IMB 793
PAYTM MOBILE PAYMENTS:
Will It Emerge as a Dominant Design in India?
ANSHUMAN TRIPATHY, NITISH KUMAR AND MEDHA SRAVANI BODDEDA
Anshuman Tripathy, Professor of Production and Operations Management, and MBA Students (2019) Nitish Kumar and Medha Sravani Boddeda,
prepared this case for class discussion. This case is not intended to serve as an endorsement, source of primary data, or to show effective or inefficient
handling of decision or business processes.
Copyright © 2019 by the Indian Institute of Management Bangalore. No part of the publication may be reproduced or
transmitted in any form or by any means – electronic, mechanical, photocopying, recording, or otherwise (including internet) –
without the permission of Indian Institute of Management Bangalore.
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
In February 2018, Facebook-owned WhatsApp launched its beta version of payment service – WhatsApp
Pay first in India for its 1 million Indian customers (out of total 210 million customers).1,2 This marked
the entry of another large player, in terms of the parent company’s subscriber base and financial strength,
in the Indian mobile payments space after Google’s Google Pay, Amazon’s Amazon Pay, Walmartowned Flipkart’s PhonePe, Apple’s Apple Pay, Samsung’s Samsung Pay, and others.
The Indian government’s push for becoming a cashless economy gained enormous impetus with the
growing number of mobile payments players in the industry. The mobile payments space in India was not
only dominated by the large private players but also by the other emerging home-grown Indian startups
such as MobiKwik, Freecharge, Itzcash, Jio Money, etc, and the government-led products such as BHIM.
While the other players started their mobile payment operations in India, Apple and Facebook had not yet
received the approval from the authorities (as of April 2019).3,4
Vijay Shekhar Sharma (VSS), the CEO of Paytm (leading incumbent in the mobile payments industry in
India5) took to Twitter to protest against Facebook for restricting its UPI-enabled WhatsApp Pay for
transactions among its users only:6
After failing to win war against India’s open internet with cheap tricks of free basics,
Facebook is again in play. Killing beautiful open UPI system with its custom close garden
implementation […]
Deepak Abbot, Senior Vice President, Paytm, further explained:6
We believe India is an open market that welcomes tech and business innovations from
across the world. However, WhatsApp’s UPI payments system is a classic case of a large
company with dominating distribution abusing an open platform via customimplementation to gain undue advantage. […]
While Paytm found merit in these arguments, the other incumbents did not fully subscribe to these views.
Kunal Shah, former CEO of Freecharge (another Indian mobile payments player), tweeted: 6
All companies threatened by Whatsapp payments are going to tag it as anti-national and
try to pull it down as it’s hard to win on merit against network effects of Whatsapp […]
This was not the first time that VSS had tweeted against the big technology firms. Before the tweet on
Facebook, VSS tweeted against Google (search engine), which was fined $19.51 million by the
Competition Commission of India for using unfair business means in the Indian online search market: 7
Sending billions of tax free $ out of India and blocking Indian startups to build solutions
for India. That’s Google for you! […]
1
The case considers a standard exchange rate of US$1 = INR 69.58 (as on April 30. 2019)
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
Was VSS justified in launching attacks on Google and Facebook? Were these the displaying signs of
desperation or did they have merit in them? While Paytm had greatly benefitted by the government’s push
for financial inclusion and cashless economy, the growing competition was challenging their position in
the industry. Some of the challenges faced included – how to strengthen their position in the industry,
how to compete with the deep-pocketed technology giants such as Google, Walmart, Amazon, Facebook,
Apple, etc., whether to aspire for market leadership or push for profitability, whether to expand/diversify
their business, how to create a competitive edge in business, among others.
VSS, however, confidently asserted his stance on prospects of Paytm in the face of the growing
competition in the mobile payments space. In an interview, he mentioned that the right question to ask
was whether Paytm could stay number 1 and he answered:7
The unequivocal answer is, 100%, yes. Paytm will maintain its dominant position.
VSS also added:7
We are fighting a gorilla of a very different size. But that’s okay. I’m gonna get you,
As Paytm found out ways to maintain its lead and prevail as a dominant design for mobile payment
transactions in India, questions arose about the mobile payments industry. Was the war in the mobile
payments industry, a war for profits and money making? Or was it a war for data? Or was it a war for ecommerce dominance in India? Or was the war about something even bigger? Why were so many
competitors with different backgrounds and different primary motivations eager to have a strong presence
in this industry?
MOBILE PAYMENTS INDUSTRY IN INDIA
Payments and commerce are as old as the human civilization itself. Over time, payments methodology
has evolved from a barter-based system to a cash-based system and then to a digital-based system, with
blockchain-based payment system lurking on the horizon. Governments, across the world, have been
increasingly migrating from the cash-based economy to a digital-led economy. The report from the Bill &
Melinda Gates Foundation, suggests that digitizing payments provides huge opportunities for achieving
the G20 goals.8 Immediate benefits of adopting digital payments system include saving transactions costs,
improving transparency, enhancing speed and security, enabling financial inclusion, and also enhancing
economic development for the states involved.9 Exhibit 1 illustrates a broad classification of the different
types of digital payment systems available in India.
