Alternative Payment Solution: Paytm
Paytm is the leading alternative payment solution in India. Owned by One97 Communications, Paytm initially began its operations as an e-commerce marketplace in India in 2010. In 2014 the company launched the Paytm Wallet, which can now be used for both online and in-store payments. Funds can be loaded onto the wallet via online banking, debit cards, and credit cards.
The wallet, which was initially used only on Paytm’s own online marketplace for e-commerce and bill payments, is now widely accepted at a number of other online merchant websites/apps. Paytm dominates the Indian mobile wallet market and accounted for a 9.9% share of the total e-commerce transaction value in 2017 - according to GlobalData’s 2017 Consumer Payments Insight Survey. In addition to online payments, Paytm is now used for day-to-day offline transactions and is accepted across all merchant types ranging from local grocery stores and street vendors to large retail brands such as Big Bazaar, Pantaloons, and Lifestyle.
In addition to payments for purchases, the wallet can be used for peer-to-peer (P2P) money transfers. In November 2017, Paytm integrated BHIM UPI into its platform, enabling users to send and receive money between two bank accounts directly from their mobile phones.
The report provides information and insights into alternative payment solution Paytm, including -