How Mobile App Development made Paytm a Business Success Story at The Harvard University
There are more smartphones than human on our planet. This is why smartphone apps have now become key to business growth on a global scale in the 21st century on the digital front. And Facts Speak about it!
Some Facts About it:
A report published on SmartInsights shows that people are spending 52 to 87 hours every month on their smartphone apps every month.
According to the same report, 68% to 89% of consumers in every part of the world are using their smartphones to shop through mobiles apps.
Flurry’s State of Mobile Europe report published in Consultancy stated 28% increase in mobile apps. This is why mobile users are now spending more than 5 hours a day in the United States while using their smartphone apps to stream content and search for businesses and products online.
Smartphones are light enough to carry in pockets during the journey. Therefore, it becomes very easy for consumers to add to your business revenue by shopping through an app installed on their smartphone. Smartphone apps boost your lead generation and conversion rate up to 1.56 percent.
Every smartphone user in the world has a minimum 40 apps installed on their smartphone.
Smartphone apps have helped businesses generate more than $60 billion in revenue on their smartphone in 2016 which is now expected to get increased by manifolds by 2020.
Wake Up Sid! Facts have their own voice and they speak effectively. Taking these facts into consideration, it is right to say that mobile app development in the 21st century is key to business growth on the digital front.
Alright! Let’s Take Some Examples of Business Success:
Mr. Abhishek Rajan and Mr. Vijay Shekhar Sharma and their Paytm (Pay Through Mobile) are now a Case Study at Harvard University. But how has Paytm emerged as such a huge business success story from India on the Global scale? This is the burning question of the day! Let’s know the story in points below:
Paytm is now rapidly cementing its legacy in the domain of e-payment system and e-commerce in India.
Founded in the year 2010, the brand is now a very common household name in India for online shopping, selling products, paying electricity and other utility bills, booking tickets, recharge, investment and a lot more.
Interest for investment in Paytm by Mr. Ratan Tata and Alibaba Group put Paytm’s feet on success accelerator like never before.
This ensured 25% share for Alibaba Group in the firm through the investment of $575 million.
The Alibaba Group is the largest e-commerce company in the world and it funds no other company apart from Paytm.
All This Does Not Provide the Full Answer to the Question of the Day:
That’s right! Therefore, coming back to the actual point, all this was like a dream come true for Paytm. But the company was still not getting that much success. In such a situation, Paytm launched its own mobile app in February 2014. This is something that won the game for Paytm!
Before we take a look at the way mobile app development has made Paytm a huge business success, we need to take a look at some facts below to prove it:
Paytm now started getting new users easily throughout the country on monthly basis. In a period of less than 3 years, Paytm mobile has now become the most preferred app used for online transactions, shopping and lot more.
Paytm has now crossed the landmark of more than 200 million users in 2017.
Paytm Mobile App has been downloaded more than 50 million times on Google’s Android Plays Store and almost the same number of times on Apple’s iTunes-Play Store.
Apple INC. named it amongst the best Apps on iTunes in 2014.
The development of Mobile app has earned Paytm more than 122 million monthly active users.
Paytm Mobile app has been downloaded
Almost 200 billion transactions are being done using Paytm mobile app on annual basis. And this number is only expected to get increased by 5 to 6 times more by the end of the year 2020.
More than 2 million merchants receive payments almost 9, 00,000 payments every month.
Let’s take a look at the way opting for mobile app development has helped Paytm get successful like never before:
Now let’s See How Paytm Mobile App has Made Paytm a Popular Digital Wallet:
Actually, no one has enough time to go to a cyber café and place orders for shopping, booking tickets online.
Moreover, no one wants to stand in long queues for a number of hours to pay their utility bills and book tickets etc.
Paytm realized it and came with a mobile app that allows users way more than shopping and paying their utility bills by tapping your mobile screen two or three times by sitting at home, office or even while long distance traveling through buses, trains or even on domestic plans.
Booking of Movie Tickets and 50% to 100 Guaranteed Cashback Immediately:
Why would people like to face the scorching sun when Paytm is there to help book Movie tickets? Think About it! Moreover, a minimum 50% or even 100% Cashback is also guaranteed on booking minimum two movie tickets.