The mobile payments industry2 in India was expected to grow from $10 billion in 2018 to around $200
billion by 2023, while the digital payments industry was expected to grow from $200 billion to $1 trillion
in the same period, according to a Credit Suisse report.10 The growth in the mobile payments space was
fueled by several factors that included growing smartphone user base, increasing mobile internet
2
In the case, the term mobile payments is used to refer only to the e-wallets and the UPI based payment systems
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
penetration and usage volumes, supportive regulatory framework, ease of use, growing presence of nonbanking firms offering mobile payments solutions that provide attractive offers, introduction of UPI and
UPI 2.0 platforms by a national body NPCI, and others.
The mobile payments industry received a further boost from the demonetization exercise, which declared
on November 8, 2016, removed cash worth $221 billion (86% of the total money in circulation then) out
of the country’s economy.11 The cash deprivation that followed led to rapid growth in the adoption of
mobile payments products in India. A year later, mobile wallet payments had doubled to $1 billion per
month; and by 2018, transactions through mobile wallets contributed 12.8% by volume and 0.04% by
value of the total money transactions in India.12,13
VSS commented while reflecting on the eventful day of demonetization:14
Overnight, we went from a new thing to a must-have.
India offered a huge market potential for digital and mobile payments. Totally, 70% of all the payment
transactions by value and over 90% of transactions by volume were done using cash in India.15 In 2018,
73.9 million people used mobile payments in India, which accounted for only 7.6% of the total
population.16 India had a total internet user base of 300 million people, third largest in the world, out of
which 150 million were mobile internet users.17 Additionally, the average data usage increased five to tenfold in a year since 2017.10
The rise of e-wallets and UPI-based transactions drove the growth of the mobile payments industry.
Between April 2018 and February 2019, the mobile payments transaction value was a percentage of the
mobile payments (UPI and e-wallet), and card payments (credit and debit) rose from being approximately
11% to around 35%.18 This significantly altered the relative contribution of mobile payments in the entire
digital payments space in India. However, within the mobile payments industry, the growth of UPI-based
payments system and e-wallets has not been alike. The UPI transactions have grown from over $3.8
billion in value to over $15.5 billion in a period between April 2018 and February 2019, while the ewallet transactions grew from $1.9 billion to $2.4 billion in the same period.18 The transactions volume
ratio between the UPI and the e-wallets mobile payments system was 3:1.19 The percentage share of ewallets in all the customer-merchant transactions declined from 6.3% in 2017-18 to 1.87% in 2018-19,
while the percentage share of UPI increased from 1.6% to 17%. 18
MOBILE PAYMENTS ECOSYSTEM
The mobile payments ecosystem in India consisted of multiple entities such as payment gateways, mobile
wallets, UPI-based payments systems, financial banks, payments banks, customers (or users), merchants,
telecom operators, internet providers, smartphone manufacturers, operating system developers, regulatory
bodies, and others. These entities helped facilitate the transactions between the customers and the
merchants, or between the two users. The two transacting bodies used either the mobile wallets or the
UPI-enabled payments system for making payments. The transactions passed through the payment
gateways for authentication and authorization. The real money transactions happened through banking
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
institutions. The transactions ecosystem worked on the support of players such as telecom operators,
internet providers, smartphone manufacturers, and others. Regulatory bodies monitored and regulated the
overall working dynamics of the ecosystem.
Regulators
The mobile payments space in India has been regulated and managed primarily by two institutions – the
Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI). RBI is the central
banking institution in India, whereas, NPCI is an organization set up by the RBI that operates all retail
payments and settlements in India. These bodies hold the key to mandating regulations, granting licenses,
auditing players, monitoring illegal activities, ensuring financial inclusion and customer protection, and
uplifting the growth of digitization of the Indian economy. In addition to the regulatory bodies, the
Government of India also acts as a key influencer in this space. The fiscal policies framed by the
government affect the overall dynamics of the industry.
Merchants
A merchant using the mobile payments products may be of two types – (i) online merchants with
websites/apps, and (ii) offline merchants with mobile payments facility. Onboarding of offline merchants
required the merchants to download the product provided by the mobile wallets (business end), register on
it, and start using it for their business. Conversely, the online merchants needed to code/plug-in the
mobile wallet platform by adding payment links and adding payment gateways into their website/app.
