Tag: Paytm

Technology

Embattled Paytm’s Vijay Shekhar Sharma steps down from payments bank board in wake of RBI crackdown

Indian digital payments firm Paytm said on Monday Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank's unit, as the embattled company overhauls its board in the wake of a central bank clampdown.Paytm likely to partner with four banks for enabling UPI transactions, sources sayTroubledPaytm 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), two sources aware of the development said. The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by March 15, leading to disruption for the popular payment app. UPI is India's real-time payments system, operated by the National Payments Corporation of...
Technology

Paytm Payments Bank forced to stop conducting business by RBI; how mobile wallet business stoppage impacts customers

The Reserve Bank of India on Wednesday ordered Paytm Payments Bank Ltd., a unit of One 97 Communications Ltd., to stop its popular mobile wallet business along with other activities, citing persistent non-compliance and supervisory concerns. The regulator said the firm, which processes transactions for India's digital payments giant Paytm, must stop its banking activities after Feb. 29. How are customers affected?Existing customers, however, can withdraw their funds and use up the balance in the prepaid cards or wallets without any restrictions, the RBI said. Setback after setbackThe latest decision comes nearly two years after the regulator barred the bank, from taking on new customers because it violated certain rules, Bloomberg News had reported. Founder Vijay Shekhar Sharma had the...
Technology

Ram Mandir donations online: Now, you can make donations via Paytm, BharatPe apps

Ram Mandir donations online: The much-awaited Shri Ram Janmaboomi Mandir Pran Pratishtha took place today, January 22, at 12:30 PM in Ayodhya. The spectacle saw the revealing of the Shri Ram Lalla idol, the temple consecration ceremony, and ‘Mangal Dhvani' featuring 50 musical instruments from all over the country. In attendance were Prime Minister Narendra Modi, Uttar Pradesh Chief Minister Yogi Adityanath, State Governor Anandiben Patel, RSS Chief Mohan Bhagwat, other politicians, religious leaders, celebrities and devotees. And on the day of Pran Pratishtha, the donations of the Ram Mandir went live on the Bharat Bill Payment System (BBPS), allowing users to make donations via apps like Paytm, and BharatPe. Check details.Ram Mandir donations onlineThe Shri Ram Janmabhoomi Teerth Ksh...
Technology

5 things about AI you may have missed today: Paytm’s AI-led layoff, AI antibiotic, and more

Today is Christmas and, as expected, most businesses and governments have shut down for the day and people are enjoying a holiday. Yet artificial intelligence developments have found a way to emerge even today. In a shocking development, the parent company of Paytm, One97 Communication, has fired more than 1000 employees. The underlying reason behind the Paytm layoff is reported to be the AI advancement of the company that has caused a few positions to be surplus to requirements. This and more in today's AI roundup. Let us take a closer look.Paytm fires 1000 employeesPaytm's parent company, One97 Communication, has laid off over 1000 employees from various departments as a cost-cutting measure, reported the Economic Times. The layoffs, occurring over the past few months, amount to a 10...
Technology

Paytm layoffs: Over 1000 employees fired; company cites AI benefits as the big reason

Paytm layoffs: Just a day after reports suggested Google may fire as many as 30000 employees due to AI rendering those jobs useless, Paytm's parent company One97 Communication has given the pink slip to more than 1000 employees across different departments as a cost-cutting measure. As per reports, the Paytm layoffs took place over the last few months. One of the major reasons that enabled the company to restructure its workforce was the advancement in artificial intelligence (AI), which led to some positions being regarded as surplus to the needs of the company.According to a report by the Economic Times, which was the first to highlight the development, the move will reduce the overall workforce of Paytm by 10 percent. The cost-cutting strategy was taken after the company left the bu...
Technology

NPCI issues deadline to Google Pay, Paytm, PhonePe: Deactivate these UPI IDs. Know date

In a proactive move to enhance the security and reliability of the Unified Payments Interface (UPI) ecosystem, the National Payments Corporation of India (NPCI) has issued a directive aimed at major third-party UPI apps such as Google Pay, Paytm, PhonePe, and others. The mandate, conveyed through a recent circular, requires these platforms and associated banks to deactivate UPI IDs and numbers that have remained inactive for over a year.NPCI, a non-profit organization overseeing retail payments and settlement systems in India, emphasizes that this measure is essential to prevent unintentional fund transfers to unintended recipients. The risk arises when customers change their mobile numbers without unlinking the old ones from the banking system, as there is a chance that the old mobile...
Technology

WhatsApp adds rival in-app payment options in India commerce push

WhatsApp said on Wednesday that it will offer credit card payments and services from rival digital payment providers within its app in India, the latest bet by the Meta-owned service to boost commerce offerings in its biggest market.WhatsApp has more than 500 million users in India, though regulators there have capped its in-app WhatsApp Pay service to only 100 million people. People shopping on WhatsApp could also pay using popular services like Alphabet Inc's Google Pay, Paytm and Walmart's PhonePe but only after being redirected outside WhatsApp. Payments via those rival services - and any others that run on India's instant money transfer system UPI - will now be possible directly within WhatsApp, Meta said in a blog post. New in-app options for credit and debit cards will also be o...
Technology

Reliance reportedly testing Paytm-like soundbox for UPI services

Since the emergence of UPI, carrying out financial transactions in India has become quite easy. It was introduced in 2016 by the National Payments Corporation of India as part of Prime Minister Narendra Modi's vision of a digital India. Be it large payments in shopping malls or purchasing groceries from street vendors, just scan a QR code, enter your UPI PIN and your transaction is done, it is that simple! Not just India, but other countries such as Singapore, Malaysia, Nepal, and recently France have started accepting payments through UPI.With such a potential in the financial services sector, reports claim that Reliance is currently testing its own sound box which could become a part of its UPI services. Reliance planning to introduce soundboxReliance has been internally testing a so...
Technology

Paytm investing in Al to build artificial general intelligence software stack: CEO Vijay Shekhar Sharma

Paytm is investing in Al to build artificial General Intelligence software stack, founder and CEO Vijay Shekhar Sharma said in the latest annual report and also outlined the India opportunity, the fintech firm's commitment to serve the market and build a long-term profitable business.India can expect 500 million payment consumers and 100 million merchants "not very far in future", Sharma said, as he penned a letter to shareholders in the latest annual report of One97 Communications which owns the brand Paytm. Paytm, he said, is investing in Al with an eye on building Artificial General Intelligence software stack. Sharma talked about Paytm's expanded offerings, AI capabilities, as also "an India scale Al system which will help various financial institutes in capturing possible risks an...
Technology

Paytm Q1FY24 Results: EBITDA before ESOP grows to ₹84 Cr

Paytm, India's leading payments and financial services company and the pioneer of QR and mobile payments, has announced Q1FY24 results where it has reported a massive improvement in EBITDA before ESOP cost of ₹84 Cr as compared to ( ₹275 Cr) in Q1 FY 2023. The company's revenue from operations has seen a growth of 39% YoY to ₹2,342 Cr.The company's EBITDA before ESOP margin stood at 4% on the account of continuous surge in profitability due to robust revenue growth, increasing contribution margin and operating leverage. This does not include any UPI incentives, since it recorded UPI incentives after government issued the gazette notification, which is generally in the second half (H2) of the financial year. It managed to increase EBITDA while continue investment in growth. It has sea...