What is Paytm? Paytm Review, Features

Paytm is India's largest mobile payment and e-commerce platform, founded by Vijay Shekhar Sharma in August 2010.

Paytm Overview

Paytm is known as the "Indian Alipay". As of January 2018, Paytm's market valuation reached US$10 billion.

In February 2017, Paytm launched the Paytm mall App and officially entered the e-commerce field. Paytm mall is a mobile online trading platform launched by Paytm E-Commerce under Paytm's parent company one 97. The products sold include: electronic products, mobile phones, fashion apparel, household goods, accessories, jewelry, electrical appliances, maternal and child products, etc.

Currently, the platform has more than 100,000 merchants, with monthly sales exceeding US$250 million.

Paytm store registration requirements

1. Indian mobile phone number. The registration process requires verification of Indian mobile phone number. Indian mobile phone number is 10 digits.

2. The application must be submitted by an enterprise, not an individual;

3. ID card and social security number;

4. Proof of address, water, electricity and water supply;

5. Bank payment information;

6. Have experience in other cross-border e-commerce platforms;

7. Paytm can only accept payments from public bank accounts. The platform will transfer the payment to your Paytm wallet, and then you can withdraw the money by binding your public bank account.

Paytm currently settles in U.S. dollars (RMB settlement will be implemented later). It would be more convenient to use a Hong Kong company and a Hong Kong public bank account. If you don’t have one, it depends on whether the domestic company can accept U.S. dollars on a corporate basis.

Settlement process

1. Open the Paytm registration link ;

2. Enter your email, name, mobile number, and password;

*Note: Email is used as login, name can be in Chinese pinyin, and mobile number must be an Indian mobile number (ten digits);

3. Enter the registered mailbox and confirm the registration;

4. After the email is confirmed, the account is created;

5. Log in with the registered email address. After the first login, you need to verify your mobile phone number;

6. Fill in the details: select the category, language preference, store name and brand name (sensitive words cannot be used), company name, company address and Pin code, then click Submit;

*Note: The company name must be consistent with the name in the VAT/TIN/CST file

7. Read the relevant terms and click to accept;

8. After completing the above steps, you need to submit the company's documents and enter the PAN card password, bank information, VAT/TIN/CST related information and address certificates such as water and electricity taxes;

9. Paytm registration is successful.

Platform Fees

Paytm platform charges a uniform 15% fee regardless of category, including platform commission, gateway fee and Indian tax, as follows:

Platform commission: 10.3%

Gateway fee: 2.7%

The platform pays taxes to the Indian government: 2.0%.

*Note: In the case of returns or paid but cancelled orders, the Paytm platform will still charge a 2.7% gateway fee and a 0.405% (2.7%*15%) withholding service tax.

Development History

-In 2014, Paytm entered the Indian e-commerce market and launched the e-wallet application (Paytm Wallet APP).

-In 2015, Paytm entered the travel and ticketing business, and the Paytm Wallet e-wallet business processes 2 million transactions per day.

-In 2016, Paytm launched movie, event and amusement park ticketing as well as flight booking and Paytm QR. Later, it launched railway booking and gift cards. As of July 2016, Paytm's e-commerce business GMV totaled 2.5 billion Indian rupees (about 37.21 million US dollars).

-In 2017, Paytm became the first payment app in India to cross 100 million app downloads. In the same year, it launched Paytm Gold, a product that allows users to buy pure gold online for as little as $1. It also launched Paytm Payments Bank and "Inbox," a messaging platform that offers in-chat payments among other products.

-In 2018, it started allowing merchants to accept Paytm, UPI and card payments directly into their bank accounts at 0% fees, and also launched the "Paytm for Business" application that allows merchants to track their payments and daily settlements instantly.