The History of Stripe – Online Payment App

Making online payments was not always a click of a button. Many early users found the processes intimidating, unnerving, and even dangerous. Today web merchants and customers have little hesitation making online transactions; in fact, online payments have become a standard. The reason for this attitude change is partly due to Patrick and John Collison, brothers and the founders of disruptive payment company Stripe.

The Inspiration

Stripe was conceived in early 2010 as a side project. Patrick was the Director of Product Engineering for Live Current Media, the company that bought out his first startup Auctomatic. John was attending Harvard. The two brothers had a goal to simplify online transactions and develop an easy-to-use interface. Only two weeks after the initial prototype, Stripe conducted a transaction with its first customer, 280 North, a Y Combinator company.

The objective was unmistakable, however, the brand at the time was. Stripe wasn’t called Stripe at first, it was named /dev/payment. The name led to problems. Some schemas did not allow slashes in company names. So they changed it to SLASHDEVSLASHFINANCE. This new identity caused misspelling and misunderstanding. After throwing around some other possible names, the company was eventually dubbed Stripe.

The Disruption

The company moved fast out of infancy, with a pre-acquisition period of approximately 10 months. Y Combinator was the first to fund Stripe, followed by Peter Thiel, Sequoia Capital, and Andreessen Horowitz.

On September 29, 2011, Stripe launched to the public. The service was met with surprising growth, even though the only marketing was through word of mouth. The payment system was going viral, a rarity at a time for a company that wasn’t based around social networks.

“But it became clear that everything else was so bad and so painful to work with that people actually were selling this to their friends,” Patrick said in an Interview with TechZing. It was then clear; the market was huge and the growth will be completely organic.

The Growth

By the end of the first quarter of 2013, Stripe received $20 million Series B investment and acquired Kickoff, a chat and task-management application.

And in the following year, Stripe received $80 million Series C investment and announced that they will be supporting Bitcoin transactions. In October 2014, Stripe became one of the first payment providers with software development kits that supported Apple Pay.

Now Stripe services 25 countries and positions itself as one of the top payment companies on the market, in the ranks of PayPal and BrainTree. With the help from Control, Stripe is empowering merchants and business managers to take charge of their companies anywhere they go. Putting a high priority on customer service and usability—the original accelerants for the company—Stripe is growing strong in a constantly evolving ecosystem.

Give Stripe on iOS or Android a try today and experience the Control.

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

wallet

R Pay – Digital Wallet Solution helps your businesses grow and have your business in the palm of your hands. R Pay provides features like hassle- free sign up, load and send money, withdraw cash, pay merchants, buy tickets, instant notification, limited liability etc.

Looking forward to develop a digital payment app? Then Our R Pay is the right choice. We have talented designers and developers to turn your ideas into an excellent solution

Source : https://www.getcontrol.co/blog/history-stripe/

The History of PayPal – Online Payment System

Back in the early 90’s, sending and receiving payments online between individuals was not an easy process. People didn’t even imagine the possibility of such transactions, even though banks and other financial institutions had the means of conducting them. Now everyone knows about and uses the world’s largest and most famous online payment system, PayPal.

Bold statement, you say? Check out the facts assembled by the folk at PLAY-N-PLAY and think again.

Currently, PayPal operates in 202 countries worldwide, with 203 million active users and 16 million merchant accounts. Since its inception, it has recorded 1,7 billion transactions with 32 payment transactions per active account. 768.745 websites worldwide use PayPal. And PayPal’s website itself, PayPal.com, ranks 73 worldwide by traffic. Impressive, right?

Now, let’s dig into the history of PayPal and learn about its journey to success. You won’t regret it, as it is a phenomenal one.

How did it all start?

Well, it goes back to Confinity Inc. founded by Ken Howery, Luke Nosek, Max Levchin and Peter Thiel in 1998. The company aimed to provide secure software for financial transactions on individually owned devices. In 2000, Elon Musk, initiated a merge between Confinity and X.com, his own online banking company. After realizing that Confinity’s operations were more profitable than X.com’s, Musk continued to focus only on Confinity’s operations of transferring money. PayPal, as we know it, kicked off in October of 2000.

PayPal gained skyrocketing success in its early stage of development mainly due to using referrals and small charges of $20, $10 and eventually $5 for signing up. The company achieved an almost 10% of daily growth rate. Between March 2000 and the summer of the same year PayPal obtained 5 million new clients; prior to that, it had 1 million. The business was going great. PayPal’s name and usage was spreading around the world faster and faster.

