India's Paytm App Back on Google Store After Removal Over Policy Violations
Paytm App was banned by Google Store citing policy violations
Paytm took it to Twitter to announce that they are back at Play Store after Google removed them citing violations of its gambling policy. The tech giant in its defense said that they don’t support any app to participate in a paid tournament to win a cash prize or real money. Google cleared its violation of its policies. Global giants such as Berkshire Hathway and Alibaba too own stake in Paytm.
Paytm started a decade ago as a platform for mobile recharge. Paytm app grew leaps and bounds after ride-hailing giant Uber listed Paytm as an instant payment option. However, Paytm became a household name in 2016 during demonetization. After the shortage of currency notes was going on, Paytm appeared as a survivor for users and sellers. Today Paytm has become one of the largest payment options among digital payment options available in India. It competes with global players such as PhonePe and Google Pay. The way Paytm is growing, various economists have laid out their projection that Paytm will be valued at around $135 billion by 2023.
Why Google Banned Paytm?
Paytm spokesperson told the media that company has not violated any rules but was running a lucrative offer that gives it’s users some stickers for doing money transfers and payments which can be used for redeeming cash back. Google deemed this move as gambling and thereby removed them.
Post that Paytm removed this offer and no such offers are available for users anymore. Paytm is giving a strong competition to large players and its Founder and CEO Vijay Shekhar Sharma has told media that many new investors are coming in to buy a stake in India’s digital payments app. Currently Paytm is India’s largest digital bank with nearly 60million customers. Chinese group Alibaba through its subsidiary Fintech firm Ant Financials owns a 40percent stake in Paytm.
Paytm today has become the most sought after digital payments app in India. Its competitors Google Pay and Phone Pay provides various offers but it hasn’t affected Paytm’s growth. The company is growing with a CAGR of 20%. Starting from recharge to becoming the country’s largest digital bank Paytm has grown ahead of its peers in such a short period. Let’s discuss some of the main features of the Paytm App.
Top Features of Paytm App
Merchant Payment – Without using cash one can pay the merchant through 3 different ways. Paytm Bank Account, Paytm Wallet, or other Bank Account linked with Paytm.
Fund Transfer – Just like any other bank, you can transfer funds through the Paytm app using all the three payment methods, i.e. Paytm Wallet, Paytm Bank, or any other bank linked with the app.
Bill Payment – You can pay all your bills using Paytm such as Postpaid Mobile Bill, Gas Bill, Electricity Bill, and Credit Card Bills among others.
Movie Tickets – You can book your movie tickets instantly through Paytm App. Also Paytm is known for running various offers for movie ticket bookings through Paytm.
Play Games – In addition to financial services, Paytm also gives you a chance to entertain yourself by playing games. Also, you can play and earn money in your loyalty wallet connected with the games.
These are various other features as well such as Payment Bank, Travel Tickets, Financial Investment, and buying Digital Gold among others.