There was a 5.51 per cent increase in average monthly cash withdrawals from automated teller machines (ATMs) in FY2024 despite rising Unified Payments Interface (UPI) payments in India. Cash logistics company CMS Infosystems in its report said withdrawals rose from Rs 1.35 crore in FY23 to Rs 1.43 crore in FY24. In 10 of the … Read more
Paytm has completed the migration of merchant customer accounts from its payment bank to other unified payments interface (UPI) after it received a go-ahead from the National Payments Corporation of India (NPCI). On April 17, One97 Communications Limited (OCL), which runs Paytm, started the customer migration to partner with payment service provider (PSP) banks Axis … Read more
Fintech firm PayU Payments has received the Reserve Bank of India’s in-principle approval to operate as a payment aggregator and onboard new merchants onto its platform. The firm, backed by Prosus, can now on-board new merchants and provide them digital payment services. The RBI’s move to tighten scrutiny of the payments sector aims to enhance … Read more
Paytm recently said that the National Payments Corporation of India (NPCI) has allowed One97 Communications (OCL) to kick-start the migration of users to a new payment service provider (PSP) the bank handles. For this, four major banks — State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank — will act as PSPs … Read more
Benchmark Sensex climbed 354 points to close above the record 75,000 mark for the first time while broader Nifty scaled a fresh lifetime high on Wednesday. Stocks that were in focus included names like Canara Bank, which jumped nearly 0.62%, Paytm, which fell 1.16%, and PB Fintech, whose shares rose 3.22% on Wednesday. Here’s what … Read more
Mobile wallets are gradually gaining popularity in India and it is projected that the digital payment mode will cross traditional methods like cash and cards in the coming years. GlobalData, a leading data and analytics company, in its report, said mobile wallets and their usage is expected to grow at a compound annual growth rate … Read more
BENGALURU – Zomato is the most-valuable internet stock in Asia’s third-largest economy, with a market capitalisation of more than 1.51 trillion rupees ($18 billion). On Friday, its shares rose nearly 5% to 173.5 rupees. India’s several new-age internet companies that hit the markets during the IPO frenzy in 2021 jumped after listing but slumped eventually … Read more
Notwithstanding the spate of positive news flow that has taken Paytm shares 10% higher in two days, global brokerage Jefferies temporarily suspended the coverage on the fintech stock but stopped short of stopping coverage. Stating that the valuation could vary on the basis of merchant/user attrition to the tune of 10-30% and a hit to … Read more
Shares of the crisis-ridden One 97 Communications, which runs Paytm, was back on the losing road on Thursday as the two-day ‘buy the dip’ rally fizzled out, taking the stock back to 10% lower circuit limit at Rs 447 on BSE. Fresh comments from RBI officials that the action against Paytm was taken after persistent … Read more
The Reserve Bank of India’s action against online recharge and bill payment service PayTM has created uncertainty among small businesses and traders who rely on the service for their daily transactions. The RBI has barred Paytm Payments Bank (PPBL), which has over 30 crore wallets and three crore bank accounts, from offering all forms … Read more