Paytm was founded by Mr. Vijay Shekhar Sharma in August 2010 and is based out of Delhi NCR, India. It is an Indian mobile-first financial services company that offers payments, banking, lending and insurance to consumers and merchants with base of 7 million merchants.
It offers services like:
- mobile recharges
- utility bill payments
- movies and events bookings
- in-store payments at grocery stores
- fruits and vegetable shops
- restaurants and parking
- educational institution fees
With the Paytm QR code that is scanned for transactions, it has also launched the 'Paytm for Business' app in over 10 regional languages, allowing merchants to track their payments and day-to-day settlements conveniently.
Pros of Paytm:
- It is fast and safe,
- No need to carry debit or credit card to use Paytm for payment.
- Transfer money from Paytm to bank account as low as 2.04%
- Get Cashback on most of the store using Paytm wallet (it's promotional).
- Less documentation to Upgrade Paytm wallet limit.
- Good wallet limit for KYC customer (25k) & Non-KYC customer (20k) both.
- Easy & automatical refund to Paytm wallet in case of product cancellation at partners store.
Con's of Paytm:
- Worst customer support in case you need help while shopping/canceling/returning items.
- Dependence on the Internet while paying money as compared to using cash.
- Paytm authenticate using mobile OTP, if someone get access to your mobile, he can misuse your money easily.
- Higher risk of identity theft due to increasing rate of hacking and data leak.
- It's a problem for the older people or tech-naivety, who may suddenly find themselves locked out of their accounts if they can't download an app or don't have cash.