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SHIRSENDU KARMAKAR
Paytm hits 10% upper circuit on reports of FDI nod for payment aggregator The uptick in the share price came after reports indicated that the Government has approved Paytm's FDI proposal for payment aggregator business. Paytm buzzing in trade: Shares of Paytm were locked in 10 per cent upper circuit at Rs 508.85 per share on Friday, July 26, 2024. The uptick in the share price came after reports indicated that the Government has approved Paytm’s FDI proposal for payment aggregator business. The report also mentioned that Paytm is now eligible to apply for a payment aggregator licence from the Reserve Bank of India, which will assess the application. Paytm’s losses widened to Rs 840.1 crore in Q1FY25, from Rs 358.4 crore in the same quarter the previous year. Revenue from operations fell to Rs 1,502 crore, marking a 36 per cent decrease from Rs 2,342 crore in the year-ago period. Total income also declined by 33.5 per cent, from Rs 2,464.2 crore to Rs 1,639.1 crore. ©SHIRSENDU KARMAKAR #Paytm
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SHIRSENDU KARMAKAR
Paytm gets nod to continue UPI via State Bank of India, three others Four banks-- Axis Bank, HDFC Bank, State Bank of India, YES Bank will act as Payment Service Providers (PSPs) to Paytm The National Payments Corporation of India (NPCI) on Thursday allowed One97 Communications (OCL), which operates brand Paytm, to function as a third party application provider (TPAP) on Unified Payments Interface (UPI). Four banks — State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank — will act as payment service providers (PSPs) to Paytm. The approval comes a day before the Reserve Bank of India’s (RBI's) restrictions on Paytm Payments Bank kick in. The decision implies that Paytm’s users can continue to transact using UPI on the app. Paytm will operate as a TPAP under a multi-bank model, NPCI said. “@Paytm” handle shall be redirected to YES Bank. This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner,” the NPCI said in a press release. ©SHIRSENDU KARMAKAR #Paytm #UPI
SHIRSENDU KARMAKAR
NPCI likely to approve third-party application license for Paytm this week UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks The National Payments Corp of India (NPCI) is likely to approve a third-party application provider (TPAP) license for Paytm, formally known as One 97 Communications, by March 15, three sources directly aware of the development said on Tuesday. The third-party application provider license will allow customers to continue using the Paytm app for payments through India's popular unified payment interface (UPI), even as its banking arm, Paytm Payments Bank, ceases operations by March 15, following regulatory action due to issues of non-compliance. UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks. ©SHIRSENDU KARMAKAR #NPCI #Paytm
SHIRSENDU KARMAKAR
Google, Walmart gain fintech users from India as Paytm faces restrictions Paytm's decline suggests consumers are moving usage to alternative services even before any disruption to its systems Google and Walmart Inc. are rapidly gaining customers from India’s Paytm, the fintech pioneer struggling to navigate central bank restrictions and the potential shutdown of a key payments affiliate. The value of Paytm payments made on India’s state-backed transactions system fell 14 per cent to Rs 1.65 trillion ($19.9 billion) from January, the National Payments Council of India said on its website Wednesday. Walmart-owned PhonePe and Google’s GPay, which both process far more payments than No. 3 Paytm, each had an increase in their payments value. Paytm’s decline suggests consumers are moving usage to alternative services even before any disruption to its systems. The new curbs affecting Paytm are kicking in on March 15, and even after that the company expects its digital payments services to keep running as before. Yet the firm’s stock has slumped since the regulator unveiled its action in late January, on concern the restrictions will crimp the fintech pioneer’s prospects. ©SHIRSENDU KARMAKAR #Google #Walmart #Fintech #Paytm
SHIRSENDU KARMAKAR
Paytm discontinues inter-company agreements with its payments bank Paytm, formally known as One 97 Communications, did not specify what agreements were being terminated India's Paytm and its payments bank unit have mutually agreed to discontinue various inter-company agreements in the process to reduce dependencies, the embattled payments firm said on Friday. Paytm, formally known as One 97 Communications, did not specify what agreements were being terminated. The payments bank agreed to simplify the shareholders' agreement to "support (Paytm Payments Bank's) governance, independent of its shareholders," the company said. Paytm CEO Vijay Shekhar Sharma owns a 51% stake in Paytm Payments Bank while Paytm owns the rest. The move came days after Sharma stepped down as non-executive chairman and board member of the payments bank unit, as part of a major overhaul that follows a central bank clampdown. ©SHIRSENDU KARMAKAR #Paytm
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