Data analysis firm GlobalData reports a significant surge in India’s mobile wallet market, with the unified payments interface (UPI). Their report highlights a robust 72.1 per cent compound annual growth rate (CAGR) in the value of mobile wallet payments between 2019 and 2023, reaching Rs 202.8 trillion (USD 2.5 trillion) by 2023. This growth is […]
The National Payments Corporation of India (NPCI) has on Thursday approved One97 Communications (OCL), which operates popular fintech company Paytm, to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model. Four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) shall act as PSP (Payment System Provider) banks to […]
Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI), news agency Reuters reported. The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by 15 March, leading to disruption […]
Paytm said on Monday that Vijay Shekhar Sharma stepped down as non-executive chairman and board member from its payments bank, as the troubled digital payments startup restructured its board following a central bank crackdown. According to the media report, the action against Paytm Payments Bank was prompted by “serious supervisory concerns,” such as inadequate customer […]
The RBI has restricted Paytm Payment Banks from taking any further deposits or credit transactions which results in 55 per cent loss to the Paytm stocks One of the first unicorns of the Indian startup ecosystem, Paytm, which operates under the umbrella brand One97 Communication, was hit by an unexpected whip from the country’s central […]
A recent announcement by the Reserve Bank of India (RBI) directing Paytm Payments Bank to halt services by February end, has led local Kirana store owners to start using other payment apps for business. A survey conducted by Kirana Club indicates that 69 per cent of respondents use the Paytm QR code for daily transactions […]
Amid the ongoing controversy, the Confederation of All India Traders (CAIT) has issued a cautionary advisory to Indian traders to switch from Paytm to other payment apps in light of Reserve Bank of India (RBI) restrictions. Recently, RBI in the exercise of its powers under section 35A of the Banking Regulation Act, 1949, had directed […]
India’s leading payments and financial services distribution company Paytm has announced the expansion of its loan distribution business with an enhanced focus on higher ticket loans for consumers and merchants. The company highlighted that these loans will be targeted at lower-risk and high-credit-worthy customers in partnership with large banks and NBFCs. Amid recent macro developments […]
People are underestimating the potential of Open Network For Digital Commerce (ONDC), which has the potential to become a leading platform in the future, said Vijay Shekhar Sharma at an event on Monday. “According to me, people are underestimating the power of this platform to inevitably become a bigger platform, at least as Paytm and […]
The Open Network for Digital Commerce (ONDC), in collaboration with Google Cloud India, Antler in India, Paytm, Protean and Startup India revealed ‘Build for Bharat’ initiative. According to the ONDC, the initiative aims to tackle diverse challenges in digital commerce, promoting industry innovation to develop practical solutions in this space. ‘Build for Bharat’ intends to […]
