Paytm

Paytm’s initiative to educate women

Paytm has announced a programme called Paytm AshaKiran, which aims at educating rural women about financial services. It will help in creating new job opportunities in small towns & cities of India. In the first phase, the bank has partnered with United Nations Development Program under its Disha project to mobilize self-help groups and organize workshops.

Paytm introduced automatic recurring payments

Paytm has introduced automatic recurring payments, a new feature that lets users configure the payments app to pay for periodic recurring expenses automatically. Similar to standing instructions for bank accounts, the ‘My Payments’ feature can be used for high-value payments for a variety of cases.Company expects the feature to significantly boost bank-to-bank transactions on the Paytm app.

Paytm introduced ‘Tap Card’

Paytm has announced the launch of its offline payments solution – the Paytm Tap Card.The card uses Near Field Communication (NFC) technology to enable safe and convenient digital payments, completely offline at Paytm-issued, NFC PoS terminals. Tap Card has been launched to provide seamless payments solutions for non-internet customers.

Paytm Payments Bank registers 100M KYC wallets

Paytm Payments Bank claims that it now has over 100 million KYC -registered wallets which includes both complete & minimum KYC.This development comes even as there have been indications in digital payments industry of a sharp fall in mobile-wallet users as customer authentication did not take off. Paytm Payments Bank is owned 51% by Paytm founder Vijay Sharma & 49% by One97 Communications.

Paytm now registered investment advisor

Financial services platform Paytm‘s wholly-owned subsidiary, Paytm Money has received approval from market regulator SEBI to become a Registered Investment Advisor. The nod from the SEBI will allow the company to roll out investment and wealth management products to consumers across the country. The platform has planned to start with direct plan mutual funds investments with zero commission.

Paytm’s CEO is the youngest billionaire

Paytm founder Vijay Shekhar Sharma (39) is the youngest Indian billionaire. Mr Sharma founded fast-rising mobile wallet Paytm in 2011. He has also created Paytm Mall, an e-commerce business and Paytm Payments Bank. Mr Sharma ranked 1,394th on the list with a fortune of $1.7 billion, is the only Indian billionaire in the under-40 league.

Paytm contributed 40% of total UPI trans

Out of total 171.4 mn UPI transactions in February, Paytm contributed 68 million, or 40% of the total transactions, a report by National Payments Corporation of India (NPCI) has revealed. Paytm had recorded 37 million UPI transactions in December 2017, and 51.2 million in January 2018. Further, total UPI (Unified Payment Interface) transactions in Feb went up by 13.5% as compared to Jan.

Paytm Launches Two Insurance Companies

Digital payments startup Paytm has launched two insurance companies, Paytm Life Insurance and Paytm General Insurance.Paytm Founder Vijay Shekhar Sharma, CFO Madhur Deora, and Shankar Prasad Nath are the three signatory stakeholders in both the companies. In January this year, Paytm announced that it has set up Paytm Money Limited, a wholly owned subsidiary of One97 Communications.

Paytm appoints Pallavi Shroff as board member

Paytm has appointed Pallavi Shroff, managing partner of Shardul Amarchand Mangaldas law firm to its board of directors.Her appointment will drive the growth of financial services business such as lending, insurance & wealth management. She joins as an independent director & is the 7th appointee to Paytm’s board. Shroff is presently on the board of firms like Maruti Suzuki & Apollo Tyres.

Paytm valuation hits $10 bn

Indian digital payment startup Paytm has crossed $10 billion valuation for the first time after 200 current and former employees sold their shares worth $47.2 million.Paytm’s last valuation stood at $7 billion when it raised $1.4 billion from SoftBank last year. The new valuation makes Paytm second-most valuable internet startup in India after Flipkart (about $12 billion).

Paytm Launches Paytm Money Ltd.

Paytm, run by One97 Communications Ltd, has set up a new entity called Paytm Money Ltd.It will offer investment and wealth management products and will invest close to $10 million upfront in the new entity. Paytm Money is the fourth product after Paytm Mall, Paytm Payments Bank and Paytm wallet. Vijay Shekhar Sharma is the founder of One97 Communications.

