‘When people think of Paytm today, it is the pioneer of digital payments’

byDilip PrasadSeptember 22, 2022
When people think of Paytm today, it is the pioneer of digital payments

We are India’s leading fintech platform and the most trusted payments app. We have always been at the forefront of the digital revolution in India. As pioneers of mobile payments and QR technology, we have always developed innovative and affordable products for every business, including the small and micro-merchants in India.

Taking the centre stage today at the Global Fintech Fest 2022, our Founder, CEO & MD Vijay Shekhar Sharma said: “The presence of the Government of India, the Reserve Bank of India at Global Fintech Fest 2022 is highly inspiring for young fintech entrepreneurs. We get energy from the Government’s support and vision of a digital economy.”

The Global Fintech Fest (GFF) 2022 was organised by the Department of Economic Affairs, Government of India, Fintech Convergence Council (FCC), the Payments Council of India (PCI) and the National Payments Corporation of India (NPCI). GFF 2022 showcased the dominant fintech of India thought leader and demonstrated the country’s fintech ecosystem to the world.

Talking about Paytm’s role in driving financial inclusion, he added, “Digital payments have been revolutionary for India. Paytm is solving problems for the smallest of shopkeepers and consumers in the country. I didn’t want to just create for others, but wanted to build something that our country would be proud of. It is our responsibility and role as a fintech to spread digital literacy and provide knowledge on financial services to the people of India.”

Sharing the purpose of Paytm, he added: “Our purpose is to reduce the technological divide between the rich and the poor. The main challenge was to change the culture of India, where once the internet and smartphones were both unaffordable. When people think of Paytm today, it is the pioneer of digital payments.”

Our QR code has been helping enterprises accepting contactless and error-free payments from customers through our app. “When the opportunity came to build something for Japan, we built PayPay in 3 months for a country that didn’t understand our language. QR was invented by a Japanese person and today, I can proudly say that we are teaching QR to the country that invented it,” Vijay said.

The Paytm Soundbox was born out of his personal experience. Sharing the story behind the groundbreaking Soundbox, he said: “I was once stopped by a shopkeeper because he didn’t get a payment alert on SMS. To solve that problem of instant alerts, Paytm SoundBox was born.”

He also moderated a session ‘How Fintechs are Changing Businesses, Consumers and the World, one innovation at a time’, where he spoke with Minister of State for Finance Dr. Bhagwat Kishanrao Karad. It concluded with Vijay’s closed door session with Ashwini Vaishnaw, the Minister of Railways, Communications and Electronics & Information Technology in Government of India, which was only for industry leaders.

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