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Topic: Paytm

Paytm has come under RBI's scrutiny which has forced the company to change its business and even shut down some services. News 

Paytm UPI Service to Resemble Google Pay and PhonePe, Launching After March 15

Adriana Marais, ,

Paytm will officially stop supporting the payments bank, which has made many people worried about their digital payments. The last date is March 15, 2024, and the company has finally managed to get a reprieve of sorts, allowing the platform to offer UPI payments through its app. Paytm’s parent company has got the National Payments Corporation of India (NPCI) to sign an agreement that will allow Paytm to use its UPI service, albeit as a third-party app like Google Pay and PhonePe. A third-party application means that the technical side…

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Paytm founder and CEO Vijay Shekhar Sharma steps down from payments bank board. (REUTERS) News 

Vijay Shekhar Sharma of Paytm resigns from payments bank board following RBI crackdown.

Febin Mathew,

In an announcement on Monday, Paytm, an Indian digital payments company, revealed that Vijay Shekhar Sharma will be resigning from his positions as non-executive chairman and board member of its payments bank unit. This decision comes as the company undergoes a restructuring of its board following regulatory actions by the central bank. According to sources, Paytm is likely to partner with four banks to enable UPI transactions TroubledPaytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank to process transactions through the popular…

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UPI payments were failing for many people on Tuesday and that's because the banks clearing the payments were facing issues. News 

Banks’ Technical Problems Cause Mobile Payment Disruptions During UPI Outage

Nitin Misra,

If you tried to make UPI payments from your phone on Tuesday night and received a payment failure alert, you’re not alone. The body, which uses UPI through several banks in the country, confirmed that the digital payment system was down due to technical issues at the banks’ end that forced the servers down. The problem was faced by people in major cities like Delhi-NCR, Ahmedabad, Mumbai, Kolkata, Bengaluru and even Jaipur. The development was further shown by the readings of the Downdetector platform, where the peak of the UPI…

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Paytm issues FASTag for cars via its Payments Bank but soon the company will be restricted from operating its own service. News 

To avoid fines, Paytm users may need to purchase a new FASTag before February 29.

Sanjay Patil

If you use Paytm’s FASTag to pay tolls, you need to purchase a new FASTag from another bank before 29 February 2024. Each FASTag has a unique UPI and for Paytm FASTag users, this UPI is directly linked to the Paytm payment bank. Now that the Reserve Bank of India (RBI) ordered Paytm Payments Bank to stop customer transactions, it effectively means you won’t be able to reload your Paytm FASTag after February 29. And if the FASTag doesn’t work, the vehicle owners have to pay a double fee. toll…

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Paytm FASTag users are worried about their service support after February 29, 2024 and we give you all the details. News 

What are the details about Paytm FASTag’s functionality after February 29?

Febin Mathew

Paytm parent One97 Communications received a major jolt from the Reserve Bank of India (RBI) on Wednesday, ordering Paytm Payments Bank to shut down key payment services by the end of February due to “ongoing non-compliance issues”. Although the Paytm app and Paytm Payments Bank are two different entities, an app like FASTag also shares common aspects. Millions of people in India use the Paytm app, and understandably, news of a major impact on the service has caused concern. Big Questions – Will FASTags imported from Paytm continue to work?…

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RBI asks Paytm Payments Bank to stop almost all services after Feb 29. (REUTERS) News 

RBI compels Paytm Payments Bank to halt operations; customers affected by suspension of mobile wallet services

Jim Hendler

Paytm Payments Bank Ltd., a subsidiary of One 97 Communications Ltd., has been instructed by the Reserve Bank of India to cease its mobile wallet business and other operations due to ongoing non-compliance and supervisory concerns. The regulatory body has mandated that the company, responsible for handling transactions for India’s leading digital payments platform Paytm, must halt its banking activities by the end of February. How are customers affected? However, existing customers can withdraw their funds and use prepaid cards or wallet balance without any restrictions, RBI said. Flashback after…

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Paytm layoff: The tech firm has fired more than 1000 employees across various departments as a cost-cutting strategy. (REUTERS) AI 

Paytm dismisses more than 1000 employees, attributing AI advantages as primary cause

Febin Mathew

Paytm’s parent company, One97 Communication, has laid off over 1000 employees from various departments in an effort to reduce costs. These layoffs have occurred over the past few months and were made possible by advancements in artificial intelligence (AI), which rendered certain positions unnecessary for the company. This comes just after reports suggested that Google may also be letting go of 30,000 employees due to AI’s impact on job roles. According to a report by the Economic Times, which was the first to highlight the development, the change will reduce…

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NPCI directs swift action by Google Pay, Paytm, PhonePe to deactivate dormant UPI IDs by year-end for enhanced security. (Unsplash) News 

Time’s Up! Deactivate These UPI IDs Before the Deadline – Find Out When!

Nitin Misra, ,

The National Payments Corporation of India (NPCI) has taken a proactive step to improve the security and dependability of the Unified Payments Interface (UPI) system. In a recent circular, the NPCI has instructed major third-party UPI apps like Google Pay, Paytm, PhonePe, and others to deactivate UPI IDs and numbers that have been inactive for more than a year. NPCI, a non-profit organization that oversees retail payment and settlement systems in India, stresses that this measure is necessary to prevent unintended transfers of funds to unintended recipients. The risk arises…

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Since a UPI PIN is one of the most important steps in performing a UPI transaction, it is important that you decide it carefully and keep it confidential. News 

Unlock the Secret: Change Your UPI PIN Easily on PayTM, Google Pay and PhonePe!