Paytm, IndusInd to provide FD facility

Paytm Payments Bank has partnered Induslnd Bank to introduce a facility to create a fixed deposit when the customer balance exceeds Rs 1 lakh at the end of the day.Paytm Payments Bank customers can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges. Customers can also earn up to 6.85 percent annual interest.

Paytm QR announces direct payment

Paytm has announced that its QR now allows offline merchants to accept unlimited payments directly into their bank accounts at 0 charge.Now the Paytm merchant partners can accept payments through multiple payment instruments including UPI & cards.Paytm QR has eliminated the need for additional spends on POS machines for merchants & it has been supporting them in their day-to-day business

Paytm acquires Nearbuy and Little

Paytm has announced acquisition of Nearbuy & Little,2 deals platforms that focus on local restaurants as well as commercial establishments.This acquisition gives Paytm access to a large no. of merchant partnerships & an even larger pool of potential customers.Nearbuy, which was acquired by Groupon in 2011 while Little app was launched in 2015 with initial backing from Paytm.

Paytm acquires stake in CreditMate

Paytm has acquired a stake in CreditMate, a Mumbai-based startup which evaluates creditworthiness of people seeking loans to buy two-wheelers. Paytm will leverage CreditMate’s proprietary credit and asset valuation technology to create a loan management system in collaboration with its lending partner. CreditMate technology will help Paytm offer loans to users with limited credit history.

Paytm, ICICI tie-up for digital credit

Paytm has entered into a tie-up with ICICI Bank to jointly launch ‘Paytm-ICICI Bank Postpaid’, that offers short-term credit to their common customers. ‘Paytm-ICICI Bank Postpaid’ offers instant digital credit for various transactions. It includes payment for movie tickets, bill payments, flights, as well as physical goods without any documentation or transaction fees.

Paytm introduces BHIM UPI

Paytm introduced payments using BHIM UPI through which users can create their own Paytm BHIM UPI ID on the app, using which customers can transfer money. Using BHIM UPI users can create their own Paytm BHIM UPI ID on the app. With Paytm BHIM UPI, users can make instant money transfers directly between two bank accounts, with no waiting time to add the beneficiary.

Paytm unveils ‘Inbox’ messaging platform

Digital payments provider Paytm unveiled its own messaging platform with an option of making in-chat payments. The service will allow users to chat with friends and family, and send and request money at the same time. The platform is encrypted end-to-end, and users can initiate private conversations and create group chats. They can also send photos and videos instantly, share live location.

Paytm rolls out FASTag across India

Paytm Payments Bank is rolling out Paytm FASTag across the India, with the govt mandating the use of FASTag on every new vehicle sold from Dec 1.The FASTags allow vehicles to pass through 380 toll plazas across India covering 55,000 km without having to stop.Each Paytm FASTtag is linked to a registered Paytm account to facilitate instant automatic deduction of toll charges.

Sudhanshu as CFO of Paytm Payments Bank

Paytm Payments Bank has appointed former ICICI Bank executive, Sudhanshu Jain as its Chief Financial Officer. He will be in charge of all financial and regulatory management functions for the Payments Bank and play a key role in overseeing its finances and expansion plans. Jain comes with around 14 years of experience across internal audit, finance and borrowings roles.

Paytm rebrands Postcard service

Paytm has rebranded its Postcard feature as Lifafa following its feud with India Post. This comes soon after India Post (government-operated postal system) sent a notice to Paytm that it had the sole right to use the word ‘postcard’ under the IPO Act. Lifafa is a digital version of gifting money on festive occasions. It follows Chinese tradition of gifting money in red envelopes (hong bao).

Uber in pact with Axis, HDFC Bank

Cab hailing firm Uber has tied up with Axis Bank & HDFC Bank for Unified Payments Interface based payments. Apart from payments via credit/debit cards, cash & Paytm, this will be another payment option available to customers. UPI is a payment system launched by NPCI which facilitates instant fund transfer b/w 2 bank accounts on mobile platform. Ola had incorporated UPI this year in April.

Paytm to offer gold as cashback

Paytm will now offer cash back in the form of gold on its platform. The Alibaba-backed company which started its digital gold business about two months back in partnership with MMTCPAMP. Started in 2008, MMTCPAMP is a JV between Metals and Minerals Trading Corporation of India (MMTC) and PAMP of Switzerland.