In 2002, PayPal joined the world of publicly traded companies. In the same year, PayPal stock grew to 55% on NASDAQ. It was considered a phenomenal gain for a start-up like PayPal. By gaining such huge success over a very short time, PayPal was in the center of the world’s attention. In July of 2002, eBay Inc. acquired PayPal for the fine price of $1.5 billion. Ever since PayPal became eBay’s users’ first choice for money transfers.

The acquisition spread the word about PayPal even faster and helped PayPal grow much larger. PayPal entered a new era of success. Following its strategy of world expansion, in 2005, PayPal acquired VeriSign payment solutions. In 2013, PayPal acquired Braintree payments gateway for $800 million.

In 2014, Carl Icahn, an activist and an investor of PayPal, carried out a massive public campaign by demanding a PayPal split from eBay. Icahn claimed that PayPal would enjoy a much faster growth and provide more valuable services to the world if it splits from eBay.

The outcome of the campaign did not make its activists wait. In July of 2014, PayPal was officially a public company again. After remaining under the wings of its parent company for more than a decade, the digital payments company was free again. And, the growth rates predicted by Carl Icahn didn’t take long to happen.

PayPal’s market value climbed to $49 billion on its first official day trading as a public company again. And, guess what? The new market value of PayPal far exceeded eBay’s market value. Moreover, PayPal experienced a revenue jump of 16% and the value of its transactions increased by 20%. Phenomenal, just as promised.

But there are a lot more impressive footprints in PayPal’s history to keep you reading.

Later on, PayPal continued growing tremendously and increasing its market value day by day. Comparing to the 2.4% growth of eBay shares in the second quarter of 2015, PayPal’s shares rose by 5.4%. Yet, the digital payments company’s growth didn’t stop there.

Over the years, PayPal went on acquiring other online payment operators. In 2014 PayPal acquired Venmo payment app. In 2015, PayPal acquired Xoom money transfer technology for $890 million, Paydiant for $280 million and, lastly, Modest.

Till now, PayPal continues to grow and achieve spectacular levels of success. Did you know that PayPal enables to withdraw funds in 56 currencies, hold balances in 25 currencies and receive money in more than 100 currencies?

PayPal is not a bank in the traditional sense but processes an amount of online payments any bank can only dream of. Meanwhile, you would, for sure, agree that PayPal is the world’s most successful online payment system, enjoying the title of the safest and most secure in the online payment industry.

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

wallet

R Pay – Digital Wallet Solution helps your businesses grow and have your business in the palm of your hands. R Pay provides features like hassle- free sign up, load and send money, withdraw cash, pay merchants, buy tickets, instant notification, limited liability etc.

Looking forward to develop a digital payment app? Then Our R Pay is the right choice. We have talented designers and developers to turn your ideas into an excellent solution

Source : https://richtopia.com/companies/history-paypal-infographic-included

Startup Watchlist: 9 Fintech Startups To Watch Out For In 2018

This article is part of Inc42’s Startup Watchlist annual series where we list the top startups to watch for 2018 from industries like Blockchain, Logistics, Fintech etc. Explore all the stories from ‘Startup Watchlist’ series here.

“Digital technology provides a low-cost way for people in developing countries to send money to each other, buy and sell goods, borrow and save as long as the financial-regulation environment is supportive.” – Microsoft co-founder and former CEO Bill Gates.

In India, the need for technological disruption in the banking sector is all the more acute, given that over 19% of the country’s population still remains unbanked. This is where fintech startups come in.

Touted as the year of financial technology services, 2017 saw the emergence of a legion of promising fintech startups that are working to bring innovation and disruption to the otherwise conservative Indian banking sector.

Forecasted to cross $2.4 Bn by 2020, as per a report by KPMG India and NASSCOM, India is currently home to more than 500 fintech startups, whose collective aim is to attain financial inclusion. Since early 2015, the fintech sector has undergone massive changes, chief among them being the move towards a cashless economy.

The government’s enthusiastic promotion of cashless technologies – digital wallets, Internet banking, the mobile-driven point of sale (POS) and others – as well as the launch of IndiaStack including Aadhaar, eKYC, UPI and BHIM have also managed to restructure the financial sector, disrupting the long-held monopoly of traditional institutions like banks.

The Explosive Growth Of Indian Fintech Sector

Home to more than 462 Mn Internet users, the number of mobile users in India is expected to reach 1 Bn by the year 2020. In fact, it has the greatest market potential in the entire world, as determined by the Harvard Business Review (HBR) in its latest edition of Digital Evolution Index 2017.

