![]() ![]() This was essential if they had to compete with Airtel Money, which had a presence in every nook and cranny of the country via its telecom recharge shops. They were now able to reach out to merchant networks and service offerings. ![]() The lack of this license limited PayTM’s growth as its customers could not recharge its wallet through cash and were not able to use the wallet at merchant establishments.īy 2013, PayTM received an RBI license for a semi-closed wallet, which enabled it to double down on its wallet adoption. However, they were allowed to transfer it to other wallets and to their bank accounts. Users of a semi-closed wallet were not allowed to withdraw their balance in the wallet. The “semi-closed” wallet fulfilled a need wherein it allowed individuals to load money from their bank account into the wallet and then use the funds across multiple online or offline merchants. PayTM was born in 2009 as a payment service that allowed prepaid users to top up their mobile accounts and also shop using their bank accounts and debit cards.Īround this time, individual telecom companies were already offering online recharges through their individual websites, but PayTM allowed a person with connections from multiple vendors to pay at a single place.Īt that time, Indians were very conservative with paying online. The diversification of businesses would be a recurrent theme across VSS’ journey.Īround 2004, he got his first angel investor and by 2007, One97 had raised its first institutional round.īy 2009-10, 3G services on mobile became the catchword and VSS decided to build a product which would allow consumers to Pay Through Mobile (PayTM). In addition, VSS continued to do odd jobs on the side to help with the company cash flows. Slowly, the gamut of services offered increased from news, ringtones, jokes to exam results, cricket scores, music and news also. One97 started as a mobile value-added services firm that aimed to bring the content available on the internet onto SMS. This is post the 1999 dot-com bust when mobile was just making inroads into India. Not happy with being a salaried employee, VSS set up One97 communications, along with two other friends in 2000 He faced initial difficulties in coping up with English as a medium of instruction and learnt English by listening to English songs and watching English movies. VSS graduated with an Engineering degree from Delhi after completing his schooling in a small town in rural Uttar Pradesh ![]() Vijay Sekhar Sharma always wanted to be an entrepreneur Last fortnight, Paytm opened India’s biggest IPO. ![]()
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