Merchants adopted the mobile payments system based on factors such as size and strength of their
business, need for safety and security of payments, transaction cost affordability, acceptability of the
mobile wallet among customers, among others.
e-Wallets
e-Wallets or mobile wallets are a medium for storing cash in digital form and using it for transacting with
the merchants or with other users. By RBI conventions, there are three kinds of mobile wallets or ewallets20 – open, semi-closed, and closed. Open mobile wallets are those that allowed withdrawal of cash
from the banking network along with other routine digital transactions. Some of the examples of open
mobile wallets in India were Vodafone’s M-Pesa, HDFC’s PayZapp (payment product for HDFC bank),
and others. Semi-closed mobile wallets facilitated the users to transact with all the merchants who had a
tie-up with the concerned mobile wallet player; however, it did not allow users to withdraw cash from the
banks. Some of the examples of semi-closed mobile wallets in India were MobiKwik, PhonePe, Ola
Money, etc. Closed mobile wallets are those that allowed only in-app or on-website transactions with the
concerned wallet company.
Exhibit 2a depicts the simplified working process of the mobile wallet payment system. The process
included the payers charging their mobile wallets from their bank account and then using the digital cash
in the wallet to transfer to the merchant’s or other user’s mobile wallet. The technology used for transfer
would be determined by the technology (QR, NFC, MST, etc.) inbuilt into the e-wallet. The money sent
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
to the receiver was kept in the wallet unless transferred to their bank accounts. The process required the
manual work of recharging and transferring digital cash to and from the mobile wallets. However,
transferring digital cash back to the bank account may not be necessary as the digital cash could be used
for further transaction.
Financial Banks
India has multiple private and public sector financial banking institutions. These banks run on the rules
laid down by the RBI and provide financial products and services. These banking institutions have faced
several disruptions over the last several decades21 The 1990s brought in the age of automation in the
banking industry with computerization, installation of ATMs, enhancement of connectivity between
different bank branches, etc. The 2000s brought in a phase of enhanced internet connectivity leading to
the growth of various internet-based financial products such as IMPS, NEFT, online banking, etc. The
decade of 2010s was one of increased mobile phone penetration and enhanced internet connectivity that
resulted in another phase of disruption with mobile banking, mobile wallets, branchless service, and
others coming to the fore. Many of the Indian banks launched their mobile wallets products and were
increasingly adopting the government’s UPI platform.
Payments Bank
RBI launched a new financial entity named as Payments Bank in India which was different from
traditional banks. The difference lay in the purpose of setting up these entities and the characteristic
features of these banks.22,23,24 Payments bank was primarily responsible for enhancing financial inclusion
within the country. These banks were supposed to provide saving accounts, and payment services for the
unorganized sector, small businesses, low-income household population, among others. Customers of the
payments bank were eligible to open their current and savings accounts, avail debit cards, store up to a
maximum of INR 1 Lakh ($14371) and receive annual interest on the money stored, and withdraw cash.
Additionally, the customers would not be required to maintain a minimum balance or pay maintenance
charges. Payments banks, by themselves, would not be able to offer financial products and services such
as insurance, mutual funds, loans, etc. However, they could tie-up with other partner banks to roll out
such products. These banks were completely digital; and hence, removed the need for establishing a
physical infrastructure.
The RBI issued 11 licenses of payments bank in India. The RBI issued 11 payment bank licenses in
India. Those licensees who operated mobile wallets were required to migrate the accounts of their
customers to their payments bank.25,26 Out of the 11 licenses issued, only 6 were operational, and of these,
only 3 had active transactions. One of the reasons that could be attributed to this was the RBI guidelines
laid out for these banks. There was an upper cap on the amount deposited in an account, out of which
75% of the deposit amount had to be invested in secure government securities. Additionally, there was no
direct option for the banks to lend money; this prohibited a good revenue stream. Also, these banks had to
pay incentivizing interest rates on the deposits to attract customers. These factors led to payments bank
mounting losses, which grew from $34.8 million in FY 17 to $74.2 million in FY 18. 27
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
UPI Payments
UPI, developed by the NPCI, was a platform that connected all banks on a common platform to facilitate
seamless financial transactions between the customers of any two banks without the need for prior
onboarding. The utility of interoperability was enhanced as more and more banks joined the common
platform. The banks increasingly registered themselves on the UPI platform over the years. The growing
popularity of UPI payments in India resulted in many of the e-wallet players launching their UPI-based
payments system in addition to their pre-existing mobile payments solution, while the others started
solely as a UPI-based payments system. The version UPI 2.0 that included additional features such as
generating collect payment requests along with invoice/ bill attachment, signed intent/quick response
code, and others further enhanced the utility of the UPI platform.
Exhibit 2b depicts the simplified working process of the UPI payments system. The UPI platform
connected the customers, merchants, and banks on a common platform. A customer (or sender) had to use
his UPI-enabled payment system to make a transaction request on the platform by entering the payment
address (UPI ID, QR code, or mobile number) of the merchant (or receiver) and the amount that had to be
transferred. The UPI platform connected with the bank accounts of the two parties and processed direct
money transfer between the two bank accounts. Hence, UPI-based payments method eliminated the
manual process of adding money to the wallet and/or transferring it back to the bank account.
