Paytm secures RBI’s in-principle approval for PPI licence
In July, The Head and Tale had exclusively reported that Paytm's payment aggregator unit had applied for a fresh wallet licence.
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In July, The Head and Tale had exclusively reported that Paytm's payment aggregator unit had applied for a fresh wallet licence.
Paytm also said that there will be a "potential upside" of merchant discount rate (MDR), which is expected to be implemented after Diwali.
In August, PhonePe accounted for a 45.64% share of UPI transaction volume, followed by Google Pay at 32.26% and Paytm at 8.03%.
UPI's new 0.4% MDR grabbed headlines, but the real story is who profits. By our estimates, the top three UPI apps could get up to 40% of the MDR split.
PhonePe has emerged as the lowest bidder, but the economics behind the mandate raise questions about how much the company is willing to pay for growth.
Paytm clarified that it is not involved in the proposed transaction and the founder’s direct shareholding in Paytm will remain unchanged following the block deal.
The matter relates to Paytm’s December 6, 2023 announcement that it would reduce the distribution of personal loans below Rs 50,000, particularly its postpaid loans.
The shares were acquired by a mix of domestic mutual funds, insurance firms and global institutional investors.
In this edition, we unpack Paytm's renewed Postpaid push and what has changed since its heyday; and what Sarvam AI's appointment of frontier AI researcher Devendra Chaplot signals...
The court's directive follows the RBI’s decision to revoke Paytm Payments Bank's banking licence in April.
In a joint representation, seven UPI apps have raised concerns around competition, customer choice, market concentration, security, transaction success rates and operational complexity.
The capital infusion in Paytm Money will be used towards technology investments, regulatory capital requirements and expanding the company's investment and wealth management offerings.
Paytm also approved the grant of 15.42 lakh stock options under its ESOP 2019 scheme.
The move comes less than three months after the Reserve Bank of India formally cancelled Paytm Payments Bank's licence.
The licence allows Paytm Europe to offer a range of payment services, including processing payment transactions, handling transactions backed by credit facilities, and merchant payment acquiring services.
The exit comes at a time when the Noida-based fintech giant has been navigating a significant organizational and regulatory overhaul.
Cashfree, which had attracted fresh venture funding early last year, has been on the block for the last three to four months.
The RBI, in its note, said the "general character of the management of the bank is prejudicial to the interest of depositors as also the public interest."
According to Sebi, directors failed to discharge duties with unbiased approach while decision-making with respect to matters involving benefits to Paytm CEO Vijay Shekhar Sharma.
Flipkart Group’s UPI app super.money also witnessed surge in its number of transactions in October to 50 million.