Increased access to the Internet and social media, coupled with the explosion of smartphones, tablets and computers, have helped usher in swift, automated and efficient financial services solutions. Another factor that has played an integral part in the rise of the fintech industry was demonetisation (November 8, 2016).

Post the ban on INR 500 and INR 1,000 notes, India witnessed an acute dearth of cash, which in turn caused Internet-enabled cashless transactions to sky-rocket. As reported by Inc42, digital transactions increased 22% almost immediately after the ban came into effect.

In less than 24 hours after the embargo was announced by PM Narendra Modi-led government, Paytm saw an overwhelming 435% increase in overall traffic. Other digital wallets like PayU India witnessed a staggering 80% jump in transactions, while FreeCharge claimed that the average wallet balance on its platform increased 12 times. MobiKwik meanwhile reported an over 40% increase in app downloads within less than 18 hours of the announcement.

Digital wallets weren’t the only beneficiaries of demonetisation., Bengaluru-based mPoS solution provider Ezetap, which makes its own point-of-sale devices to enable merchants to receive digital payments, saw a 25% spike in transactions.

With the entry of big players like Amazon, Google, PayPal and Uber, India’s digital payments space has morphed into a $500 Bn behemoth in the making, according to a report by Google and Boston Consulting Group.

Simultaneously, a brigade of related startups has also emerged in different sub-sectors of fintech, such as in loan and insurance. For instance, there is BankBazaar as well as Gurugram-based insurance comparison platforms like Policybazaar, and financial services companies like IFMR Holdings.

Then there are companies like Mumbai-headquartered BillDesk, Instamojo and mobile-based Point of Sale (POS) providers Mswipe that have helped bridge the gap between the common man and the small retailers.

In segments such as alternative lending, including SME lending and P2P lending, startups also took the centre stage this year with players like ZestMoney, Capital Float, Lendingkart, CashCare, Indifi, Rubique, Faircent cashing in on the opportunity.

Fundings Aplenty In The Indian Fintech Sector

According to Inc42 DataLabs, the Indian fintech sector reported 102 funding deals this year till November, worth $2.59 Bn. As per data available, fintech startups grew by 31% Year-on-Year (YoY) to almost to 360 in 2017, with almost $200 Mn funding received in H1 of this year, recording a growth of 135% since H1-2016. In the sector, sub-segments like digital payments and lending are maturing, while wealth management and insur-tech emerging as growth areas.

Almost 33% of funding raised by fintech startups was in the areas of artificial intelligence and analytics.

This year, maximum investments took place in this segment at the late stage, with Paytm topping the charts with a staggering $1.4 Bn funding, followed by Flipkart-owned PhonePe, which reportedly secured $500 Mn from its parent entity. Then there was US-headquartered Ebix Inc that made headlines when it poured $123 Mn (INR 800 Cr) in Mumbai-based payments solution firm ItzCash, against an 80% stake in the company.

If we are talking about acquisitions, how can we forget Hyderabad-based Payswiff, earlier known as  Paynear which after expanding routes in Indian cities is now eyeing international markets? In October this year, Payswiff acquired Singapore-based GoSwiff in a deal reportedly valued at around $100 Mn. With this deal, this Indian startup now has an access to 20 new markets in South East Asian, Middle East, Commonwealth of Independent States and Eastern European markets. With all this, Payswiff is aiming to clock $16.8 Mn (INR 110 Cr) in revenues with marginal profits.

Well, it seems that fintech is going to be a sector to watch in 2018 too with so much going on around the clock.

Before we embark on an equally eventful journey in 2018, let’s take a look at the top nine fintech startups (which have raised less than $25 Mn in funding) that are a must watch in 2018.

Indian FinTech Startups To Watch Out In 2018

Faircent

Gurugram-based Faircent is a peer-to-peer lending startup that connects lenders with borrowers. Launched in 2014, the startup offers a variety of tools such as Auto Invest, which is a fully-automated feature that matches a lender’s investment criteria with the borrower’s requirements and automatically sends proposals to the borrower on behalf of the lender, based on pre-selected lending criteria such as loan tenure, amount, and risk profile.

Recently, the startup, under the trusteeship of IDBI, created an Escrow account for its lenders to help in faster and smoother flow of funds enabling them to make greater returns on their investments.