Payment Gateways
Payment gateways acted as an interface between the mobile payment systems and the banks. They were
responsible for collecting data about the customer purchasing the product, authenticating it, authorizing
the transaction between the merchant and the customer, and finally, settling the payments in the
merchant’s or end user's bank. 28
Other supporting elements
The smartphone manufacturers, telecom operators, internet service providers, operating systems
developers, and others acted as the supporting elements in the mobile payments ecosystem. These
elements belonged to different industries and provided products and services that offered necessary
infrastructure support for operationalizing the payment transactions. The growing business opportunities,
along with the high degree of competitiveness among the players involved led to a rapid evolution of
these various industries. This provided a big boost to the growth and development of the mobile payments
industry.
Customers
Customers in the mobile payments ecosystem could operate at the two ends of the transaction spectrum.
While a customer could use mobile payments to pay to a merchant, the transactions could also happen
between customers or users at the two ends. This type of transaction is termed as a Peer-to-Peer (P2P)
transaction. The customers in India were flushed with a wide variety of mobile payment products in the
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
market. This provided them the flexibility to compare and choose the product that suited their needs of
convenience, functionality, and security of payments. The increased competition also resulted in
customers benefiting from the various incentives, offers, and discounts. However, the availability of a
multitude of options led to customers facing problems of incompatibility. This happened when the
merchant and the customers operated on different mobile payments platforms.
Regulatory Norms
Both NPCI and RBI have been very active in laying out guidelines, and in launching products and
services that ensure systemic stability and financial inclusion. NPCI has released various financial
products that have enabled the swift growth of the digital payments industry in India. In the mobile
payments domain, NPCI is credited with the successful launch of UPI, UPI 2.0, BHIM, and others.29
United Payments Interface or UPI was introduced in April 2016.29 As of April 2019, 144 banks were
operating on the platform.30 UPI, as a platform, helped in increasing the interoperability between the
banks and provided a swifter and secure payment option for the users. NPCI launched the new version of
UPI – UPI 2.0 on August 16, 2018.31 NPCI also launched a mobile app named BHIM – Bharat Interface
for Money on December 30, 2016.32 BHIM was built on the UPI platform and was not an e-wallet. It used
the UPI interface for enabling payments directly between the bank accounts of two transacting parties.
RBI, over time, introduced various policies and guidelines to ensure smooth functioning of the mobile
payments industry. After allowing non-banking finance companies to apply for e-wallet license, RBI
released guidelines for licensing Payments Bank in India on November 27, 2014.33 Again, in October
2017, RBI mandated that all mobile wallets need to capture customer information under the KYC (know
your client) guidelines to verify the user's identity and prevent illegal activities like money laundering and
others.34 Then in July 2017, to enhance customer protectionism, RBI limited the customer’s liability
against unauthorized transactions.35 Further, in April 2018, RBI issued a notification that required all data
of payment systems in India be stored within the country for cyber-security purposes.36
Technology
Globally, mobile payment players use a variety of technologies to enable transactions. The factors that
influence the decision on the use of the technology among customers include the cost of adoption, ease
and swiftness of use, the security of transactions, available infrastructure support, etc. Some of the key
technologies37 available for use include Quick Response (QR) code technology, Near Field
Communication (NFC) technology, Sound Wave payment technology, Magnetic Secure Transmission
(MST) technology, voice-enabled payment technology, and others. QR code technology uses a set of a 2dimensional bar code and a QR code reader. The data from the code reader provides information such as
bank details of the seller, bill number for completing the payment transaction, etc. The QR code is
provided by the seller, which customers scan to pay through their digital wallet. This process is fast and
secure. In NFC technology, when a payment device (mobile, digital watches, etc.) is waved in the NFC
tag area, radio waves transmit information between the card reader and the payment device. Companies
such as Apple, Google, and other players were investing in NFC technology. With the growth of wearable
technologies, NFC was expected to grow in usage. Sound Wave based payment technology encodes the
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
customer's payment data into sound waves and transmits it without the need of an internet medium. This
medium is hardware independent and is helpful in reaching areas with low smartphones adoption. MST
relies on transmitting information through magnetic signals. The card terminals, Point of Sale (POS)
machines, process these magnetic signals for the transaction to take place. This technology was
compatible with the PoS present at offline merchant outlets, making the adoption cost-effective for the
merchants. Samsung Pay was the front runner in the use of MST technology. Along with these
technologies, the industry was also looking forward to the development and use of blockchain-based
payment technology.
Mobile payments platforms in India have witnessed a large-scale adoption of QR-based technology.38 The
cost-effective nature of the product, along with the ease of use, and low requirement of infrastructure
support, fueled its adoption. The use of other technologies, for instance, NFC and others, required
upgradation of the payment infrastructure on the merchant side and the use of expensive smartphones on
the customer side, which hindered their adoption in the market. Some players, however, integrated the QR
code technology in their products along with other technologies.
