paytm | Pixr8 News

Fino Paytech Plans To Launch Its Payments Bank Within Two Months

11Apr By PriyankaNo Comments

News

Fino Paytech Plans To Launch Its Payments Bank Within Two Months

Fino Paytech is seeking help from ICICI Bank to set up its payments bank venture and is aiming to launch the new entity within two months, a top official said. "We are aiming to launch payments bank in one-and-a- half to two months. We're taking assistance from ICICI Bank for setting up the bank," chief executive Rishi Gupta told Pixr8. The ICICI Group owns a 20 per cent stake in the bank. Fino, a banking correspondent company which received the final nod from the Reserve Bank last month, needs one more set of internal approvals before launching the operations which include one from the board for operationalising, he said. Apart from the internal nods, integration with payment systems, which will help interoperability for its customers, will take a bulk of time, Gupta sai...

Paytm Steps In Healthcare Domain, Invested in Startup

7Apr By PriyankaNo Comments

FUNDING

Paytm Steps In Healthcare Domain, Invested in Startup

Paytm, India's leading mobile payment company has invested in healthcare startup QorQI. The funding amount has been undisclosed. The startup offers a solution that gives doctors access to patient’s health and clinical data at the touch of a button. The startup aims to use AI and big data to improve productivity and care quality of doctors and help patients manage their health and existing ailments better. Commenting on the funding, QorQl’s Sanjay Singh said, “QorQL is pursuing the vision to democratise healthcare access. Our connected health applications are leveraging AI and big data to collect, integrate and interpret data for all users. This not only helps us solve tough problems but also helps our users stay healthy.” “Paytm’s investment in QorQl is a huge endorsement of our prod...

Paytm Mall Surpasses Rs 100 Crore Sales in Two Wheeler Category

6Apr By Press Trust of IndiaNo Comments

News

Paytm Mall Surpasses Rs 100 Crore Sales in Two Wheeler Category

Paytm today said its e-commerce platform, Paytm Mall, has crossed sales of Rs 100 crore from the two-wheeler category. "Paytm Mall has noted a massive surge in two-wheeler sales over the last year as sales figures crossed Rs 100 crore. The company is currently witnessing over 3X quarter-on-quarter growth in the number of vehicles sold," Paytm said in a statement. Launched in February 2016, Paytm Mall's two-wheeler booking platform includes offerings from brands like Suzuki, Honda, Hero and Yamaha, among others. The company sold 50,000 units in 2016. The aim is to sell over half a million two-wheelers this year, the statement said. "Our goal is to partner with offline stores by helping them grow their business online rather than to cannibalise their sales. We aim to bring brand ...

Whatsapp Will Launch P2P Payment Service in India

4Apr By reutersNo Comments

News

Whatsapp Will Launch P2P Payment Service in India

Instant messaging app WhatsApp, owned by Facebook Inc, is mulling a foray into digital payment services in India, its first such offering globally, and has advertised to hire a digital transactions lead in the country. A WhatsApp move into digital payments in India, its biggest market that is home to 200 million of its billion plus global users, would replicate similar moves by messaging apps like Tencent Holdings Ltd's WeChat in China. WhatsApp is working to launch person-to-person payments in India in the next six months, news website The Ken reported earlier on Tuesday, citing unnamed sources. A job advertisement on WhatsApp's website said it was looking for a candidate with a technical and financial background - who understands India's Unified Payments Interface (UPI) and the ...

Paytm Goes Global, Launched App For Canadian Bill Payments

17Mar By PriyankaNo Comments

News

Paytm Goes Global, Launched App For Canadian Bill Payments

Not a long ago, in an event of IAMAI, Vijay shekhar, founder of Paytm has said that the day when we launched our app on foreign soil will be the most memorable day of my life. The man of golden touch once again proved his word true and his company launched bill payment app in Canada. The Mayor of Toronto Mr. John Tory visited Paytm Noida headquarters and launched the app. Paytm started Canada operation back in 2014 as a two-member operation team, working out of local libraries but now the Paytm Labs team is a 55 member strong team of Software, Data and Machine Learning engineers who build technologies for the world’s fastest growing mobile payments and commerce ecosystem. Using Paytm bill payment app, Canadians will now be able to pay for their cell phone, cable, internet, electr...