As part of a move aimed at diversification, Faircent introduced a semi-secure loan product in collaboration with Bengaluru-based micro-lending startups. The initiative was aimed at helping students avail fast and easy personal loans at a reasonable cost.

faircent

Till date, lenders on the platform have committed to lend over $4.8 Mn (INR 31 Cr), while borrowers have sought up to $3.5 Mn (INR 23 Cr) in loans. At present, Faircent claims to receive over 225K loan requests per month, with most of them being used for funding businesses, family events, appliance purchases, debt consolidation, among others.

Earlier, Faircent was showcased as one of the top startups at Start Up India, selected for the first batch of NASSCOM 10,000 and was also part of the Microsoft Accelerator Winter Cohort and BizSpark programme.

The Indian P2P lending industry has undergone a massive boom this past year, thanks in part to the RBI’s decision to regulate the space. Expected to hit the $4 Bn-$5 Bn mark by 2023, the P2P lending space is inhabited by some 30 players, namely i-Lend, LendBox, LenDenClub, IndiaMoneyMart, Monexo, Rupaiya Exchange, LoanBaba, CapZest and i2iFunding.

Riding on the ongoing fintech revolution, Faircent is gearing up to reach a larger group of people and businesses seeking capital that they can borrow online, without having to rely on an official financial institution as an intermediary.

Unlike most other players in the sector, the Rajat Gandhi-led startup has attracted substantial investor attention. Armed with a war chest of more than $5.65 Mn, how Faircent fares in 2018 will be interesting to watch.

Kissht

Conceived in 2015, Mumbai-based Kissht is a fintech startup that provides instant credit to consumers for making purchases at digital points of sale (both offline and online). Through its app, users can buy various items including mobiles, laptops, jewellery, and electronics by opting for flexible EMIs even without a credit card.

Once logged in to the app, users can see in-app merchant partners or choose to buy items from the Kissht store. A user can upload documents and make the down payment and pay the processing fees.

For customers with ongoing loans, Kissht provides an option to check the available line of credit. Also, users can make an early payment or view upcoming EMIs and invoices for the same. The fintech startup also provides cash loans that can be used for house renovation, holidays, purchase of consumer durables, education, short-term loan for equipment purchase, etc.

kissht

As claimed on the  Kissht’s official website, loan approvals on the platform take anywhere between 90 to 120 seconds. The company claims to have a fixed rate of interest which is charged on a monthly reducing basis. Users can avail flexible return tenures of up to 60 months and repay loans in installments. Last month, Kissht raised $10 Mn (INR 67 Cr) in a round led by Chinese investment conglomerate, Fosun International.

At the time, it was reported that the consumer lending startup was keen on expanding its presence across 15 to 20 tier II and tier III cities in India such as Amravati, Vijayawada and Satara, among others.

According to a report by brokerage firm Credit Suisse, the Indian consumer finance market is expected to touch $1.2 Tn by 2020, expanding at a compound growth rate of 18%.

With the advent of ecommerce, consumers are increasingly looking for easy credit to make online purchases. Kissht is feeding this demand through swift loan approvals and a growing presence in tier II and tier III cities across the country.

Simpl

Launched in 2015, Simpl is an online payment instrument that allows customers to make purchases and settle payments online. It is a data-driven, mobile-first platform that works by reducing the payment flow to a single tap, therefore improving the client’s product experience, and giving users a payment model that’s faster and more convenient than wallets or cards.

Instead of having the make payments individually, customers can choose to pay just one bill, with all the online purchases added up. Among the merchants that currently work with Simpl include BookMyShow, FreshMenu, Faasos, Nykaa, Licious, Grofers, DocsApp, Drivezy, Dunzo and others. At present, the spending limit of customers on Simpl ranges between $11.7 (INR 750) and $78 (INR 5,000).

In August this year, the Mumbai-based payments startup reportedly raised an undisclosed amount in a Series A round led by US-based venture fund Green Visor Capital LP II. The round also saw the participation of other investors, including IA Venture Strategies Fund II LP, Boillot Family Trust, Russell M Byrne, The Oliver R. Grace Jr. Millennium Trust, SF Capital Investments LP and DIA Investments LLC.

As claimed by the company’s spokesperson, Simpl boasts a customer retention of around 85% overall, which is growing at 50% monthly. During a media interaction last year, co-founder and CEO Nityanand Sharma stated that the company had already achieved positive unit economics on every transaction.

To bolster its product portfolio, the company has also partnered with a number of banks and NBFCs.