As Amit Sinha, CEO, Paytm Mall, remarked:38
Elegance is always in simplicity. QR Code as an interface between the offline and online
world is amazing. It just converts the offline traffic online and that’s why there’s a revival
[of QR technology].
PAYTM
Paytm, a flagship brand owned by One97 Communications Limited, was a private Indian enterprise that
described39 itself as the largest payments gateway offering comprehensive and seamless payments
solutions to their customers and merchants. It offered products and services such as payments systems,
mobile wallets, e-commerce, etc. Vijay Shekhar Sharma, Founder and Chairman of One97
Communications, launched Paytm in 2010 through a personal investment of $2 million.40,41,42 Paytm was
headquartered in NOIDA, close to New Delhi, India.
Products and Services
Paytm started as a platform for recharging prepaid mobiles and DTH (Direct-to-Home) services and later
added other recharge options for postpaid mobile payments, landline bill payments, etc. Since its
inception, Paytm launched several products and services including a mobile wallet, an e-commerce
platform, a payments bank, an online marketplace, a messaging platform, wealth management products,
etc.
Paytm Wallet
Paytm launched its payments instrument in January 2014.43 Paytm wallet started as a semi-closed type
mobile wallet using QR-based technology for enabling mobile payment transactions.44 The semi-closed
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
mobile wallet enabled the customers of Paytm to transact with several merchants present on its platform.
Starting with payment options for mobile phone and landline recharge, Paytm added a huge variety of
other payment services over the years.45 It introduced payment options for gas connections, movie ticket
booking, train and flight tickets booking, hotel booking, events ticket booking, etc. Additionally, Paytm
also ventured into food delivery, financial and banking services, car and bikes selling, and e-commerce.
These severely affected the players, specializing their business in stand-alone verticals such as movie
ticket booking (BookMyShow), flight and hotel booking (MakeMyTrip), etc.46,47 Apart from adding on a
variety of services on its platform, Paytm also tied up with various large vendors for fulfilling their
payment transactions needs. Some of such associations include integration with Uber (transportation
network company), IRCTC (Indian Railway Catering and Tourism Corporation) for food ordering,
Mumbai Metro, e-governance initiatives in Karnataka, PVR and INOX (multiplex chains), Mother Dairy
(seller of milk products), Kwality Walls (frozen desserts brand), educational institutions, and
others.48,49,50,51,52,53,54,55 It also rapidly expanded into the offline retail payments space. As of March 2019,
Paytm had more than 10 million registered merchants on its platform, with over 5 million offline
merchants accepting UPI payments.56,57 All these in-app add-on services and vendor tie-ups resulted in a
large customer base of more than 200 million average daily users for its mobile payments product.7
As Kiran Vasireddy, COO, Paytm, stated:58
We are trying to get to a situation where Paytm will be a super-app that is able to do all
your payments, from bills and school fees to buying stuff.
Paytm, in November 2017, transitioned from being an e-wallet to a mixture of UPI-based payment system
and an e-wallet system by introducing UPI on its platform.59
Paytm Mall
Paytm launched Paytm Mall, an online marketplace, in India in February 2017 with a merchant base of
140,000 registered sellers.60 An Alibaba-backed venture, Paytm Mall, worked on the offline to online
model (O2O), where the orders were collected in the online marketplace but the responsibility of fulfilling
the orders lay with the brands and the retailers themselves. Paytm Mall was an improvement over its
earlier e-commerce model that required massive investments for scaling the warehousing and logistics.61
The CEO of Paytm Mall, Amit Sinha, held the venture as one that helped the online retailers in fighting
against the large online retailers.61 In FY18, Paytm Mall reported a net loss of $256.91 million, about 150
times the losses reported in FY17.62 However, VSS reiterated his will to continually invest in the
merchant and customer acquisition on the Paytm Mall platform.
Paytm Payments Bank
Paytm launched its Payments Bank in May 2017 intending to achieve financial inclusion for half a billion
under-served and un-served population in India.63 Paytm describes its Payments Bank as India's first no
minimum balance, zero online transaction fee bank with a free digital debit card offering, and offered a
4% annual rate of interest on the savings account.64
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
Paytm Money
Paytm launched its wealth management and investment enterprise – Paytm Money in September 2018 to
provide wealth management products for its customers.65 As of February 2019, Paytm Money had
collaborated with 35 asset management companies to facilitate mutual fund investments.65 They followed
a direct sales model which eliminated the distributor commissions.
