By Tariq Junaid
Paytms epic journey from a prepaid mobile recharge website to becoming Indias biggest mobile payment service platform will be immortalized as a Case Study by the Indian Research Centre of Harvard Business School.
The dynamic redesign of cash transactions
The case study, titled ‘Paytm – Building a Payments Network, will be used for educational purposes within and outside the Harvard University.
The case study will present the magnanimous impact Paytm has had on the digital payment eco-system in India.
Started in the year 2010 by One97 Communications, Paytm has grown significantly by raising almost 728 million dollars till date. Presently, its services include allowing users to book air tickets, movie tickets, bus tickets and taxis, to make payments of DTH, broadband and electricity bills among others.
Paytm Ceo Vijay Shekhar Sharma. | Photo Courtesy: Hindustan TimesPaytm is revolutionizing payments in India and it is a shining example of Indias digital future, said Professor Sunil Gupta, one of the authors of the study.
Paytm, which launched the popular Paytm Wallet in 2014, rolled out its payment services facility for offline merchants in 2015. Within a short span, it signed up almost 850,000 offline entities revolutionizing the digital payment system in the country. It received its biggest boost in November, 2016 following the demonetization fiasco. On November 14, 2016, Paytm claimed to have registered a record of 5 million transactions a day on 12th and 13th November, 2016 and a 1000% growth in the money added to Paytm Wallets.
Harvard University decides to analyse the story of Paytm. | Photo Courtesy: Inland Empire Community NewsA privileged documentation
[su_pullquote align=”right”]Within a short span, it signed up almost 850,000 offline entities revolutionizing the digital payment system in the country.[/su_pullquote]
The case study is being published by the decade old Indian Research Centre of Harvard Business School, which is based in Mumbai. It mainly focuses on the emerging trends in the South Asian business arena and constantly works towards building intellectual capital on this area. It also houses one of two HBS style classrooms outside of Boston allowing local business leaders to experience the standard practices followed at the Harvard Business School.
Paytm, which is one among the three entities to have received license from the Reserve Bank of India to setup its own Payment Bank within the country, plans to launch the commercial operations of the new facility in March, 2017 with an initial investment of 400 crores.
[su_pullquote]With Flipkart entering the digital payment business with Flipkart Money and significant growth of Freecharge and Mobikwik, Paytm can expect tough competition from these well-equipped rivals in the near future.[/su_pullquote]
We are on a mission to bring half a billion Indians to the mainstream economy and in turn build a business that India would be proud of. For us, the journey to enable fellow countrymen with digital payments and become a part of financial inclusion has only started right now.
It is truly a privilege to have it become a part of the curriculum offered by the prestigious institute, said Vijay Shekhar Sharma, CEO of Paytm.
With Flipkart entering the digital payment business with Flipkart Money and significant growth of Freecharge and Mobikwik, Paytm can expect tough competition from these well-equipped rivals in the near future. But, for now, Paytm’s predominance is unhithered.
Featured Image Courtesy: Quickprepper
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