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The full form of Paytm is Pay through mobile phone. Vijay Shekhar Sharma is the founder and CEO of Paytm, it comes under One97 Communications and was introduced by the owner in 2010. Within a few years of its initiation, it has already become one of the leading mobile-first financial services conglomerates.
History of Paytm
- 2010- The owner of One97 Communications Limited introduced Paytm. The information he took was from China where he saw some vegetable vendors were using a way of mobile payment.
- 2013- Paytm introduces their wallet which users can pay and use when their banks are not using. They named it Paytm wallet.
- 2015- The biggest Indian Industrialist, Ratan Tata, and Alibaba Group both invested in Paytm.
- 2016- It became the largest mobile payment platform with the majority of the population using it for payments.
- 2017- Paytm launched its services in Canada in order for people to use Canada for payments like internet, water, electricity, and many more.
- 2019- Along with the partnership with Citibank it introduced the Paytm first credit card.
- 2020- During the pandemic, Starbucks partnered with it to deliver food online.
- 2021- It launched its first IPO, with the help of One97 Communications. Moreover, later that year it opened Paytm Wealth Academy.
- 2022- The Reserve Bank of India, barred its Paytm Payments Bank after discovering that it was leaking customer information to China-based entities.
- 2024- earlier this year, RBI ordered to ban completely Paytm Payments Bank Ltd because the app does not ask for verification before onboarding clients.
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