Reliance Jio, Paytm Apologise For Using PM’s Photo in Print Ads

11Mar By PriyankaNo Comments

News

Reliance Jio, Paytm Apologise For Using PM’s Photo in Print Ads

Reliance Jio and Paytm have apologised for their "inadvertent mistake" in using Prime Minister Narendra Modi's photograph in their advertisements without permission, the government today informed Parliament. The Ministry of Consumer Affairs had sent notices to both the companies under the Emblems and Names (Prevention of Improper Use) Act of 1950, which bars use of Prime Minister's name and picture for commercial use. "Clarifications were sought by the Department of Consumer Affairs from Paytm and Reliance Jio wherein they have apologised for their inadvertent mistake," Minister of State for Consumer Affairs C R Chaudhary said in a written reply to the Rajya Sabha. The two companies used the photograph of the Prime Minister in their respective full page advertisements contraven...

Startup Investment Firm K2 Global to Invest More in Paytm, Saavn

9Mar By NitishNo Comments

FUNDING

Startup Investment Firm K2 Global to Invest More in Paytm, Saavn

Start-up investment firm K2 Global, backed by Indian and Asian billionaires, is looking to increase its stake in online mobile applications Paytm and Saavn, which are among start-ups with strong growth market strategies in India. "We are looking to invest more in Paytm and Saavn," said the Singapore-based investor Ozi Amanant, who leads K2 Global backed by Indian and Asian billionaires, institutional investors and family wealth management offices. K2 Global, which has built up stakes in Paytm and Saavn over in about two years, is raising another round of 284 million Singapore dollars, following on to the recently closed 257 million Singapore dollars . "We have a target to raise 1 billion Singapore dollars in the next two years for investments," Amanat said. K2 Global has pledge...

Alibaba Acquired 1% More Equity in Paytm, Up Stake to 41%

7Mar By AnkitaNo Comments

ACQUISITION

Alibaba Acquired 1% More Equity in Paytm, Up Stake to 41%

Reliance Capital has sold its nearly 1 percent stake in popular digital payments firm Paytm for Rs 275 crore to China's Alibaba Group in a deal reaping huge gains for the Anil Ambani-led group firm. The financial services arm of Reliance Group had invested Rs 10 crore for this stake in Paytm. The deal gives a valuation of over USD 4 billion to Paytm, which is already backed by Alibaba group as a strategic investor. Sources said that Reliance Capital has retained a stake in Paytm e-Commerce, which it had got free of cost by virtue of the investment in the parent firm. In the latest fund-raising round, Paytm e-Commerce was valued at USD 1 billion. A Reliance Capital spokesperson declined to comment on the deal while Paytm spokesperson also did not comment. Earlier, Reliance C...

Alibaba, SAIF Partners to Invest $200 Million in Paytm E-commerce Platform

3Mar By AnkitaNo Comments

FUNDING

Alibaba, SAIF Partners to Invest $200 Million in Paytm E-commerce Platform

Chinese e-commerce major Alibaba, along with investment firm SAIF Partners, will pump in USD 200 million in Paytm's online marketplace unit. Alibaba Singapore E-Commerce Pvt Ltd will invest USD 177 million in Paytm E-Commerce Pvt Ltd, the demerged unit of digital payments company, One 97 Communications that operates under Paytm brand. The remaining amount will come from SAIF, an early investor in One 97, according to a filing with the Registrar of Companies. Post the investment, Alibaba Singapore E-Commerce will have a shareholding of 36.31 percent, while SAIF Partners India will own 4.66 percent in Paytm E-Commerce. Paytm declined to comment on the matter. This deal is expected to pave the way for the much-awaited entry of Alibaba into India, where the Chinese firm will go head-to-h...

HDFC Bank Chief Aditya Puri Says Wallet Players Like Paytm Have No Future

18Feb By NitishNo Comments

Entrepreneurs Talk

HDFC Bank Chief Aditya Puri Says Wallet Players Like Paytm Have No Future

In one of the sharpest comments against prepaid wallets like Paytm, HDFC Bank chief Aditya Puri today said such companies which hold on to customers through cash-backs are loss-making and have "no future". "I think wallets have no future. There is not enough margin in the payment business for the wallets to have a future," Puri, the managing director and chief executive of the second largest private sector lender, said at the annual Nasscom summit here. "Wallets as a valid economic proposition is doubtful. There is no money in the payments business. The current loss reported by market leader Paytm is Rs 1,651 crore. You cannot have a business that says pay a Rs 500 bill and take Rs 250 cash-back," Puri said. Wallet companies cannot "copy" the "Alibaba model" as well, as the domest...

Reliance Capital Will Monetize 1% Stake in Paytm

17Feb By NitishNo Comments

News

Reliance Capital Will Monetize 1% Stake in Paytm

According to the sources, