Essentials of Communication and Personality Development
Essentials of Communication and Personality Development
Department of Management
JAMIA HAMDARD
(Deemed to be University)
(2019-2020)
2019-502-055
MBA
SEMESTER-2
SEC B
TABLES OF CONTENTS
PAYTM....................................................................................................................5
GROWTH OF PAYTM..........................................................................................7
PAYTM PRODUCTS.............................................................................................8
RESEARCH METHODOLOGY.........................................................................11
COMPETITORS OF PAYTM.............................................................................13
MAJOR PROBLEM WITH PAYTM.................................................................14
RECOMMENDATION FOR THE PROBLEM................................................15
THROWING LIGHT ON THE PERSONALITY OF THE MANAGER.......16
IMPORTANCE OF INTERNSHIP.....................................................................17
CONCLUSION......................................................................................................18
EXECUTIVE SUMMARY
This report contains information about how service sector growth is impacting and hoe new idea
generation is taking place. It comprehends the innovative idea and how it affects the environment
and will be impacting the future.
The report has information about a startup turned into a big venture that came with a simple
observation that people have increased the use of smart phones and how this small device can
have impact on normal activities. It contains the success story of Vijay Sekhar Sharma the
founder of PAYTM that led to revolutionized payment method. It is applaud able to see this
individual’s determination in wanting more and seeing how his struggles paid him off.
PAYTM an app website designed to initially make payments for mobile recharges and DTH
facility made its way through to each and every individual using PAYTM to pay for any
transaction. Its website has added so much into its page and solved problems of many people.
The app is so simple to use that anyone who can operate mobile phone can use and make
transactions using PAYTM.
As PAYTM has its benefits but also has some demerits which are further explained in the report,
other knowledgeable aspect about its history growth and competitors. The service provided by
paytm and can also be said as addictive once a user used the application to make its payment will
not want to shift to any other platform providing the same service.
All the data accumulated for the report is done through secondary sources mostly.
The report shows the growth of a much extended concept which has had its own set of difficult
times but have managed to communicate well to the tech savvy generation. It is without a doubt
a great mind with great concept and yes have brought ease in the life of its users.
INTRODUCTION
The service sector in India hold a dominant spot in the GDP and also affect the GPD majorly.
This sector is one of the key drivers of Indian Economy and its growth. The service sector
combats all the service related industries in the country. It includes travel and tourism, banks,
construction industry etc.
It is wonderful to see how new ideas are generated in this particular sector. This sector is one of
the most profitable and flexible sectors of all. India and its people love to have the feel of being
served it is a privilege that this sector has been booming in the past few years and will be
booming in the coming years.
One such company PAYTM which comes under the service sector is an ecommerce website and
is a financial technology company based in Noida, UP which facilitates payments. It was started
in 2010 and is brand of the parent company One97communications.com which was founded by
Vijay Shekhar Sharma.
It was launched as an online mobile recharge website which also boasted the concept of Digital
India by PM Modi. PAYTM has now become one of the most used online payment platform. It
has become the largest and leading payment gateway.
The innovative idea and timing were two consequent pillars on which the success of PAYTM is
held at. Even in these persistent times PAYTM has once again proved its worth. When everyone
is scared or everything and a notion exist that these time will continue to carry for a longer
period PAYTM has sail through and help in the most basic ways through which some demerits
of the situation can be undermined.
PAYTM is one such platform which has gained the most trust and somehow is one everyone’s
tip of the tongue and any monetary transaction on the tip of the finger. Over the period of time it
has included many products in itself.it facilitates the customer making payment for anything or
any kind of transaction or paying bills can be done using PAYTM
PAYTM
Pay through mobile or PAYTM is India’s largest leading payment platform that
offers payment services for customers and its merchants as well. It is an
ecommerce payment system owned by One97 Communications and a financial
technological company based in Noida. India. Till date PAYTM offers mobile
payment solutions to over 10 million merchants and consumer and made payments
easier. PAYTM initially launched the very first service of mobile recharge and
introduced PAYTM wallet.
The users have to complete their KYC to use paytm to full capacity and has also
barged users using it before the age of 18 years. PAYTM allow its users to
purchase or to make a payment using various payment option like credit cards and
debit cards and online banking through PAYTM app. It also allows you to transact
money sitting at home from anywhere in the country. It acts as an intermediary
between the consumer and the bank.it is also available in 11 different languages in
India. Its vision and mission statement are
HISTORY OF PAYTM
1
Source-https://paytm.com/about-us/ (05-05-20)
Vijay Shekhar Sharma founded in August 2010.
He was a student of Hindi medium and life was
difficult nothing came easy for him. There were
days when he had enough money to just buy food
once in a day with heavy debt hovering overhead.
His determination to do something new kept him
going and he came up with the idea or PAYTM as he saw that the use of smartphones increasing
day by day.
In its initial years its services was limited to recharges for mobile and DTH. Over the year the
portal has grown so much using its tagline “PAYTM KARO” has expanded its scope and added
over more options and products attached with the portal.
By the end of year 2013 and beginning of 2014 it had launched PAYTM wallet and payment
option registered for Indian Railways and Uber. Later into bus ticketing and slowly added more
payment gateways for metro recharges, gas bills, electricity bill etc.
The real success came in the year 2016 when demonetization hit the nation and everybody
learned about PAYTM through ads. They advertised themselves so much during those months
and gained triple from the note bank and later the concept of DIGITAL INDIA it gained more
popularity.
In 2017, PAYTM reached a milestone by becoming India’s first payment app to cross over 100
million users downloading the app. And the following year it launched PAYTM for business and
money wherein they transact between merchants and also accepted payment using UPI and
launched its own digital bank.
This year the chaos created by the pandemic had gotten all the business to crumble. However
once again PAYTM has again gotten a chance to create once again to contradict the earlier
natures of transaction. India now can understand that such platforms are the future of the nation.
GROWTH OF PAYTM
PAYTM enjoying its success today has come up a long path since its incorporation.by the last
year PAYTM has ventured its branches to all kinds of money transaction, taking from normal
pay, to buy or to earn or to save all over one platform. It is without a doubt that I was a difficult
job as people in India are hesitant when it comes to anything online related. It has still captured a
market of 70% in India and has expanded itself to various textures or layers of money and its
usage. It is a privilege that PAYTM has given to avoid crowded lines to pay the consumers
electricity bill and all money transaction is a finger touch away.
Demonetization has played a key role in its success. The shift in its growth charts were visible
after the demonetization occurred in the year 2016 and demonetization forced people to switch to
plastic money or the digital payment method hence PAYTM’s popularity also increased.
PAYTM has be awarded with many prestigious awards in the market and has also increased its
efficiency. Both offline and online merchants accepting payment through PAYTM and after its
registration from SEBI it has ventured itself to also stock market. PAYTM slow and steady
growth shows its capacity and caliber the company and its employees have.
It has tie ups with profitable institutions like Muthoot Finance, ICICI Prudential, LIC, HDFC
Life etc. has also acted in favor or PAYTM and has been generating revenue for it. PAYTM has
paved its way out to make what India is today and also made it a lot easier for other firms to start
their own businesses. It strategy to first attract the younger generation by adding services like
payment for movie tickets coupons for fooding and later to the older people by adding LIC.
2
Source - https://techstory.in/PAYTM/ (07-05-19)
PAYTM PRODUCTS
1. PAYTM WALLET- like a real wallet where you keep handy cash and
cards PAYTM introduced virtual wallet called PAYTM wallet which can be
used to make any transactions. It is approved by the RBI.one can add cash
from their account to this wallet and use like any other normal wallet.
extended its range of products to offer. As in the name it is mall that has a
spate app and website also available on the normal PAYTM app in the
mobile phones where needs from essentials like groceries to cars all of them
are under one roof. Alibaba has invested crores over to this platform.
4. PAYTM GOLD- here PAYTM allows its user to buy, sell and store its gold
without charging any significant cost. The user can choose to get a digital
account or a user with digital account can convert the account into gold bars
or coin and get it delivered to the users doorstep. PAYTM for PAYTM
GOLD has partnered itself with MMTC-PAMP enabling these services.
PAYTM allows merchants and businesses to wherein they can carry all their
transaction with other businesses and customers over this and make
settlements through their preferred bank or PAYTM.
6. PAYTM MONEY- the most recent launch that was made my PAYTM was
its PAYTM money .this part is operated by Pravin Jhadav and enables users
to build investment and wealth management products. PAYTM money has
been approved by SEBI for becoming and investment advisor the users can
invest in mutual funds with zero commission.
RESEARCH METHODOLOGY
INTRODUCTION
Research is systematic process of collecting and analyzing of information in order
to increase the understanding pertaining to the topic.
RESEARCH OBJECTIVE
1. To understand what factors led to the growth of PAYTM.
2. To analyze various factor that lead to eruption of problem that is faced by
PAYTM.
3. To give some recommendations to unravel the solution for the shortcomings.
RESEARCH METHODOLOGY
The researcher has selected the PAYTM for the study and does cater to one
significant problem that can affect the existence of PAYTM.
SECONDAY SOURCE
SCOPE
the growth of service sector and more idea generation in sector pertains to the
growth and its importance to Indian GDP. The new generation can have preference
towards such luxury feeling or service where they can have their worlds at the tip
of their fingers. It is clear that every 3 rd person in India uses PAYTM though they
know that this is a platform that gaps its customers.