So this really offered a big advantage to miser Indian consumers who love buying everything almost in free by tapping their mobile screen with fingers two or three times. Paytm mobile helped firm this miserliness of Indian consumers to its advantage.
KYC With App
Paytm transactions are secure because they are recognized by the Central Government of India and RBI (The Reserve Bank of India). For proof, you can see the option of Paytm KYC (Know Your Customer) that asks users to fill in their Name and Aadhar Card Details (Aadhar Card is a mandatory document for every single citizen of India).
Just a few finger taps and everything is done! Now local Paytm Official will get to your place to complete the rest of the process in a few minutes. And this ensures the three benefits for users that are shown in the image above.
Digital Wallet Insurance Through App
Mobile app development gave Paytm the idea of digital wallet insurance for its app users. If you feel your Paytm Account has been compromised and your money is at risk then do not worry and use Paytm App to call Paytm Customer Care.
Access to an International (Digital) Shopping Mall Products for Customers With App:
The development of mobile app has seriously benefited both Paytm and its users. It allows them to book tickets Bus, Train, Flight, Any famous event tickets from government portals and access a virtual shopping mall to help them buy international products by tapping mobile screen just two or three times.
Unique Scan Code in App for Making Secure Payments:
Paytm Mobile app has unique Scan Code to help consumers pay money to merchants by tapping mobile screen just two or three times with fingers.
Features to Let Customers Pay for the Following:
Want to pay at a gas station or a petrol pump for filling your car’s tank? Don’t have cash in pocket? No Problem when Paytm mobile app is there to help its users.
Customers can fill in their debit card, credit card and account number details within a few minutes and add money to their Paytm wallet to pay to the merchant. Customers can even pay for their loan and insurance premium. For that too, customers get cashback for making payments through the mobile app!
Paytm incorporated all these features in its mobile app because no other e-commerce company India was providing such features in their app or even website to their users.
This really worked in favor of Paytm. All transactions done using Paytm website or mobile are encrypted with 128-bit SSL security.
Its mobile app and website fully comply with PCI DSS terms and conditions and get engaged in real-time monitoring of all transactions to make sure Customer’s Credit and Debit card’s CVV number is not stored and their money is safe in their Paytm Wallet.
The firm took advantage of this situation and campaigned aggressively to support Note ban in the favor of digital payment throughout the country.
This is when Paytm reached even a rickshaw-puller, cab-drivers, shopkeeper, a street vendor, big businessmen in every single city and village of India and guided everyone to use Paytm mobile app for digital payments.
From thereon, Paytm never looked back and its app broke all records and made the brand a massive business success story to be studied at The Harvard University.
This is how the development of a mobile app has turned Paytm into an iconic business success story to be studied at The Harvard University. The firm had decided to seek mobile app development services to be able to standout because of the facts mentioned in the beginning?
Do you have a business? Is it struggling to make its presence felt in the market? Do you want to be the Paytm of your Industry? If yes, get in touch with the mobile app development service provider now to standout and stamp your authority like Bahubali.
About the Author
A very zealous lead mobile app developer at SoftProdigy, Anirudh works his way through a diverse experience in the niche of android and iOS development. As a technical lead, Anirudh is the front-runner for all the development activities performed by SoftProdigy’s mobile app development team. He possesses matchless expertise in Corona, PhoneGap, JQuery, Xamarin, Cocoa, Cocoa Touch, IoT, Objective-C, Swift and other SDKs with a high-end understanding of the mobile ecosystem.
There are more smartphones than human on our planet. This is why smartphone apps have now become key to business growth on a global scale in the 21st century on the digital front. And Facts Speak about it! Some Facts About it: A report published on S...
The Role of Content Marketing in Building Your Brand Authority
React Native and ReactJS: Are They Interchangeable Technologies?
Top Laravel Development Trends to Stay in 2021 and Beyond
Clients we have worked with
We can transform your business! Want to see how? Connect with us