On February 14, 2019, Paytm Money integrated with Paytm Payments Bank to offer seamless product
and services for investment and wealth management. This provided an opportunity to enable the 42
million customers of Paytm Payments Bank to invest in the Paytm Money platform.65
Revenue Model
Paytm had multiple revenue channels. It earned revenue from its mobile payment product, recharge
services and bill payments, Paytm Mall platform, Paytm Payments Bank, Paytm Money, and others. The
revenue model for Paytm was primarily built around charging commissions and service fees. 44,66
Service Fees
Paytm charged a 3-layer flat service fee (Merchant Discount Rate) to the business incorporating either of
their mobile e-wallet, Payments Bank, or UPI based-payments solutions.67 It charged a flat transaction fee
of 1.75%+GST3 for large businesses, 1%+GST for sole proprietary firms, and zero fees for small startups
and businesses. Paytm charged a 2.7% fee on the selling price for financial transactions occurring via the
Paytm Mall’s payments gateway.44
Commission charges
Paytm charged commission fees from the listed utilities and recharge services. It also charged
commissions from the sellers on the Paytm Mall marketplace depending on the category of products sold.
Additionally, it earned commission through the sales of financial products on its Paytm Money platform.
Other than the service fees and the commission charges, Paytm earned through the means of investing.
The money deposited in the Payments Bank was invested by Paytm in several government bonds that
yielded a higher rate of return than what was provided to the customers.44
Marketing
Paytm, over the years, has come up with several marketing campaigns aimed at promoting both the
category of mobile payments and the brand Paytm. To become a household name in India, Paytm bid and
acquired the rights of being the title sponsor for all the domestic and international cricket4 matches to be
held in India for 4 years starting 2015.68 Paytm also launched an ad campaign titled “Paytm Karo”,
3
4
GST or Goods and Services Tax was applied at 18% in India
A sport followed religiously by many people in India
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
meaning – use Paytm, to capitalize on the state of limited cash availability in the post-demonetization
phase in India.69
Funding
Paytm was well funded by marquee investors such as Ant Financial Services Group, Alibaba Group,
SAIF Partners, Softbank, Ratan Tata, Berkshire Hathaway, among others.70,71 Alibaba and Ant Financials
(Alibaba’s affiliate), with the virtue of their $680 million in September 2015, owned 40% stake in
Paytm’s parent organization – One97 Communications.72,73 Estimates suggest that, as of August 2018,
Paytm was valued close to around $10 billion, making it one the highest valued internet companies in
India.74
Daniel Zhang, CEO – Alibaba, remarked on investing in Paytm:75
India is an important emerging market with strong e-commerce potential, and we look
forward to partnering with Paytm to deliver innovative products and services to
consumers… This investment will further expand Alibaba Group’s global footprint to
India’s thriving mobile commerce market.
Masayoshi Son, Chairman and CEO – SoftBank Group Corp, said:76
In line with the Indian government's vision to promote digital inclusion, we are
committed to transforming the lives of hundreds of millions of Indian consumers and
merchants by providing them digital access to a broad array of financial services,
including mobile payments. We are excited to partner with Paytm in this journey and will
provide them with all our support.
Competitive Landscape
Paytm’s mobile payments business faced competition from players such as Amazon Pay, WhatsApp Pay,
PhonePe, MobiKwik, Itzcash, ICICI Pockets, SBI YONO, BHIM, Freecharge, Jio Money, Google Pay,
Vodafone M-Pesa, Airtel Money, Samsung Pay, Ola Money, Apple Pay, and several others. Exhibit 3
details the prominent list of competitors for Paytm in the mobile payments space.
The Reserve Bank of India has, in a statement, commented on the competition paradigm in the retail
payments segment:77
With the maturing of the retail payments market, it is important that the concentration risk
in retail payment systems is minimized from a financial stability perspective. The Reserve
Bank plans to encourage more players to participate in and promote pan-India payment
platforms so as to give a fillip to innovation and competition in the sector.
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
The players in the mobile payments industry may be classified into several different categories. They may
be categorized based on their (or their parent company’s) backgrounds, on being private or public entities,
on the use of technology, on the type of mobile payments system offered, and many others. On the basis
of the backgrounds, players may be classified into belonging to the telecom industry (Vodafone, Reliance,
Airtel, etc.), banking industry (ICICI, SBI, etc.), technology industry (Google, Facebook, Samsung, etc.),
e-commerce industry (Amazon, Flipkart, etc.), core fin-tech industry (Paytm, ItzCash, Mobikwik, etc.),
and others. Among the competitors, a few of them expanded into the mobile payments domain as an
extension of the products and services offered previously (utility companies such as ICICI, SBI,
Vodafone, Airtel, Ola, etc.), while the others ventured as independent business units (core-fin tech
companies, technology companies, etc.). Further, quite a few of the players were private entities (Google,
Facebook, Reliance, ICICI, Flipkart, Paytm, etc.) where market dominance and profit-making prevailed
as primary objectives, while some of them were from government backgrounds (BHIM, SBI, etc.) where
financial inclusion was of utmost priority. Based on the technology used, the wallets may be classified as
QR based, NFC based, MST based, etc. RBI recognized the potential of QR based technology as a fast
and cost-effective solution for digital expansion and in October 2016 directed the companies to evolve a
common standard towards it.78 Based on the type of mobile payment system offered, some players offered
a mobile wallet only based payment system, some offered a UPI-based payment system, and others offer
a combination of both. UPI growth and acceptance resulted in huge market share loss for the mobile
wallet only players79 and hastened the move towards adoption of UPI. Additionally, a classification may
also be done based on the nature of the wallet – closed, semi-closed, and open wallet.