CCI approves Softbank’s 20% stake

Competition Commission of India has given its nod to Softbank Group Corp’s acquisition of 20% stake in One97 Communications. SoftBank will now own about one fifth of the company estimated at about $7 billion. Approval comes 2 months after Paytm raised Rs. 9,000 crores from SoftBank, making it the biggest investment by the Japanese internet conglomerate’s in Indian internet ecosystem.

Reliance Capital arm invests $1 mn

Reliance Corporate Advisory Services, an arm of Reliance Capital has made an investment of $1 million in alternative digital lending startup Billionloans Financial Services. Billion loans is a technology-enabled financial services company focused on providing flexible & affordable options to individuals and small businesses. It is the 2nd major startup investment, after Paytm, by Reliance Cap

Amit Sinha to be COO of Paytm Mall

Paytm Mall, the e-commerce arm of One97 Communications has appointed Amit Sinha as the Chief Operating Officer. Sinha, who most recently served as vice president of business at One97, will be responsible for overall operations, hiring, category management and logistics. Paytm recently demerged its e-commerce business into a separate entity called Paytm E-Commerce which runs Paytm Mall.

Paytm Bank appoints 3 new board members.

Paytm has formed a five-member board for its payments bank. PV Bhaskar, Ash Lilani and GS Sundararajan have joined the board as independent directors. Paytm CEO Vijay Shekhar Sharma will act as a non-executive chairman, and Paytm Payments Bank CEO Renu Satti will also serve as a director on the bank’s board. Paytm has become the 3rd entity to launch a payments bank in the country.

Paytm launches payments bank.

Paytm unveiled the Paytm Payments Bank becoming the first bank to offer cashbacks on deposits. For savings accounts, interest of 4% per annum will be offered . It will also offer current accounts to its millions of merchants. There will be zero charges on all online transactions and no minimum balance requirement. The first physical branch of Paytm’s Payments Bank will be in Noida.

Paytm raises $1.4 billion from SoftBank.

Paytm has raised $1.4 billion from SoftBank Group Corp. in the largest funding round by a single investor in India. This is SoftBank’s biggest investment in the Indian startup ecosystem till date. The deal values the company at about $7 billion post-money and will take SoftBank’s stake to about 20%,

Satti to be CEO of Paytm Payments Bank.

Paytm has appointed Renu Satti as the CEO of Paytm Payments Bank. Satti currently is the vice president of business at Paytm. She will replace Shinjini Kumar, a former central banker and senior executive at PwC, who was named as Paytm Payments Bank CEO last year. Paytm Payments Bank Ltd has received the final licence from the RBI and would commence its operations on May 23, 2017

Paytm to start payments bank operations.

Paytm is all set to commence its payments bank operations from May 23, having received the final approval from the Reserve Bank of India. The company will transfer its wallet business which has over 218 million mobile wallet users, to the newly incorporated Paytm Payments Bank Ltd (PPBL). Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account.

MMTC, PAYTM to launch ‘Digital Gold’

Paytm launched Digital Gold in collaboration with accredited refinery MMTC-PAMP, which allows users to buy, sell and even store gold. This new service will enable users to request their gold to be delivered at their home in the form of minted coins. Customers can store it in MMTC-PAMPs secure vaults free of charge.

Amazon to launch its digital wallet

Amazon India has received a payments wallet license from the Reserve Bank of India. The US retailer is looking to allow users to shop on its platform, make offline payments, buy bus and rail tickets and pay for utilities through its digital wallet. This will put the company squarely against Paytm and Flipkart-owned PhonePe, apart from number two player FreeCharge.

Paytm to become member of ASCI

Paytm is set to be member of the Advertising Standards Council of India (ASCI). The move is significant because advertising violations by e-commerce companies, which are big spenders on television, print and digital media, have been on the rise in recent years. ASCI members include key advertisers from various sectors, such as fast-moving consumer goods (FMCG), media, auto and telecom.

