For pi­o­neer­ing the cash­less econ­omy

Fast Company - - Most Innovative Companies -

Af­ter regulators de­cided to re­move 86% of In­dia’s cash from cir­cu­la­tion in Novem­ber 2016, Paytm be­came the coun­try’s lead­ing dig­i­tal wal­let. “It was a once-in-a-life­time op­por­tu­nity,” says founder Vi­jay Shekhar Sharma. But for Paytm and its par­ent com­pany, One97 Com­mu­ni­ca­tions, dig­i­tal wal­lets are just the start. Last year, the com­pany ex­panded into bank­ing, in­sur­ance, and lend­ing, and in­tro­duced Paytm Mall, an e-com­merce app, in Au­gust. Paytm Wal­let now has 90 mil­lion ac­tive users, and the new app Paytm for Busi­ness aims to add mer­chants to the 6 mil­lion al­ready plugged in. Next up, ap­pro­pri­ately enough: a new wealth man­age­ment di­vi­sion.

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