In an already-saturated digital payments market, Simpl comes armed with biggies like BookMyShow, Grofers, Nykaa, FreshMenu and others as clients. The company’s chief selling point is its convenience.

By offering users the convenience of settling payments through a single bill, the tech-enabled startup is aiming to reach 100 Mn over the next few years.

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

wallet

R Pay – Digital Wallet Solution helps your businesses grow and have your business in the palm of your hands. R Pay provides features like hassle- free sign up, load and send money, withdraw cash, pay merchants, buy tickets, instant notification, limited liability etc.

Looking forward to develop a digital payment app? Then Our R Pay is the right choice. We have talented designers and developers to turn your ideas into an excellent solution

Fintech – The Evolution Of Modern Financial Technology In The 21st Century

Financial procedures have evolved drastically over the last 100 years. We have seen a huge change in how many aspects of finance are processed such as payments, investment, data storage and types of currency. A term that has sprung up in the last couple of decades and gained prominence is ‘Fintech’ – this articles details exactly what Fintech is, and why it is essential for the modern world.

What is Fintech ?

Fintech = financial technology

This is the basic meaning. Fintech is much more than that however – it is any new type of innovative technology that competes with or precedes traditional financial methods; particularly the delivery of financial services. Although it is a relatively new term, the process has been evident since the early 1900’s in one form or another. Banks, organisations and governments are continually trying to improve financial technology and improve services for their customers and citizens.

Why is Fintech Beneficial?

In today’s world Fintech is essential. Hundreds of years ago when business was predominantly national and transactions were small in value, there was no need for advanced financial processes or technology. Businessmen and customers could simply exchange goods and services for physical currency.

As overseas trade becomes prominent however, and business became one of the most important factors in the world, it was inevitable that our financial processes had to improve. Scaling was required to allow transactions to take place on a global scale. Fintech has enabled businesses to develop rapidly, and for millions of people to have access to the funds they need in an instant. In this type of business-centric world, that type of access and service was an absolute must.

Milestones in Fintech Development

Throughout the last 100 years we have seen a plethora of major milestones in the history of financial technology development . We have listed some landmarks below:

The world’s first ATM was opened in 1967 by Barclays

The first online checking account was used in 1995 by Wells Fargo

Leading online payment processing platform PayPal was founded In 1998

The first stable cryptocurrency was released in 2009 – Bitcoin

Digital media giant Apple launched Apple Pay in 2016

As you can see, Fintech  has come a long way – we have transitioned from cash machines and simple electronic payment methods, to full functioning online banking and even digital currency.

What are the Most Promising Forms of Fintech ?

Some forms of financial technology offer greater benefits than others and receive backing and support from governments and businesses. We have listed several prominent Fintech processes that appear to be here to stay:

Cloud technology

In the last 5-10 years, cloud technology has become increasingly important. Many companies now offer cloud services and cloud financial services. Cloud technology works on the premise of a decentralised storage system that can be accessed from anywhere in the world. This allows for easy access of information and an improvement in the availability of financial information. Users can access their bank accounts from anywhere in the world and have the guarantee that their data is secure on cloud servers.

Blockchain payment technology

You will have undoubtedly heard of the term Bitcoin and maybe even Ethereum? Bitcoin is a form of digital currency that uses blockchain technology. This form of Fintech has allowed the creation of cryptocurrencies and digital currencies – legal currency that has no physical coinage like traditional money. Blockchain currencies and payment technologies are experiencing a boom and we now have a plethora of different digital payment methods at our disposal that make online transactions that much easier. Bitcoin become more widely adopted as industry leaders like Expedia, Microsoft and Dell accept the cryptocurrency.

Mobile payment technology

Finally we have mobile payment technology – Android Pay, Apple Pay, PayPal, contactless payments are all examples of mobile payment technologies. In recent years these technologies are becoming available to the masses and are revolutionising the way we pay for our goods and services. It is now possible to simply walk into a store, pick up an item, and pay for it with a quick scan of your smartphone!

As you can see, Fintech  is here to stay and has transformed the way in which we do business, make transactions and manage our money. The following infographic will provide some interesting facts and figures about Fintech, and how it has evolved in the last 100 years:

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

wallet

R Pay – Digital Wallet Solution helps your businesses grow and have your business in the palm of your hands. R Pay provides features like hassle- free sign up, load and send money, withdraw cash, pay merchants, buy tickets, instant notification, limited liability etc.