Paytm has been leading the mobile payments industry in terms of the user base, the number of total
transactions, and other parameters.80 In January 2019, Paytm led the number of UPI transactions with 221
million, while Google Pay and PhonePe closely followed with 220 million each.81 With WhatsApp having
a monthly user base of 210 million people in India, it was poised to give a stiff competition to Paytm as
well.2
The fight for market dominance led to increased spending on the marketing and advertising activities for
merchant and customer acquisition, which led to mounting losses for the mobile payments players. In FY
18, PhonePe’s losses amounted to $113.7 million on its revenues of $6.1 million, up from the losses of
$18.5 million in the previous year. It is estimated that a whopping 72% of the expenses was incurred for
marketing purposes.82 Paytm also reported a loss of $230.8 million, up from $129.8 million in the
previous year due to increased marketing and advertising expenditures for its mobile wallets business. 82
Additionally, Amazon Pay reported a loss of $48.1 million in FY 18, which doubled from the losses
incurred the previous year while its revenue shot up nearly 100 times to $56 million in the same period. 83
Future for Paytm
Paytm had been growing extremely fast and expanding rapidly. It expanded its product portfolio to
become more of an ecosystem player rather than an individual mobile payments entity. It made strides on
the technology front by partnering with Samsung.84 Further, massive investments from the likes of
Softbank, Alibaba, and others provided deep-lying financial support to the company. However, the entry
of some major players in the market, such as Google, Amazon, WhatsApp Pay, etc., interrupted the ride.
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
Paytm would need to revisit its strategy in the face of evolving competition. With the industry looking
towards a mobile payments product with ubiquitous presence across various payment outlets and with the
big technology firms putting in huge capital to grow their products in the market, was there a possibility
of a dominant design emerging in the industry? Will it be Paytm?
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
Exhibit 1
Types of Digital Payment Systems in India
National Electronic Funds Transfer
(NEFT) system
Real Time Gross Settlement
(RTGS) System
Immediate Payment Service
(IMPS)
Credit and Debit Cards
5
NEFT facilitates one-to-one fund transfers between two bank accounts.
The payment settlement is done in batches of one hour each. A maximum
limit of INR 50000 (~$7186) is imposed per transaction, however, there is
no limit on the number of transactions. These transactions occur in halfhourly batches from 8 am to 7 pm from Monday to Saturday (except 2nd
and 4th Saturday of the month). Charges vary between INR 1+ GST 5 and
INR 25+ GST for different slabs of the amount transacted. NEFT
accounted for 12% of all transactions^ by volume and 7% of all
transactions by value in FY18. The transaction charges for NEFT have
been waived off from July 1, 2019.
RTGS enables large value transactions on a real-time basis between two
bank accounts. The payment settlement is done individually. A minimum
transaction of INR 200,000 (~$28744) is permitted with no upper limits on
the sum of money transferred. The time window for these transactions is
between 8 am and 6 pm on working days of the banks. Charges vary
between INR 5+ GST and INR 50+ GST for different slabs of the amount
transacted. RTGS accounted for 0.8% of all transactions by volume and
46% of all transactions by value in FY18. The transaction charges for
RTGS have been waived off from July 1, 2019.
IMPS enables instantaneous money transactions. IMPS is managed by
National Payments Corporation of India (NCPI). Unlike NEFT and RTGS,
it is available on all times of the day (including holidays). It can be
accessed through mobile internet or the ATMs. Charges for this vary from
INR 5+GST to INR 15+GST based on the amount transacted. IMPS
accounted for 6.4% of all transactions by volume and 0.4% of all
transactions by value in FY18.
Cards, whether physical or virtual, are the payment modes that allow the
users to either borrow money from their bank for transactions (credit card)
or enable direct transaction from the deposited money in the bank account
(debit card). They accounted for 30% of all transactions by volume and
0.4% of all transactions by value in FY18.
GST or Goods and Services Tax was applied at 18% in India
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
Exhibit 1 (Contd.)
e-Wallets
UPI (United Payment Interface)
based Payments
Unstructured Supplementary
Service Data (USSD)
Point of Sale (PoS) terminals
e-Wallets are virtual wallets that contain digital cash used to make
payments to the other subscribers of the e-wallet. These wallets are linked
with the respective bank accounts of the subscribers, which enable the real
money transactions through them. Merchant Discount Rate (MDR)
charged ranges from ˜0-2% of the transaction amount from the merchants
for each transaction.
UPI-based payments enable real-time interbank money transfer using
virtual payment IDs, mobile phone numbers, or QR codes. It is built on the
UPI platform that is an interface for connecting all banks for
interoperability. It does not require extensive procedures to either add
payee details or recharge wallets. There is no additional need for
performing KYC (Know Your Client) procedures as accounts are linked
with bank accounts. Merchant Discount Rate (MDR) charged ranges from
˜0-2% of the transaction amount from the merchants for each transaction.
