PAYTM PAYMENTS BANK
Paytm shares rally 5% on getting govt nod for downstream investment in payments arm
Paytm Share Price: Paytm shares saw a 5% increase after approval from the finance ministry for investment in its payment services business. This allows Paytm Payments Services Limited to resubmit its payment aggregator license application. This step is crucial as it lifts regulatory barriers and could enable Paytm to onboard new online merchants, boosting its business prospects.
Hot stocks: Brokerage view on Paytm, Vodafone Idea and Jana Small Finance Bank
Brokerage firms UBS, Jefferies, Citi, and Investec have offered varied ratings on Indian stocks. UBS and Jefferies give Paytm neutral and hold ratings, citing regulatory progress. Citi maintains a buy call on Vodafone Idea. Investec starts coverage on Jana Small Finance Bank with a buy rating, expecting strong earnings growth.
Paytm gets govt nod for downstream investment into payment services arm
Paytm got approval from the finance ministry to invest in its payment services business, the fintech firm said on Wednesday. With the approval, the payment services business will resubmit application for its payment aggregator license.
New RuPay credit card on UPI rule: RuPay credit card reward point rules from September 1
New RuPay credit card on UPI rule: NPCI has instructed all banks that issue RuPay credit cards to ensure that the rewards points, benefits, features, and other offers on RuPay Credit Cards for UPI transactions are not inferior. This decision was made because it was noticed that the rewards points, benefits, and features for RuPay credit cards on UPI transactions are not equal to those offered on Card transactions.
ETtech In-depth | Bhim promised the moon but failed to deliver. Can NPCI turn it around?
NPCI plans to rejuvenate its Bhim app by creating a separate subsidiary and appointing a new CEO. The aim is to challenge dominant players like PhonePe and Google Pay, and enable smaller banks to adopt Bhim's UPI solution. PhonePe, Google Pay and Paytm grabbed market share with cashbacks, engaging payment experience and gamification of the payment process. BHIM kept on losing users to eventually land up with 0.17% market share as of July 2024.
How to make the most of UPI for your daily expenses
UPI, introduced by NPCI, transformed how transactions are conducted in India. It facilitates instant money transfers through mobile devices, ensuring convenience and security. Users can link multiple bank accounts and make various payments, such as bills, groceries, and dining, with ease. The article provides detailed insights into making the most of UPI services.
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New UPI fraud trend: Fraudsters spamming UPI IDs with multiple collect requests; one careless approval means money gone from bank a/c
UPI scam: Fraudsters are decoding your UPI ID to send spam UPI collect money and autopay requests. These requests are all genuine, however the request is being initiated by fraudsters. So instead of paying for Netflix subscription for your account, you may end up paying it for the fraudster's account. Be careful about this new UPI scam.
UPI market share cap delay likely to keep online payments pie unchanged
The 30% market share cap in the UPI segment was considered improbable with only a few months left until the deadline. Newcomers revised their plans as PhonePe and Google Pay retained dominance. The government had not yet provided an official stance to the NPCI on this matter. On the other hand, NPCI has been allowing multiple consumer internet platforms with a large user base to become third-party application providers and launch their own UPI offerings.
Paytm could achieve profitability by 2027, upside lies in getting acquired by a bank or a corporate house: Bernstein
If Paytm goes solo, the company will need three major tailwinds to drive profitability faster, according to Bernstein. First, it will need a rapid scale-up of secured lending products, something that it has started offering now. Second, if it gets an 8-10 basis point share of the merchant discount rate on UPI payments above Rs 2,000, Paytm could become profitable by the third quarter of 2025-26.
NPCI hives off Bhim as separate arm; Lalitha Nataraj to be CEO
The subsidiary named NPCI Bhim Services Limited (NBSL) will aim to meet the growing demand for digital transactions in India and to promote financial inclusion. This development not only aims to strengthen India's own digital payment ecosystem but also reflects a sense of national pride and significance in developing a sovereign digital payments framework, NPCI said.
Indian payment companies shore up talent in foreign shores to boost revenues
Indian payment companies are strengthening their presence in countries across the world. From the Middle East to the United Kingdom, Africa, and the United States, players like Juspay, Pine Labs, CCAvenue, and FSS are building domestic merchant payment systems there. In India, these merchant payment companies have been losing out on major revenue generation opportunities due to competition from UPI and RuPay debit cards.
Mobile wallet transactions on slippery slope as UPI rises
Even before the Unified Payments Interface (UPI) was born, India’s retail payments story had gone digital, riding on mobile wallets. These were prepaid payment instruments that needed to be loaded and could be used to pay each other and scan QR codes. But these wallets are dying with reduced adoption.
Paytm to focus on profitability despite fewer digital payment incentives in budget
The government has lowered incentive allocation for Rupay and UPI transactions by about 42% in the budget. Paytm CEO Vijay Shekhar Sharma denied any impact of lower allocation of incentives to promote small ticket digital transactions on his guidance over profitability this fiscal year.
