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Paytm (an acronym for "pay through mobile") is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida, India. [4] Paytm was founded in 2010 by Vijay Shekhar Sharma under One97 Communications.
Paytm Payments Bank (PPBL) was an Indian payments bank, founded in 2017 and headquartered in Noida. [3] In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. [4] [5] [6] In 2021, the bank received a scheduled bank status from the RBI. [7] [8]
Paytm Payments Bank and Airtel Payments Bank together command over 88% of the deposits in payment banks in India in 2018. According to the Reserve Bank of India's report on ‘Trend and progress of Banking in India 2017-2018', the payment banks reported losses in the financial year 2017-2018, after a weak performance in the FY 2016-17. [14]
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On Jan. 31, the Reserve Bank of India accused Paytm Payments Bank—an affiliated financial institution that holds all the money in Paytm’s digital wallets—of “persistent noncompliance ...
It launched Paytm in 2009 as a digital payments platform to facilitate cashless payments. [11] It owns various businesses and subsidiaries – Paytm Payments Bank, Paytm Payments Gateway, Paytm Payout, Paytm Money, Paytm Insider, Paytm Insurance, Paytm Postpaid, Paytm for Business, Paytm Credit Cards, and Paytm First Games.
[1] [2] With 38 million users, PayPay is the largest Japanese mobile payment app. [2] In October 2018, it began a QR code and bar code-based payment service, which was developed in collaboration with Paytm, an India-based payment service company. [3] From a smartphone app, users link their bank account and add money to their PayPay account.
BHIM (Bharat Interface for Money) is an Indian state-owned mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, [ 1 ] it is intended to facilitate e-payments directly through banks and encourage cashless transactions.