Looking forward to develop a digital payment app? Then Our R Pay is the right choice. We have talented designers and developers to turn your ideas into an excellent solution

Source : https://www.valuewalk.com/2018/03/fintech-evolution-financial-technology/

 

Paytm Mall’s loss rises 150 times to Rs1,787 crore in FY18

New Delhi: Paytm Mall has reported a net loss of ₹1,787 crore on total sales of ₹774.8 crore in the year ended 31 March 2018 (FY18), nearly 150 times of the losses reported in 2016-17, according to data accessed from business intelligence platform Tofler. Paytm E-commerce Pvt. Ltd, the e-commerce arm of One 97 Communications Ltd that runs Paytm and Paytm Payments Bank, had reported ₹13.63 crore loss in FY17.

Paytm Mall’s revenue, however, soared 100 times from ₹7.35 crore in FY17, according to its latest filing with the Registrar of Companies. It had negative reserves of ₹1,062 crore in FY18 from a surplus of 1,284 crore in FY17.

Paytm Mall was carved out from parent One97 Communications in August last year. It received a capital commitment of about ₹2,900 crore (about $450 million) from Japan’s SoftBank Group Corp. and existing investor Alibaba Group Holding Ltd in four tranches, Mint reported in April.

“We will continue to invest towards new user addition and invest behind adding merchants on the platform. Paytm Mall currently has 10 million merchants and we will double it in the next 6-12 months,” said Vijay Shekhar Sharma, founder and chief executive officer of One97 Communications, over the phone.

Since its inception in April 2017, Paytm Mall has raised $640 million valuing it at $2.23 billion.

Paytm Mall, currently the third biggest player in India’s rapidly growing online retail space, is sparing no efforts to compete with market leaders Walmart Inc.’s Flipkart and Amazon India. Paytm Mall is inspired by Alibaba’s T-mall in China.

In the run up to the festive season sales, Paytm Mall set aside a marketing budget of ₹501 crore in its efforts to garner a bigger slice of India’s expanding e-commerce market.

The company is aiming for a nearly threefold rise in annualized gross sales to $10 billion by March 2019, Sharma had said in August. It is also looking to expand its fashion and home businesses this year.

Paytm Mall bets on the Offline to Online model, or O2O, of T-Mall in China to be successful in India, a departure from the usual inventory-led business or creation of private labels.

As a part of the model, the orders are serviced from local brand stores, offering synergies in logistics and warehousing. These brands also have their own web pages on Paytm Mall for easy access.

According to the company, offline stores registered on its platform drive over 60% of its sales.

Paytm Mall currently serves 700 towns across India.

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

wallet

R Pay – Digital Wallet Solution helps your businesses grow and have your business in the palm of your hands. R Pay provides features like hassle- free sign up, load and send money, withdraw cash, pay merchants, buy tickets, instant notification, limited liability etc.

Looking forward to develop a digital payment app? Then Our R Pay is the right choice. We have talented designers and developers to turn your ideas into an excellent solution

Source : https://www.livemint.com/Companies/2qbxHBTEys8gGM6uU83wcK/Paytm-Malls-loss-rises-150-times-to-1787-crore-in-FY18.html?utm_source=scroll&utm_medium=referral&utm_campaign=scroll

The inspiring journey of Paytm Founder Vijay Shekhar Sharma

“To the winners, who won because they didn’t give up.”- Vijay Shekhar Sharma, founder of Paytm.

The man, who always wears a welcoming smile, stands true to every word he wrote during the most difficult times of his life. Vijay Shekhar Sharma owns a company whose current value is a little over $3 billion in the market in 2016, a dream dreamt when he was struggling to make ends meet with Rs 10 in pocket. But he tasted victory the hard way. Nothing came easy for him. The tears he hides behind the chirpy self that he puts up in front of the world could not be hidden for long while recollecting his journey. Interestingly, it was not talking about his failures that brought tears in his eyes; it was his hard earned victory.

Life tested him right from the beginning of his journey to become one of the most influential people in the business world today. Though he passed his higher secondary when he was just 14 years old, a child prodigy of sorts, making it through college was the first tough challenge he faced when he left the cosy comfort of his small hometown outside Aligarh and ventured into the real world.

