# Paytm

> Source: https://docs.barcoder.ai/docs/wallets/paytm
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Paytm — official](https://paytm.com/)

## Supported standards

This wallet supports the following visual-code standards:

- [`paytm-qr`](https://docs.barcoder.ai/docs/standards/paytm-qr)

## Overview

**Paytm** is **India's pioneering super-app + payments fintech**, operated by **One97 Communications Limited** (BSE: 543396, NSE: PAYTM) — founded **August 2010 by Vijay Shekhar Sharma** <sup>[1][1], [2][2]</sup>. Paytm dominated Indian digital payments through the 2010s but lost market share to **[PhonePe](https://docs.barcoder.ai/docs/wallets/phonepe) + [Google Pay](https://docs.barcoder.ai/docs/wallets/google-pay)** + suffered major **January 2024 RBI restrictions on Paytm Payments Bank Limited (PPBL)** which **dropped MTU 24% from 104M to 80M (Jan-Apr 2024)**. By **FY26 Q1**, Paytm **swung to profit (INR 122.5 Cr)** + reached **~72 million MTUs** + **~7% UPI market share**.

**Recovery via bank partnerships**: Paytm forged **TPAP (Third-Party Application Provider) status for UPI services with Axis Bank, HDFC Bank, State Bank of India (SBI)** — stabilizing MTUs after Payments Bank restrictions. **November 26, 2025**: RBI granted **Paytm Payments Services Limited (PPSL)** a **payment aggregator license**, enabling onboarding new online merchants.

## History

**August 2010 — Paytm launches** <sup>[2][2]</sup> by **Vijay Shekhar Sharma** as a mobile-recharge platform.

**2014-2018 — Wallet + super-app expansion + dominance** <sup>[2][2]</sup>: Pre-UPI Indian mobile-wallet leader; **November 2016 demonetization** accelerated Paytm adoption to ~250M+ users at peak.

**November 2021 — Paytm IPO on Indian stock exchanges (BSE + NSE)** <sup>[2][2]</sup>: Then-largest Indian IPO at ₹18,300 crore ($2.4B); stock subsequently declined ~75% from issue price reflecting valuation reset.

**January 31, 2024 — RBI restrictions on Paytm Payments Bank Limited (PPBL)** <sup>[3][3]</sup>: Major regulatory event — RBI banned PPBL from accepting deposits, credit transactions, UPI facilities; effectively ended PPBL's deposit-taking business.

**Jan-Apr 2024 — MTU dropped 24% from 104M to 80M** <sup>[1][1]</sup>.

**2024-2025 — Recovery via TPAP partnerships** <sup>[1][1]</sup>: New banking partnerships with **Axis Bank, HDFC Bank, SBI** for UPI under TPAP framework stabilized MTUs at ~7.2 Cr (72M).

**FY26 Q1 — Paytm swung to profit (INR 122.5 Cr)** <sup>[1][1]</sup>: Major financial turnaround.

**November 26, 2025 — RBI grants Paytm Payments Services Limited (PPSL) payment aggregator certificate** <sup>[4][4]</sup>: Major regulatory recovery; PPSL can onboard new online merchants.

## Ownership & operator

**Operating entity**: **One97 Communications Limited** (BSE: 543396, NSE: PAYTM) — Indian public company.

**Founder + CEO**: **Vijay Shekhar Sharma**.

**Major historical investors**: **Ant Group (Alibaba; substantial historical stake; reduced over time), SoftBank Vision Fund, Berkshire Hathaway, T. Rowe Price, Vanguard** + public float.

**Subsidiaries**:
- **Paytm Payments Bank Limited (PPBL)** — restricted by RBI Jan 2024; deposit-taking banned.
- **Paytm Payments Services Limited (PPSL)** — RBI-approved payment aggregator (Nov 26, 2025).
- **Paytm Money** — investment platform.
- **Paytm Insurance** — insurance distribution.
- **Paytm Mall** — e-commerce (declined).

**Regulator**: **Reserve Bank of India (RBI)** + **NPCI** for UPI.

## Technical integration

Paytm is **Indian super-app payments + Third-Party UPI Application Provider** <sup>[1][1], [2][2]</sup>:

| Layer | Description |
|---|---|
| **Channels** | Paytm app (iOS + Android) + Paytm Web + Paytm Soundbox (merchant device) |
| **Identifiers** | Phone number + VPA + QR code + card number |
| **UPI integration** | **TPAP status with Axis Bank + HDFC Bank + SBI** (post-PPBL restrictions) |
| **Standards** | **[UPI QR](https://docs.barcoder.ai/docs/standards/upi-qr)** + **Bharat BillPay** |
| **Wallet** | Paytm Wallet (closed-loop) + Paytm Postpaid (BNPL via NBFC partners) |
| **Card network** | Paytm Postpaid card + corporate card partnerships |

## Users & growth

**India (recent)** <sup>[1][1]</sup>:
- **Monthly transacting users (last 2 quarters of FY25 → FY26 Q1)**: ~7-7.2 Crore (70-72 million; grew from 7 Cr to 7.2 Cr)
- **MTU drop post-PPBL restrictions (Jan-Apr 2024)**: 104M → 80M (-24%)
- **UPI market share (recent)**: ~7% (third after PhonePe 47.99% + Google Pay 36.1%)
- **FY26 Q1**: Profit INR 122.5 Cr — first profitable quarter post-PPBL crisis

**Pre-PPBL-restriction peak (FY24)**: ~100M+ MTUs + higher market share.

## Use cases

**UPI P2P transfers (via TPAP partnerships)** <sup>[1][1]</sup>: Post-PPBL primary rail.

**Merchant payments (Paytm QR + Paytm Soundbox)** <sup>[2][2]</sup>: Distinctive Paytm Soundbox device confirms payments audibly at small merchants.