LIMITATIONS
The details in the report are totally based on the researchers point of view and can
be subjective and different to one another.
SWOT ANALYSIS OF PAYTM
STRENGTHS WEAKNESS
1.first mover advantage 1. inability to handle traffic
2.huge population in the target segment 2. huge extension to the business
3.various methods of attracting 3. poor customer care
customers to the platform 4. slow servers
4.diversification of PAYTM 5. need for more awareness
5. tie up with famous merchants 6. population in India is still hesitant to
6. option of convenience such online payment apps
OPPORTUNITIES THREATS
1. Consumers increased using the app 1. growing competition
after demonetization 2. Security and privacy threats
2. Increased use of net and easy 3. connectivity problems
application to use
3. Pared with ecommerce website like
flipkart and amazon and lured
customers with cashback and discounts
4. Can have offline presence in the
future
5. Due to the pandemic and feelings of
uncertainty going towards cashless
seems more convenient.
COMPETITORS OF PAYTM
1. PHONEPE- is also similar to PAYTM and was found in the year 2015 headquartered in
Bangalore, INDIA. It is the first payment app that was built on unified payment interface.
2. MOBIKWIK- is said to be one of the biggest competitors of PAYTM and is very similar
to the platform. It was founded in the year 2009.
4. GOOGLE PAY-is a digital wallet that has the same system developed by Google to
power in app and tap to pay for purchases.it was released in the year2018.
TI is said that every phone in India has PAYTM or one of the above mentioned app
installed in their smart phones.
MAJOR PROBLEM WITH PAYTM
PAYTM’S significant problem faced is its poor customer care service. This
department of PAYTM suffers the most flashback. They have mixed review over
websites like indeed.com and LinkedIn. The organization major difficulty is that
they are not able to communicate with the older generation in the country.
The customer care support lack efficiency and training which shows their lack in
experience in handling customers when they call for help. This is one of the
biggest demerit because the consumer can shift to rival company.
The manager of this department faces most difficulty to perform their task due to
the inability to accord themselves to the need of the customers. Basic training for
this department lacks due to time constrains and major attention paid to
advertising. It’s the fault of paytm that they concentrated more towards their
advertising and not handling their customer care service, its network take time and
is busy to attend this shows that they have overload over their platform and the
inability to handle this load makes customer agitated due to longer minutes they
take to converse with the customer care agent.
PAYTM has to accept its inefficiency in terms of their customer service and not
taking any action towards the deficiency and taking corrective measures to
improve this crisis. PAYTM and its employees face this back flash due to its
controversial statements which affected its image in the eyes of its consumers
PAYTM has to attribute its importance towards all the department and not
concentrate over to only part of the company. It has to understand that all go hand
in hand and all departments are interconnected and can affect one and another.
RECOMMENDATION FOR THE PROBLEM
Paytm in order to address it crisis and to take corrective measures to come up with
a desired solution has to go through some changes. Few recommendations to
elucidate the situation can be-
For the manager to have retain his post needs to have good communication skills
and an intelligence personality and quick learner and an inquisitive nature. The
manager has to have a personality which can find a solution to the problem that
occurred faster. The manager has to communicate both horizontally and vertically
with other employees to get into the details as why how when were questions
related to the problem. The major asset in the personality needed to join such an
organization is intelligence and communication and sharp thinking. The manager
can give recommendations or ideas as to create a solution for the problem his
nature can show his interest in retaining his work in the organization. The manager
should be trustworthy as to attain information as why employees feel it difficult or
why employees fail to attend the end users as desired what they lack in their job
that is affecting their job life. All these aspect can only be checked if the manager
has a very pleasing personality and can connect with people both horizontality and
vertically to find the loop and fill the loop.
IMPORTANCE OF INTERNSHIP
The manager is not given a job opportunity, will be given an internship certificate to continue.it
s with a doubt clear that both job and internship are different and have their own sets of
advantages and disadvantages. Internship opportunity can also be of great importance to the
company in many ways. The following can be said to be the importance of internship for the
company.
This report helps in understanding that for a man to reach the level of self-
actualization is not easy but also not impossible. But needs copious amount of
patience and determination and everything will fall in the right place. Even for an
employee to succeed needs determination and patience to reach their ultimate goal
in a life.
The organization needs to understand that all working departments go hand in hand
and one strategy affects the whole organizational strategy somehow. It is not only
important to converse with customers but also important to convers within the
organization with its employees to better cope up with shortcomings. And also the
fact that at the end customers are the one who give u the reason for existence and
satisfying them on every level is a very essential part of organization. In today’s
growing era the where all the strategies are remodeled pivoting customers in mind
PAYTM has to understand the fact that their weakness of having a poor customer
care service is a huge negative aspect and can bring affect revenue generation.