Paytm's growth potential: The tech innovator's journey of disruption and success

When it comes to mobile payments, one name stands out as a true pioneer– Paytm. The fintech giant is India’s most trusted brand with ‘Paytm Karo’ becoming a verb for transactions. As a tech innovator, Paytm has consistently been the first to launch many technology-led solutions, driving convenience for users across the country. In recognition of its outstanding work, the company has already won seven awards in just the first five months this year, spanning various categories such as innovation in UPI, operational excellence, business technology solutions and even ESG solutions.

Since its inception, Paytm has been relentless in building disruptive solutions, to leverage its growth potential. The journey started with mobile recharges and ticketing, but it was the launch of Paytm Wallet in 2014 and the QR Code that forever changed the payments landscape in India. From tea stalls to the neighbourhood kirana store, QR codes have become ubiquitous, emerging as the favoured payment method for consumers. In 2020, the All-in-One QR Code was introduced, empowering users to pay through any third-party source.

With the launch of the iconic Paytm Soundbox in 2020, the company revolutionised merchant payments. This IoT device provides instant audio alerts for payments, eliminating the need for merchants to constantly check their phones for payment confirmations. This industry-first solution has solidified Paytm’s leadership in merchant payments.

Another transformative product by the company is the Paytm PoS machine. Providing customisable billing and payment solutions, the all-in-one PoS machine has gained wide acceptance across businesses. Built for smart retail, it also provides invoicing and tracking solutions. With offerings such as Smart PoS and Linux PoS, Paytm has elevated its product portfolio, delivering numerous benefits. The company continues to strengthen its leadership in merchant payments with over 75 lakh devices, both Soundbox and PoS, deployed across the country.

The growing popularity of the Payment Solutions app has led to expansion of its consumer base with average monthly transacting users (MTU) at 9.2 crore for April & May 2023, growth of 24% YoY, as per the latest earnings release. Paytm Super App has become the go-to choice for millions of Indians for all their payment needs be it paying utility bills, booking tickets, or money transfer.

Paytm is the only payments platform to have both a payment gateway and a PSP (payment service provider) under the same banner supported by the groundbreaking superior technology stack of Paytm Payments Bank.

Building on their pioneership in UPI, their associate Paytm Payments Bank Limited is also at the forefront of fintech innovations. Powered by the latest infrastructure in banking, Paytm Bank ensures superfast, secure and seamless transactions with one of the lowest transaction decline rates. The Bank has always been the first on the block to take NPCI’s UPI inventions to the masses.

PaytmBank made waves with the introduction of UPI Lite, a lightning-fast payment solution that never fails. Within three months of its launch, Paytm Bank’s Paytm UPI Lite crossed 9 million users, resulting in 10 million transactions. After UPI Lite for consumers, the company brought Paytm UPI SDK for its merchants, a game-changing product that enables quick, one step UPI payments.

The Bank also came up with a slew of product collaborations i.e Paytm RuPay Credit Card, Paytm SBI Credit Card and made UPI Lite available on not just Android but iOS as well. Paytm UPI SDK

As the market leader in UPI, Paytm Bank is the most preferred destination for most of India’s UPI transactions, especially for UPI person-to-merchant payments. Merchants on the Paytm ecosystem, where Paytm Bank is the Payee PSP, accounts for almost 40% of all UPI person-to-merchant (P2M) transactions.

Paytm Payments Bank is also responsible for products like Paytm Food Wallet, automating recurring payments such as EMIs, insurance payments, SIP deductions through NACH or National Automated Clearing House and providing FASTags for ease of travel. At present, Paytm Bank is the largest issuer of FASTags in India.

Technology is at the core of Paytm’s business and it has leveraged it to create a comprehensive range of simplified products and services that can be accessed by everyone. The homegrown brand is driving financial inclusion in the country, taking mobile payments to India’s farthest corner. Innovation and security are in the DNA of this OG of fintech that is taking Digital India to new heights.

Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in