Adriana Marais,

Unified Payments Interface (UPI), a real-time payment system developed by NPCI, allows users to pay using their phone number or VPA. UPI has played a key role in the rise of digital transactions in India. Popular payment apps like Google Pay, PhonePe and Paytm in India also offer a quick and simple UPI process that allows you to make real-time payments in India in seconds. However, with the recent rise in online scams and UPI fraud, it is important to protect your UPI transactions by creating a strong UPI PIN…

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This Paytm trick will help you not share your phone number while you make UPI payments. (REUTERS) News 

Discover How to Keep Your Phone Number Private When Using Paytm UPI

Jim Hendler,

Gone are the days when sharing seemingly innocent information about yourself was considered safe without any concern. In today’s world, where cybercrime is increasing, it is crucial to prioritize the privacy of your data and only share it with trusted individuals. While people are generally cautious about their financial data, passwords, and other sensitive information, there is one piece of data that is readily available every time you make a UPI payment – your phone number. For most individuals, their UPI ID is their phone number, meaning that anyone, including…

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Know what’s happening in the AI universe today, October 23. (Unsplash) AI 

Canva Introduces AI Tools, Paytm CEO Invests in AI, and More: 5 Things You May Have Missed About AI Today

Febin Mathew, , , ,

Morgan Stanley analysts have forecasted that the integration of artificial intelligence (AI) could bring advantages to both Microsoft’s Xbox and Sony’s PlayStation. Additionally, Vijay Shekhar Sharma, the founder and CEO of Paytm, has revealed intentions to invest Rs. 300 crore in India’s AI and electric vehicle industries through the VSS Investments Fund. Furthermore, Canva has introduced AI-driven K-12 education products as a component of its Canva for Education platform. All this and more in today’s AI review. 1. Xbox, Sony benefit from the introduction of artificial intelligence As the artificial…

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Soundboxes provide real-time audio confirmation of the payment in several languages. (Bloomberg) News 

Reliance exploring UPI services with soundbox similar to Paytm

Febin Mathew, ,

Ever since UPI was introduced in 2016 by the National Payments Corporation of India, conducting financial transactions in India has become incredibly convenient. This initiative was launched as part of Prime Minister Narendra Modi’s vision to transform India into a digital nation. Whether it’s making substantial purchases at shopping malls or buying groceries from street vendors, all it takes is a quick scan of a QR code, entering your UPI PIN, and voila! Your transaction is completed effortlessly. Interestingly, UPI’s popularity has extended beyond India’s borders, with countries like Singapore,…

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Paytm is investing in Al to build artificial General Intelligence software stack. (Bloomberg) AI 

Paytm CEO Vijay Shekhar Sharma Announces Investment in AI to Develop Software for Artificial General Intelligence

Febin Mathew,

According to Paytm’s founder and CEO Vijay Shekhar Sharma, the company is making investments in Artificial Intelligence (AI) to develop a software stack for artificial General Intelligence. This information was shared in the company’s most recent annual report, where Sharma also highlighted the potential in the Indian market and Paytm’s dedication to serving it while aiming for long-term profitability. India can expect 500 million payment consumers and 100 million merchants “in the not-too-distant future,” Sharma said in a letter to shareholders in the latest annual report of One97 Communications, which…

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In the coming quarters, Paytm expects its continued topline growth and operating leverage to drive increase in profitability. News 

Paytm Reports Robust EBITDA before ESOP of ₹84 Cr in Q1FY24

Jim Hendler

Paytm, the top payments and financial services company in India and the innovator behind QR and mobile payments, has released its Q1FY24 results. The company has witnessed a significant enhancement in EBITDA before ESOP cost, with ₹84 Cr compared to ₹275 Cr in Q1 FY 2023. Additionally, Paytm’s revenue from operations has experienced a YoY growth of 39%, amounting to ₹2,342 Cr. The company’s EBITDA margin before ESOP margin was 4%, which was due to the continued increase in profitability due to strong revenue growth, increasing payment margin and operational…

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Paytm was the first to launch audio-based confirmations with Soundbox. News 

Paytm Soundbox Leads the Way in Audio-Based Payment Confirmations

Febin Mathew

Target price remains unchanged at ₹1,020 for upside of 20.1% Soundbox is a popular product with smaller stores, according to BofA’s primary market research Paytm is India’s leading digital ecosystem with 90 million MTUs and 33.5 million+ merchants Paytm, India’s leading payments and financial services company and a pioneer in QR and mobile payments, has been competing at the top in the Soundbox segment. In its recent report, global brokerage firm BofA has reiterated the dominance of Paytm pioneer product Soundbox. Paytm was the first to launch voice-based verifications with…

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Last week, Paytm called his temporary ban a "twist of the arms" tactic. Priyanka parashar / mint (MINT_PRINT) News 

$271 billion in consumer spending to shift from cash to cards and digital payments by 2023 in India: Accenture

Adarsh V.K, ,

About 66.6 billion transactions worth $ 270.7 billion are expected to shift from cash to cards and digital payments by 2023 in India, and grow further to $856.6 billion by 2030, according to an Accenture report on Tuesday. This rapid shift to digital payments due to the COVID-19 pandemic urgently increases the need for banks to modernize their payment systems, the report titled ‘Playing the Long Game in Modernizing Payments’ said. The report is based on a survey of 120 payment managers at banks around the world regarding the transformation…

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