On November 8, Prime Minister Narendra Modi abolish the usage of note of Rs 500 and Rs 1000. Due to the sudden policy change, these notes will be no longer be valid. This had a great impact on the public and resulted in nearly 86% of the cash of the economy invalid. This gave a way to the success story of Paytm – Vijay Shekhar Sharma.
About – Vijay Shekhar Sharma
He is the founder of Paytm which is a giant Indian e-commerce. He was born in a middle-class family in Uttar Pradesh. At the age of 5, he enrolled himself in Delhi College of Engineering. It scripted massive success after launching the Paytm. In fact, this company now exists with the worth over a billion dollars. Alibaba’s Jack Ma and Softbank’s Masayoshi Son are Vijay Shekhar Sharma’s biggest inspirations.
While studying at the Delhi College of Engineering, he faced many obstacles in understanding English. Even after facing obstacles, he soon started a website called indiasite.net which was sold for $ 1 million later. 11 years ago, he started a content platform One97 Communications which is now serving as Paytm’s parent organization.
Successful payment business of Paytm
In 2014, Paytm was launched with online wallet services after which company enabled online payment transactions. This was available for more than 100 million users. The company got a licenses from the RBI last year so as to launch country’s first ever payment bank. Moreover, the main motive of Paytm was to transform India into a cashless economy.
After demonetization came into effect, Vijay Shekhar Sharma started promoting online and digital transactions to deal with the cash crunch. In fact, the service of the company’s mobile wallet is accepted across India. The logo of Paytm is now popular almost everywhere from tea stalls to the company.
Since the demonetization, the number of online payments has increased over five million transactions everyday. This shows the company’s robust growth curve. Company reports that there is 700% hike in the company’s customers and the traffic. There was an increase over the portal after the abolishment of the high-value currency notes. This resulted in the 100% growth in the value of the money across Paytm’s accounts.
Paytm is taking care all of his users. Further, it explained its availability to all its users who have no access to smartphones. A company further put in motion a toll free number 1800-1800-1234. This number will allow all their customers to receive money and recharge their mobile phones all without an internet connection. However, to use it, user first have to register for a Paytm account which will require internet.
Paytm is growing at a very fast speed
It announced the new “App Password” for the Android application. It allows user to safe their account even after the phone gets steal. Moreover, this features allows users to lock their application using a PIN or a password. Vijay sold 1% of his shares for Rs. 325 crore in One97. In fact, this money will help in setting up of Paytm payments bank.
Customers duped Paytm
Press Trust of India (PTI) reported that Paytm was duped by approximately 48 customers for Rs 6 lakh. CBI has already filed a case in respect to this. The company is increasing its capacity as the servers of the mobile wallet had a congestion problems. In last 40 days, there are 20 million new users. Paytm faced technical issues due to which users face transaction issues. A spokesperson said that the technical challenges are due to the sudden jump in the increased number of the users.