Paytm's Foray into Payments Banking
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Case Code: BSTR578 Case Length: 11 Pages Period: 2010-2017 Pub Date: 2019 Teaching Note: Available |
Price: Rs.300 Organization: Paytm Industry: e-commerce payment system Countries: India Themes: Diversification Strategy, Digitalization |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
On November 8, 2016, the Government of India (GoI) under the leadership of Prime Minister Narendra Damodardas Modi (Modi) made a surprise announcement on television that Rs. 500 and Rs. 1,000 notes, the highest denomination currencies in India, would cease to be legal tender (demonetized) from that midnight.This sudden move by the GoI was aimed at reducing corruption by decreasing the amount of black money in circulation in the country. The withdrawal of the high denomination currencies from circulation forced Indians to look at non-cash alternatives for their day-to-day transactions, which in turn gave a boost to the digital payments industry in India. Analysts opined that one of the biggest beneficiaries of demonetization as people moved toward digital payment modes was Paytm, one of the popular mobile wallet services in India. Renu Satti, the then MD and CEO, Paytm Payments Bank, said, "2017 has been a remarkable year in our country for driving digital and financial inclusion."...
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