**Bill payment via BBPS** <sup>[2][2]</sup>: Utilities + services.

**Mobile + DTH recharges** <sup>[2][2]</sup>: Original Paytm use case.

**Paytm Postpaid (BNPL via NBFC partners)** <sup>[2][2]</sup>: Indian consumer credit.

**Paytm Money (investments)** <sup>[2][2]</sup>: Mutual funds + stocks.

**Paytm Insurance distribution** <sup>[2][2]</sup>: Multi-product.

**Payment aggregator services (PPSL post-Nov 2025)** <sup>[4][4]</sup>: Online-merchant onboarding.

## Implementations & partners

**Operating entity**: **One97 Communications Limited**.

**UPI partner banks (TPAP)**: **Axis Bank, HDFC Bank, State Bank of India (SBI)** — replaced PPBL after RBI restrictions.

**Subsidiary status**:
- **Paytm Payments Bank Limited (PPBL)**: Restricted by RBI.
- **Paytm Payments Services Limited (PPSL)**: Payment aggregator (Nov 26, 2025 RBI certificate).

**Major Indian competitors**: **[PhonePe](https://docs.barcoder.ai/docs/wallets/phonepe)** (Walmart-majority; 47.99% UPI share), **[Google Pay](https://docs.barcoder.ai/docs/wallets/google-pay)** (36.1% UPI share), **[BHIM](https://docs.barcoder.ai/docs/wallets/bhim)** (NPCI reference UPI).

**Regulator**: **RBI + NPCI**.

## Fun facts

- **Founded August 2010 by Vijay Shekhar Sharma** as mobile-recharge platform.
- **November 2016 Indian demonetization** accelerated Paytm to ~250M+ users at peak — defining cultural moment.
- **November 2021 BSE + NSE IPO** at ₹18,300 crore ($2.4B) — then-largest Indian IPO.
- **Post-IPO stock declined ~75%** reflecting valuation reset.
- **January 31, 2024 RBI restrictions on Paytm Payments Bank Limited (PPBL)** — major regulatory event.
- **MTU dropped 24% Jan-Apr 2024** (104M → 80M).
- **2024-2025 TPAP recovery with Axis + HDFC + SBI**.
- **FY26 Q1 first profitable quarter** post-PPBL crisis: INR 122.5 Cr.
- **November 26, 2025 RBI PPSL payment aggregator certificate** — major regulatory recovery.
- **Paytm Soundbox** — distinctive small-merchant payment-confirmation device.

## Comparison

| Feature | Paytm | [PhonePe](https://docs.barcoder.ai/docs/wallets/phonepe) (IN leader) | [Google Pay](https://docs.barcoder.ai/docs/wallets/google-pay) (IN) | [BHIM](https://docs.barcoder.ai/docs/wallets/bhim) (NPCI reference) | [WhatsApp Pay](https://docs.barcoder.ai/docs/wallets/whatsapp-pay) (IN limited) |
|---|---|---|---|---|---|
| Operator | **One97 Communications (BSE/NSE PAYTM)** | PhonePe Limited (Walmart-majority) | Google LLC (Alphabet) | NPCI BHIM Services Limited (NBSL) | Meta (Facebook) |
| UPI market share | **~7%** | 47.99% | 36.1% | Smaller but rising | <1% |
| Users / MTU (recent) | **~72M MTU** | 580M+ / 450M MAU | 820M global / India 62% | 165M Dec 2025 transactions | 500M+ WhatsApp users; 12M+ payment transactions |
| Recent event | **FY26 Q1 first profit post-PPBL** + Nov 2025 RBI PPSL aggregator approval | IPO shelved Mar 2026 | Continuous growth | Dec 2025 +4x transactions YoY | Failed launch despite scale |
| Public listing | **BSE + NSE (Nov 2021)** | Public-company structure Apr 2025; IPO shelved | Subsidiary of Alphabet | Government-backed | Subsidiary of Meta |

## Status

**Active, recovering post-PPBL crisis** <sup>[1][1], [3][3], [4][4]</sup>:
- **One97 Communications Limited** (BSE: 543396, NSE: PAYTM).
- **~72M MTU + ~7% UPI market share** (FY25-FY26).
- **TPAP partnerships with Axis Bank + HDFC Bank + SBI** post-PPBL restrictions.
- **FY26 Q1 first profitable quarter** post-PPBL crisis (INR 122.5 Cr).
- **November 26, 2025 RBI PPSL payment aggregator certificate** — major regulatory recovery enabling new merchant onboarding.

## Sources

[1]: https://www.whalesbook.com/news/English/tech/Paytms-Shocking-2025-Comeback-RBI-Ban-Cant-Stop-Fintech-Giants-Record-Profit-Surge/6950c6814342f77179da6d8b "Paytm 2025 comeback — Whalesbook"
[2]: https://www.medianama.com/2025/01/223-analysis-one-year-rbi-restrictions-where-paytm-stands-now/ "One year RBI restrictions Paytm — Medianama"
[3]: https://www.rbi.org.in/commonman/english/scripts/FAQs.aspx?Id=3573 "RBI restrictions on PPBL FAQs"
[4]: https://www.medianama.com/2025/11/223-paytm-rbi-approval-online-payment-aggregator/ "Paytm RBI online payment aggregator approval — Medianama"

- [1] [Paytm 2025 comeback — Whalesbook][1]
- [2] [One year RBI restrictions Paytm — Medianama][2]
- [3] [RBI restrictions on PPBL FAQs][3]
- [4] [Paytm RBI online payment aggregator approval — Medianama][4]

## Source

Biography extracted from [paytm.md](https://docs.barcoder.ai/source/wallets/paytm). See `matrix.md` for standards-support matrix if present.