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Published: Friday, 27 May, 2016 10:40 AM
Management Gurus have always opined that Brand will be born and dying during Brand life cycles and will need push for their sustainability.
In the past few years, India has made rapid strides in creating an ecosystem in the country which is conducive for innovation and development of the pillars on which its future growth will rest.
E-commerce is one such area which has seen a lot of innovation and changed the perception of trade among people. The digital revolution that is visible today, where computers and internet are facilitating trade, e-commerce has gained prominence in the country. By moving away from conventional practices of trade and going digital, many startups such as Flipkart, Snapdeal, Myntra and Amazon have made trading a simpler and a smooth experience.
Paytm, launched by Vijay Shekhar Sharma, in 2010, is one such e-commerce website. Owned by One97 Communications, Paytm was launched as a prepaid mobile recharge website and has added bill payment, bus booking, movie ticket booking and e-commerce to its portfolio. In 2015, Paytm also received a license from RBI for starting India's first payments bank. The bank intends to use the Paytm’s existing user base for offering new services, including debit cards, savings accounts, online banking and transfers, to enable a cashless economy.
Paytm, acronym for “Pay Through Mobile” has revolutionised the way people in the country use their mobile phones. In 2014, the company launched Paytm Wallet, which has made the process of payments for various utilities easy and attractive, given its numerous cashback and discount schemes. Mobile phones have become the new wallets, and its popularity is evident as over 100 million wallets and 10 million app downloads have made Paytm India’s largest mobile payment service platform.
Given its potential and popularity, Paytm has become a leading brand which is attracting a flood of investments from across the globe. In 2015, one of the leading industrialist of the country, Ratan Tata reposed his faith in the firm by making a private investment. The Chinese giant, Alibaba and affiliate Ant Financial have also invested around $575million in Paytm, increasing its valuation to $ 1.5 billion within a span of few years.
To market and spread the brand, Paytm has bought the title rights from the Board of Control for Cricket in India for all matches for a period of four years. As cricket attracts massive following in India, this smart investment by Paytm has the potential to catapult it to a premium position in the market, ahead of its competitors such as Mobikwik.
In a country, where people prefer to pay through cash, Paytm has certainly disrupted the market and empowered the people by facilitating smooth cashless transactions. What seemed to be a grave risk then for the founder has turned out to be game changing idea now.
Today, Paytm is a brand that customers trust. The founder, Vijay Shekhar Sharma has managed to win the trust of the people of the country who have begun to trust the wallet enough to put their money into the hands of the unknown. The brand is growing rapidly and is here to stay.
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