Paytm (India) An Endeavour to Make Cashless Economy for Indians for Simpler Life

1. Paytm (India): An Endeavour to Make Cashless Economy for Indians for Simpler Life Out of various issues going on around the world, the Myntra logo controversy is what caught the eye of people online, news channels and various media houses. This is one of the latest controversies which left people shook when a few people on social media claimed that the logo is indecent, derogatory and denigrating to women and therefore the fashion and lifestyle e-commerce website was forced to change it and revamp their 5-year-old logo. The Myntra Logo you currently see is different and this revamped brand icon is here to stay. It was said that the Myntra logo apparently depicts a “woman’s vagina” and therefore was protested against.

2. Introduction Sometimes, it may happen that physical cash will not always be available in the hands of customers and there is a lot of problems it arises for buying or selling any product. Even, though most of the customers might face this problem regarding payment of university fees, tuition fees, bills, recharge, restaurant bills, and so on. During the time of demonetization, almost more than 95% of people used to believe in monetary transactions and many of them were not believe in those online transactions as it was not secure. Later, the concept of an E-commerce digital platformwas adopted and that’s whyPaytm plays an especially important role in this context. Paytm considers being one of India’s largest e-commerce or wallet Payment Company which transform the history of the payment industry and also transform the lives of every individual from the physical mode of money into digital money. It was started in the year 2010 by one of the famous Indian Businessmen Mr. Vijay Shekhar Sharma who is currently the CEO of Paytm and powered by One 97 communications Ltd. When it was first launched in the market, it was not an easy task but rather much more difficult for the company to bring trust in the mindset of people to convince them to switch to online transactions. It struggled a lot at the initial phase of the start-up and the later step that Paytm took jump was a phenomenon. They changed their plan course of action and strategy to convert into a commercial center, later they created a virtual bank platform called Paytm bank where people can open their accounts and keep their money safe. Later, it launched the Paytm wallet system, Paytm gold, online recharge, investment, QR codes facility, cashback, offers, and so on. All these things are combined and put together into one website so that it becomes easier and accessible for everyone to use, and the mobile application was designed. This helped to establish a corporate image that allows more investors to provide more funding for the company. In this way, both the businesses as well as people are getting benefitted to increase share in the market. Paytm is now being used everywhere including vegetable shops, food suppliers, Kirana stores, etc. Business Aspects and Expansion The Motto of Paytm Once, Paytm had successfully flourished in the market, they found that to expand their revenue stream from the public people, they must give prior importance to people carefully. They began the customer-centric approach. The reason behind this customer-centric approach was adopted because when Paytm launched their e- wallet services for customers before that, they developed 24/ 7 customer service to address the problems. The concept of digital payments was something new for customers. It might happen that if they do not get full guidance and support, then they will never know how to operate Paytm and that was the most challenging task for them. So, the company spent around Rs. 14,500 crore along with that they had

3. contributed their skills and manpower well enough to motivate, convince customers to substitute the physical mode of cash with digital payment. When the company launched Paytm wallet in the year 2014, it was again a whole new concept for customers to get it understood by directly paying goods without giving an OTP again and over again. They believed that using OTP will help to keep their money safe, but they were wrong, the money will be deducted from their Paytm wallet. It was the best feature that Paytm used to provide for customers, but it took time to get adjusted and used to it. Paytm was enjoying very well in the market and the government of India used to encourage and give full support to the company in a successful manner. Statistics data link for reference “https://blog.paytm.com/online-commerce-in-india-key-stats-cb7d0e4473f7” Business Strategy of Paytm The main core focus of Paytm is to serve the client base of Indians because many of the Indian clients see the world as another chance or opportunity by simply accessing online installments. So, the company figured it out a way to hire more clients by offering Paytm Gold, Paytm Wallet, stocks, investments and not only that it used promotion strategy such as cricket and TV to acquire more and more no of clients. You can read the full content: https://www.businessupside.in/paytm- india-an-endeavour-to-make-cashless- economy-for-indians-for-simpler-life/ -------------------------- Business Upside

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