A topper in his school, he was lost in transition in college-Delhi College of Engineering. Coming from a very humble background (his father was a highly principled, school teacher, who refused to earn the extra buck through tuitions, because he believed in what was the right thing to do), Vijay did not know how to read and write English for he completed his school education completely in Hindi, in his small town. However, he realised soon enough that to make it through college he must start learning the language first and with the help of books, second hand magazines and his friends, he mastered the language in a way which few can. His modus operandi was to read a Hindi version of the book simultaneously with the English-one, a habit that ensured that he soon learnt to read two books at the same time! But it wasn’t easy to say the least. The first-bencher in school slowly started gravitating towards the back benches, and in a short while, was so disheartened and disillusioned with his bad grades, mostly due to language constraints, that he completely stopped attending college.

“When winning is about not giving up.

When doing all that you can, gets a new meaning.”

Struggling to learn English, survive the rigours of engineering college and the big bad city that Delhi was, this normally would be the time when many in his situation would have quit. Vijay, however, was something else. He decided to build, to use the time he had from ‘not attending college’ by turning an entrepreneur. A believer in challenging the unknown, he made the internet his playground and Sabeer Bhatia and Yahoo his inspirations. He aspired to go to Stanford, because that was where Yahoo was built, but realising his lack of financial resources and his challenges with the English language, he decided to emulate some of the genius at Stanford, by learning how to code all by himself. He started building his own content management system with some of his college mates, which went onto being used by some of the biggest news publications including The Indian Express. It was also during this time when he started his first job at an MNC. He quit after six months and built a company of his own with his friends. He finally passed his college examinations too.

This would also become the darkest time in his life, when having his dreams of reaching the Silicon Valley shattered, he was also left bankrupt by his partners, with whom he had just begun a business and raised the first round of funding. In 2005, he had raised a hefty amount of Rs 8 lakhs through his venture of which he was conned off 40%. He was devastated. But Vijay was not a man to give up so easily. He lived at a hostel near Kashmiri Gate in Delhi, skipped meals and walked long distances to attend work or meetings in the southern part of the State.

Infact having been through such tough times, if there is a fear that the ‘Iron Man’ of the startup ecosystem of India still harbours, it is that someday ‘some unknown’ will take away all of his hardwork.

Things took to a better turn when he began One97, the parent company of Paytm. They started experimenting with the three basics of internet- content, advertising and commerce. But the big eureka moment came in 2011 when he first pitched the idea of entering the payment ecosystem in front of his board. The board was not convinced, as he was talking about betting the company’s money on a non-existent market.

“Some other entrepreneur would have sold the equity and started their own company. But I aspire to build a 100 year old company. I think that men and boys are different because the boys flip and sell. Men run and build legacies,” Vijay said.

So he put 1% of his equity, which was about $2 million around 2011, on the table and said, “This is for all of you, if I waste the money that we put on the site.” He adds, “There is no fun in doing what others ask you to do, the real fun is in doing what people say you can’t do.”

And it is with this belief that the first avatar of Paytm, Pay Through Mobile, was born, going rapidly onto becoming the next big thing of the startup ecosystem in India. And, since then it was never looking back.

The secret behind this steep arch is the trust he built with his customers which none other gave as much value to before. Even before Vijay began the roll-out of his internet wallet services, he first built a strong 24×7 customer care service to address the worries of customers to enable them to trust the wallet enough to put their money into the hands of the unknown. “30% of the company’s campaign budget is invested in building trust with the customer. For us it was the single most important factor,” says Vijay, with a deep pride in what he has built so far.

“We propagated through word of mouth once the trust was built. I have a firm belief that the truest relationship test comes when one goes through a stress case. This makes our relationship with our customers special and unique than the rest. We also launched in Twitter and Facebook so that as soon as a customer complained, we got back with an immediate response and help. Trust is the secret formula which worked for us, though there were 30 other licences already available in the market like Mobikwik.”

Backed by consumer trust, Paytm’s stupendous journey to the top of the internet wallet market is now a part of startup folklore, but what is unkown is that Paytm also became one of a handful companies worldwide to secure Series A funding exceeding several $100 mn. They have done only a single round of funding till now with Alibaba, SAIF and Alipay.

“I have always wanted a business partner and not a syndicated investor. Our relationship with “business partner/investor” is of a journey together. There are four people who own this company- me, SAIF, Alibaba, Alipay, says Vijay, in his usual animated way.

After building a billion dollar worth company, maintaining the success is the most difficult part of the journey and it cannot be done without good teamwork, he says. For that, he ensures that the right people are taken onboard who share the same passion to build like his. He has also given 4% of his equity to the team, which in current value terms is about $120 million.

