Future of payments
This article is part of a series of articles on the future of payments. Read more.
Need to know
- According to Standard and Poor’s, nearly 76% of India’s population did not understand even basic financial concepts. Many still did not have or use bank accounts and even amongst those who did have debit cards, many had never used them.
- Paytm realized one thing above all: in India, currency is measured not by its transactional worth, but by its emotional worth.
- While other brands focused on the English-speaking affluent Indian, Paytm covered most of India’s 22 languages and focused on the bottom-of-the-pyramid everyman.
- The company started the largest financial digital literacy program under ‘Paytm sikhao’ (‘let’s teach Paytm’) through which it asked its 140 million Paytm users to ‘Each One Teach One’. Short videos, shareable on WhatsApp – India’s favourite messaging app – were created in multiple languages that worked as a step-by-step guide on how to use Paytm.