![]() ![]() ![]() Topping up via your phone required you to set up a digital wallet. This wedge would prove to tap into a painful, wide enough user problem as to be the background driver of PayTM’s incredible growth since. So they named the service in an almost comically literal fashion: “Pay Through Mobile,” or PayTM. Vijay and the team realized the future would not be going in for a top up, but to pay directly through the mobile device. This convergence of a painful user problem, new technology, and governmental regulation created opportunity. ![]() These OTP solutions had the potential to make mobile payments substantially more secure. The Reserve Bank of India had embraced the use of one time mobile password solutions. One97Blog: Mobile Transactions to become more secure from onwards: In 2009, RBI had mandated addition… - Vijay Shekhar Sharma December 29, 2010 Americans, who at the time were only 19% prepaid may not understand the pain, but “topping up” was a major part of middle & upper class Indian’s lives in 2010.Īt the same time, Vijay tweeted about a change that would be going into place: The vast majority of those paid in cash at local stores to “top up” their prepaid plans to make more calls and have connectivity. At the time in India, 97% of mobile phone users were on prepaid plans. The pulled IPO caused the team to re-examine its product offerings. Like the phoenix that rose from the Ashes, PayTM also rose from the crucible of disaster. Lesson 1: Wedge Into the Market With a Painful, Wide User Problem But the market was not interested in the waning company. In 2010, PayTM filed its first IPO prospectus. Eventually, One97 lost its biggest client. Yearly revenue reached an impressive $1B.īut the competition was fierce in mobile content. While the iPod was out of reach for most Indians in the early 2000s, calling the number was not. You could call the number to stream your favorite song. One97 even added a primitive version of mobile music streaming. It provided the data to mobile operators. Vijay named his company after this: One97. Before smartphones, they could not just pull up a scoreboard. In those days, Indians on the move were fanatical about checking Cricket scores. Like any classic serial entrepreneur, Vijay leveraged the capital to start his next venture. The website,, eventually sold in 1999 for half a million US dollars. The Paytm Card Soundbox is yet another innovation that will enable small merchants to provide a seamless digital payment experience to their customers by easily accepting contactless card payments," said Gautam Aggarwal, Division President, South Asia, Mastercard.Īfter the recent launch of Paytm Pocket Soundbox and Paytm Music Soundbox, with Paytm Card Soundbox, the company aims to drive further convenience for merchants.Vijay’s first business started when he was in college. By putting the cardholder in control and uniquely encrypting each transaction, such payments reduce the risk of loss or counterfeit and double billing. "With cardholders increasingly exploring faster, convenient, and more efficient ways to transact, India has seen remarkable growth in contactless card payments. Moreover, with Paytm Card Soundbox, users with NFC-enabled smartphones can also pay through their phones using the tap feature. Designed keeping the diverse merchant base in mind, the device offers alerts in 11 languages that can be changed by the merchant through Paytm for Business app. The launch of Card Soundbox will go a long way in merging the two requirements of merchants - mobile payments and card payments," said Vijay Shekhar Sharma, founder and CEO, Paytm.Īs per the statement, Paytm Card Soundbox has a built-in 'tap and pay' functionality through which merchants can accept card payments up to INR 5,000. We have found that merchants and consumers need card acceptance as simply as mobile payments with Paytm QR Code. Today with Paytm Card Soundbox, we take it to the next level. "Paytm has always been at the forefront of innovating for India's small businesses, solving their payments and financial services problems. ![]() The launch of Paytm's unique device will transform in-store payments by expanding payment acceptance for merchants by combining Soundbox with NFC or contactless debit and credit card payments with mobile payments, said the company in a press statement. With Paytm Card Soundbox, the company said its aims to solve two problems for merchants - accepting card payments along with getting instant audio alerts for all payments. With this, the company empowers merchants to accept both mobile and card payments across all Visa, Mastercard, American Express and RuPay networks through its Soundbox with 'tap and pay' that will help merchants scale their business. One97 Communications Limited (OCL) that owns the brand Paytm, India's payments and financial services company of QR and mobile payments, today announced the launch of its latest innovation – Card Soundbox. ![]()
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