Paytm Payment Services chief compliance officer resigns
Paytm Payment Services, a subsidiary entity of One 97 Communications-owned Paytm, recently saw its chief compliance officer Anubir Singh resign. Singh, currently serving his notice period, joined the company in 2022. This adds to a string of senior-level exits seen by the fintech major in recent times.
Paytm soars 10%, hits upper circuit after govt approves FDI proposal for payment aggregator biz
Paytm FDI Proposal Approved: Shares of fintech major Paytm surged up to 10% intraday on Friday following government approval of its foreign direct investment (FDI) proposal for the payment aggregator business. The financial services secretary announced that Paytm can now approach the Reserve Bank to seek the payment aggregator license, which will undergo further evaluation.
Paytm gets government nod for investment in payments arm
The central government has greenlit Paytm's foreign direct investment (FDI) proposal for its payment aggregator business. Paytm Payment Services is one of the biggest remaining parts of the fintech firm's business, accounting for a quarter of consolidated revenue in the financial year ended March 2023.
Paytm partners with Axis Bank to provide payment solutions for merchants
The partnership will enable Paytm to expand its presence by reaching a broader merchant base through Axis Bank. At the same time, it will enhance the latter’s merchant acquiring portfolio by improving transaction efficiency, according to a statement released on Tuesday.
Paytm partners with Axis Bank to offer POS solutions, card payment devices
Fintech firm One 97 Communications, Paytm's parent company, has teamed up with Axis Bank to provide point of sales solutions and card payment machines to banks and merchants. Paytm's EDC devices offer store management services like inventory management and CRM. The partnership aims to enhance transaction efficiency, store management, and customer engagement, benefiting both companies. Axis Bank sees this collaboration as a way to expand their merchant acquiring portfolio and offer more payment solutions.
PhonePe, Google Pay cede online payment share to new entrants
The UPI payments space has seen an influx of new players in recent times. The entrants are challenging the dominance of PhonePe and Google Pay, which control more than 80% share of the market.
Paytm gets SEBI warning over related party transactions with payments bank
Paytm SEBI warning: One 97 Communications, Paytm's parent, received a SEBI warning for unapproved FY 2021-22 related party transactions with Paytm Payments Bank totaling ₹324 crore and ₹36 crore. The July 15, 2024 letter noted compliance lapses. Paytm asserts adherence to SEBI Listing Regulations, upholds high standards, ensures transparency, and confirms no financial impact while addressing SEBI's concerns.
Paytm shares decline 2% after SEBI warning on related party transactions with payments bank
Paytm shares dropped 2% after SEBI's July 15, 2024, letter flagged FY 2021-22 transactions lacking required approvals. Paytm asserts compliance, operational stability, and transparency. SEBI demands corrective actions to ensure adherence to regulations. Paytm shares have fallen 30% year-to-date, and the company pledges to respond to SEBI and prevent future issues.
Indian startups can thrive despite speed bumps, Lightspeed’s Bejul Somaia says
Earlier this year, Paytm faced a regulatory directive that severely impacted its payments bank subsidiary. Meanwhile, Byju’s has been grappling with issues related to corporate governance and legal. Despite the challenges India's capital market is thriving said Lightspeed Venture Partners’ Bejul Somaia in an interview.
How banks look to reclaim the QR code-based payments market
HDFC, Axis, and Yes Bank aim at small business payments with apps like Smarthub Vyapar, Axis Neo, and Yes Biz, offering loans and tracking. UPI transactions reached 8.8 billion in May 2024, with 330 million QR codes. Competing with fintechs like PhonePe, 170 million merchant apps are in use. Banks employ ICICI Pockets and SBI Yono.
‘Should have done better … now learnt the lesson,’ says Paytm founder
Paytm is like a daughter who met with an accident and is in ICU, Vijay Shekhar Sharma says in the context of developments at the payments bank. "I saw it as a daughter on the way for an important entrance test, but met with an accident, and in a way is in ICU right now. That was the feeling from a personal, emotional (point of view),” Sharma said speaking at an event organised by JITO Innovation and Incubation Foundation in New Delhi.
New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
Koo calls it a day; Paytm Bank, auditor lock horns
Once touted as India’s response to Twitter, it’s curtains for homegrown microblogging app Koo. Details on this and more in today’s ETtech Top 5.
6 big deadlines, rule changes in July 2024: Credit card rule changes, Paytm wallet, ITR deadline
Money changes in July: With July fast approaching, it's essential to keep track of upcoming money deadlines and rule changes. Here is a look at five money-related changes and deadlines in July.
These Paytm wallets will be closed on July 20, 2024
Latest on Paytm: In March, the Reserve Bank of India (RBI) issued guidelines that prohibit Paytm Payments Bank Account/Wallet from receiving new deposits or authorizing credit transactions beyond March 15, 2024.
How banks are cornering market share from Paytm Bank’s Fastag business
Paytm Payments Bank lost market share in Fastag toll payments, now taken by commercial banks post regulatory action. Market share dropped to 2% in May from 16% in January, as per NPCI data.
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