi, train and flight tickets, loan payments, insurance, forex, etc. Consumers can directly link their bank accounts and credit cards to their Paytm account to make seamless payments on different retail and online ecommerce sites.
It has since grown multi-fold and now has the following subsidiaries:
With over 350 million downloads, Paytm is the most commonly used payment app in India. It allows you to pay at merchant locations using phone number or QR Code. Since its introduction in 2014, Paytm Wallet is the most widely used payment app in the country. Paytm Wallet opened the Indian economy to digital banking. It allows users to load money to their wallet through Netbanking, credit card or debit card and use it to make a plethora of payments around the country.
Paytm Wallet was such a massive movement that street vendors saw a huge boom in their business. Paytm Wallet became the preferred method of payment for college students and working youngsters, since it removed the hassle of carrying their wallet wherever they went.
Paytm Wallet also allowed money transfer from person to person using just the mobile phone number. Indians were not new to NEFT or IMPS, but instant money transfer to another bank account kind of revolutionized the entire digital banking landscape.
Paytm continues to retain millions of loyal customers from its initial days owing to its user friendly interface and exciting offers and discounts from time to time.
It is very easy to make your bill payments or recharge your mobile phone on Paytm.
RBI guidelines require all prepaid wallet providers, including Paytm, to link their Aadhaar to their e-wallet account. Linking Aadhaar to your Paytm wallet prevents misuse of your wallet. It helps the government to identify the users of money transfers and control black money laundering.
Here is the process to complete your KYC for Paytm:
Aadhaar based KYC at your Nearby KYC Point: You can find Nearby KYC points on your smartphone Paytm App or visiting Paytm page on your browser. You may also tap on the Nearby icon on the blue strip at the top of Paytm App Home page. You need to carry your Aadhaar and PAN for verification. You will need to verify your Aadhaar biometrically.
Aadhaar based KYC at your Doorstep: This is in pilot phase and has been rolled out to limited users in select locations. In case you are part of the pilot exercise, you will find this option on your App home page. Charges for KYC at your doorstep will be applicable. Else, you may visit the KYC point nearest to your location.
Video KYC: To deal with the current pandemic, Paytm has introduced Video KYC. You can show your original KYC documents for verification by our authorized representative, through a video call. You first enter your Aadhaar Number and the name on your Aadhaar card in the fields given. Then you proceed for a video call, where you will be required to produce your original KYC documents. This method is currently being promoted vigorously to avoid Corona infection.
Points to remember about Paytm KYC:
1. What do I need to open an account on Paytm?
You can register on the Paytm App with just your mobile number and email address. You need to complete the full KYC in order to load money above Rs. 10,000 in your Paytm Wallet. With the basic account, you will be able to do mobile recharges, bill payments, online shopping and other facilities.
2. What are the benefits of using Paytm?
You could use Paytm for a range of facilities while enjoying India 's fastest online banking and payment facility. Paytm allows you to carry out actions such as mobile recharges, online shopping, bill payments, money transfers, insurance purchase, mutual fund investments, and a lot more. You have to link at least one bank account to your Paytm account to allow a seamless payment process.
3. How to transfer money from my Paytm Wallet to my bank account?
Login to your Paytm App
4. How can I get free Paytm cash back?
You can get free Paytm cashback by using promo codes as you're making a purchase on Paytm app. Tap 'Cash Back' at the top right corner of your Paytm app to find regular promo codes and deals. You will get extra cash back by ordering a gift voucher from Paytm.
5. How to reset Paytm password?
Login to your Paytm app.
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