On November 8th, 2016, one of the most used mobile wallets of India, Paytm, was blessed with a chance for flourishing its business. One needs absolutely no time to guess the significance of this date in the country. As Demonetization was announced exactly at 8:00 p.m. of that day, Paytm’s chief operating officer, Kiran Vasireddy, received the big news and an urgent conference took place within the employees of the company.
While all the Rs 500 and Rs 1000 notes were curbed, and people started standing in long queues outside ATMs, the most convenient alternative for the common people was mobile wallets. Paytm, already having a customer base of 125 million, the number rose to 185 million in three months. By the end of November 2017, the total number of customers turned out to be 270 million, which is the double of what it was in the previous year. It launched its payments bank and restarted the Paytm Mall.
On the day after the announcement of Demonetization, Paytm published an advertisement on the front page of the newspaper promoting the decision as a step towards a Digital India. This advertisement also led to certain political controversies. Kiran Vasireddy clarified the misconceptions saying that they did not look forward to such controversies. He mentioned that they spend their time planning to make the experience of their customers convenient and happy.
Payment through mobile, commonly known as Paytm, is an e-commerce payment system which was founded by Vijay Shekhar Sharma in 2010. It is a Noida based company with an estimated revenue of 3,579 crores INR in 2019. It is available in 11 Indian languages. The app has extended its services to movie or travel ticket bookings, online shopping, mobile recharge, event bookings, apart from the primary payment option. Today Paytm stands strong with a strong customer base of 350 million.
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