Paytm, The first e-commerce company to become ASCI member

The country’s fast-growing e-commerce industry Paytm is all set to become a member of the self-regulatory voluntary organization Advertising Standards Council of India (ASCI) from April, 2017. The move is significant because advertising violations by e-commerce companies, which are big spenders on television, print and digital media, have been on the rise in recent years. The Alibaba-backed Paytm has also set up a new company named Paytm Financial Services, which will sell financial products like insurance and mutual funds to its planned payments bank account holders.

Paytm begins insurance for mobile wallet

Online marketplace Paytm would provide insurance cover for the money stored in its e-wallets. Money lost due to fraudulent transactions as a result of theft, burglary, loss of device or unauthorised access to the user’s Paytm wallet will be refunded. The ministry of electronics and information tech. had recommended to e-wallet and insurance entities to work in tandem in this regard.

UPI for digital wallets

Digital wallets such as Paytm and MobiKwik are set to become inter-operable as RBI prepares to open up the Unified Payment Interface platform for them as part of the government’s digitisation campaign. RBI is expected to issue guidelines shortly on interoperability and ‘know your customer’ (KYC) norms for digital wallet companies.

Paytm to charge 2% on using credit cards

Payments firm Paytm said it would charge 2% fee when its wallet is loaded through credit cards. This is to avoid “misuse” by users who were gaining access to free credit, by transferring money from credit cards to wallets and then to their bank accounts. In 2015, Paytm became the first Indian company to receive funding from Chinese eCommerce company Alibaba.

HDFC Bank to accept Paytm

HDFC Bank has drawn up ambitious plans for QR code based payments – a model popularised by Paytm, as IndiaQR kicks off today. The RBI and payment networks — (Visa/MasterCard/RuPay/American Express) will unveil IndiaQR, a “scan and pay” facility for small shops that do not have the volumes to justify deploying a card swipe machine.

Paytm’s story now a case study

The journey of digital wallet Paytm from being a recharge platform to a payments bank is the topic of a case study published by India Research Centre of Harvard Business School. ‘Paytm: Building a Payments Network’ will be available for teaching purposes within and outside Harvard. Established in 2006, Mumbai-based IRC supports its faculty with research in emerging trends in the region.

India Post gets payments bank licence

India Post has received payments bank licence from the Reserve Bank of India (RBI) to start rollout of banking operations commercially under the permit. India Post Payments Bank is the third entity to receive payments bank permit after Bharti Airtel and Paytm. Payments banks can accept deposits up to ` 1 lakh per account from individuals and small businesses.

Paytm Ties up with Paradise Biryani

Paytm has partnered Hyderabad’s leading restaurant chain, Paradise Biryani. It aims to bring the convenience of paying through the Paytm Wallet at its outlets across the country. Users of Paytm can now scan the QR code and pay instantly using their Paytm Wallet. Paytm has launched its app in 10 regional languages, including Tamil and Telugu, to make digital payments accessible to all.

Paytm Gets RBI Nod for Payments Bank

Paytm Payments Bank, owned by One97 Communications & its founder Vijay Shekhar Sharma, received an approval to formally launch its services from the RBI. Sharma owns 51% stake while One97 owns 49%. Paytm is expecting to roll out its payments bank in the next 30-60 days in Noida. Payments banks can accept deposits from individuals and small businesses of up to ` 1 lakh per account.

Paytm Acquires Delhi-based Shopsity

Online payments and ecommerce marketplace Paytm has acquired Delhi-based Shopsity. Shopsity follows an online-to-offline model that offers solutions to small retail stores. Through the acquisition, Paytm is looking to create seller-focussed services for its offline merchants. Shopsity co-founders Danish Ahmed and Gaurav Arya have joined Paytm’s management.

Flipkart’s PhonePe ties up with Yes Bank to launch UPI-based app

Mobile payments start-up PhonePe Internet Pvt. Ltd, which is owned by Flipkart, in partnership with private lender Yes Bank launched unified payments interface (UPI) based payments app. PhonePe allows users to link their bank accounts securely to their smartphone using National Payments Corporation of India’s encrypted libraries.

Alibaba acquired 25% stake in Paytm

Alibaba had signed a deal to buy a 25% stake in Indian mobile payments and ecommerce platform Paytm owner One97 Communications. Paytm is India’s largest mobile commerce platform with nearly 25 million orders a month and more than 23 million mobile wallet users.