All about Paytm

Paytm has evolved into a wide-ranging services provider
A representational image of Paytm.—Paytm/File
A representational image of Paytm.—Paytm/File

With the quick advancement of technology, conventional physical currency payment methods are progressively being substituted by electronic currency transactions. Online payment methods provide not only ease of use and rapidity but also security of our wealth. They have been game-changers in the way we carry out financial transactions.

What is Paytm?

Paytm is an acronym for "Pay Through Mobile." It is an Indian online payment platform or payment wallet that was introduced in 2010. It was initially developed as a mobile payment platform to enable online top-ups and utility bill payments. However, over time, Paytm has evolved into a platform that offers wide-ranging services beyond just payments.

Its Origin

Vijay Shekhar Sharma founded Paytm. He had the vision to revolutionise the methods Indians used to make payments. Sharma relised that smartphones, which had reached a large number of people in India, could become digital tools for payment methods.

How Does it Work

Paytm works through a mobile app, which is available for both Android and iOS devices. Customers can download the app and create an account. The app enables users to link it to their bank account or credit/debit card. Once the users have set up an account, they can load money into their Paytm account and utilise it for various digital payments.

The prominent feature the app offers is a Quick Response (QR) code. Paytm offered QR code-based payments, making it easier for the common public to pay their bill, small or big, seamlessly.