UPI transactions accounted for 6% of all transactions by volume and
0.04% of all transactions by value in FY18.
USSD facilitates mobile banking with the use of feature phones and acts as
a tool for enabling financial inclusion. It can be used without internet
connectivity by dialing *99# for fund transfer, balance inquiry, and ministatement generation. The upper limit for a transaction is INR 5000
(~$716.8) per day or INR 50000 (~$7186) per annum. Charges to the tune
of INR 0.5 per transaction are incurred to the mobile network provider.
PoS terminals facilitate payments at the offline retailer end through
debit/credit cards. An m-PoS or mobile PoS system is a cost-effective
version of PoS that may be used when the volume of the transaction
processing is low. Charges levied on the merchants ranges from 0.4-0.9%
of the transaction value.
^All transactions, here, refers to the total share of the electronic transactions in the overall volume of retail payments.
Source: Developed by case authors based on references85,86,87,88,89,90,91,92,93,94,95,96,97
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
Exhibit 2
Schematic diagram for working of mobile payments systems
Source: Developed by case authors based on references98,99
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
Exhibit 3
Overview of competitors for Paytm in the Indian mobile payments industry
Mobile
Payments
Player
Airtel
Money
Amazon
Pay
Owner
Firm
Industry of
Owning
Firm
Airtel
Telecom
Amazon
eCommerce,
Technology
Mobile
Payments
Type
e-Wallet,
UPI
Mar
2012
e-Wallet,
UPI
Dec
2016
Launch
Dates
Not
launched
until
April
2019
Dec
2016
Sep
2015
Apple Pay
Apple
Technology
UPI
BHIM
NPCI
Government
of India
UPI
Freecharge
Axis Bank
Banking
e-Wallet,
UPI
Google
Pay
Google
Technology
UPI
Sep
2017
ICICI
Pockets
ICICI
Bank
Banking
e-Wallet,
UPI
Feb
2015
e-Wallet
2010^
e-Wallet
2016~
e-Wallet,
UPI
Feb
2012
Jio Money
Ebix
(Insurance
software
firm)
Reliance
MobiKwik
MobiKwik
Core
Tech
PhonePe
Walmart
owned
Flipkart
e-Commerce
UPI
Aug
2016
Samsung
Pay
Samsung
Technology
Aggregator
Platform*
May
2017
Itzcash
Core
Tech
Fin-
Telecom
Fin-
Additional Details
Airtel also launched its Payments Bank
Amazon Pay automatically integrates with
the Amazon account and enables
transactions
(i) Not launched in India as it is facing
regulatory hurdle over data localization
issue (ii) Uses NFC, voice-enabled
technology (SIRI), messaging for money
transfer
Government of India is actively pushing
for the adoption of BHIM
Freecharge has an additional Chat and Pay
option
(i) Has an additional Cash Mode option
that uses Audio QR technology to identify
other Google Pay users nearby and transfer
money without the need for sharing details
(ii) Provides financial products such as
instant loans in association with partner
banks (iii) Has a chat feature for payments
(iv) Is fastest growing product in Indian
market
(i) Provides touch and pay feature using
NFC technology (ii) Pockets Savings
Account feature – enables to earn interest,
withdraw cash
Works in ‘phygital’ space (offline and
online) with e-wallets and PoS
Reliance also launched its Payments Bank
MobiKwik has also entered into providing
wealth management and insurance
products
(i) PhonePe started as a Core Fin-Tech
company, got acquired by Flipkart, which
later got acquired by Walmart (ii) Walmart
invested $66 million to take on the existing
competition in the mobile payments space
(i) Samsung pay uses a combination of
MST and NFC for making transactions, (ii)
Available for users of Samsung
smartphone (select versions)
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
Exhibit 3 (Contd.)
SBI
Buddy/
SBI
YONO
SBI Bank
Banking
e-Wallet/
UPI Only
Aug
2015/
Nov
2017
Vodafone
m-Pesa
Vodafone
Telecom
e-Wallet
2013
WhatsApp
Pay
Facebookowned
WhatsApp
UPI
Not
launched
till April
2019
Technology
(i) SBI launched their e-wallet SBI Buddy
then transitioned to a new product – UPIbased SBI YONO (You Only Need One)
(ii) Add on features – personal loans,
financial products, etc.
(i) Not launched in India as it is facing
regulatory hurdle over data localization
issue (ii) It tested its beta product with 1
million customers in India in 2018
^ Considered based on the year of clearance received from RBI
~ Launched for employees in Dec 2015 and later for the general public
* Samsung Pay acts as an aggregator platform for all e-wallets, cards, etc. of a user to enable transactions through any one of them
Source: Developed by case authors based on references100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132
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Paytm Mobile Payments: Will It Emerge as a Dominant Design in India?
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