“I have given more to my team than any amount of salary cumulatively taken in so many years, ” Vijay says. And why he chose to do so isn’t hard to understand. Given his personal experiences and the tough fight he put up to achieve where he has reached, he values everyone who contributes to creating his vision. People working in his company are never referred to as ‘Employees’, but as ‘Colleagues’ or ‘Teammates’. A staunch believer of God, he believes that only one amongst every 10 hardworking person succeeds to the levels he today firmly belongs in, and because of that respect he shares for every hardworking person, he doesn’t have the right to call anyone an employee or a worker.

But, it’s just not the fighting spirit that has Vijay in the position that he enjoys today. Despite his engineering background and no formal education in business management, he has the business acumen of a genius.

While the pride he takes in his creation and the people who help him implement his vision is obvious, he brushes this unique quality off by saying, “When something’s not working, I become the customer,” with a smile on his face, that is so true to himself. He attributes his humility to the lessons learned from his father. His father refused to take tuitions even though the extra money would have made a huge difference to their lives, as he believed that true education cannot be the privilege of those who have money.

His struggles are the reason why he hates reading fiction. How can one be inspired by made up tales!

Vijay stands testimony to the saying, “A man makes his own destiny.”

Life has been busy for this go-getter ever since he entered college. A true lover of all kinds of music, Coldplay, U2, Jim Morrison being his favourites, he takes respite in music to relieve his stress. He is also the resident DJ at One97, added Vijay with a whole-hearted laugh, often forcing his colleagues and teammates to listen to the music he discovers.

Inspite of all these, his attitude to life can be best defined in his own simple words.

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

wallet

R Pay – Digital Wallet Solution helps your businesses grow and have your business in the palm of your hands. R Pay provides features like hassle- free sign up, load and send money, withdraw cash, pay merchants, buy tickets, instant notification, limited liability etc.

Looking forward to develop a digital payment app? Then Our R Pay is the right choice. We have talented designers and developers to turn your ideas into an excellent solution

Source : https://www.businessinsider.in/paytm-founder-vijay-shekhar-sharmas-incredible-life-story/articleshow/50497089.cms

Key points to keep in mind while developing mobile wallet app solutions – RpayWallet

Function prioritizing

A mobile wallet application is essentially a set of different functions and highlights. You should be cautious while integrating these functions and features, as they’ll be eventually making your digital payment app booming.

Do an exhaustive statistical surveying, learn client desires, requests, and the market slant winning. According to these, prioritize the functions in your mobile wallet application.

Security

Your digital wallet can only be effective if the customers can rely on its security structure. The e-wallets require customers to store their card information or enter their passwords.

It is your essential obligation to guarantee their information security by utilizing cutting edge innovation strategies. Notwithstanding standard wellbeing and security instruments, you have to incorporate technologies which are difficult to decode.

Keep in mind to incorporate digital receipt

After each exchange performed by clients, they need an affirmation about the success or failure of it. This is where the need for a digital receipt arises.

Regardless of the amount they transacted, it is important that they receive a digital receipt of their transaction. These digital receipts can be sent through email to the respective customer’s registered email address.

Reward points are a bonus

You can provide rewards to the customers to increase the number of customers and make your digital payment app sustain for a longer time.

On the off chance that you are giving distinctive influences to your clients, it is extremely unlikely that they’ll be deserting your site in coming days.

 

In any case, you have to remember that they can check their reward points at whatever point they need, and can reclaim them in better ways. Now, you’ll have to comprehend your intended interest group, their preferences, and dislikes.

Keep them occupied

Offer opportune notices with your clients in regards to the new offers they have. Offer tweaked coupons and manages them to keep them occupied with your application.

It is often noticed that users throw away an application after its first use. Keeping them advised with most recent offers and rebates can help you in keeping them occupied with your digital payment app.

Selecting perfect digital payment platform

A mobile app development companies can assist you with e-payment app development in a well-organized manner. The company which is well talented about the recent technology developments and trends can assist you in building a better solution.

World is going faster day by day with the power of digital information & technology. The world is varying – more and more services are being made available online, from booking train tickets, making a doctor’s appointment and doing the weekly shop to further education, promoting your business and online banking.

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

R Pay helps your businesses grow and have your business in the palm of your hands. R Pay provides features like hassle- free sign up, load and send money, withdraw cash, pay merchants, buy tickets, instant notification, limited liability etc.

Looking forward to develop a digital payment app? Then Our R Pay is the right choice. We have talented designers and developers to turn your ideas into an excellent solution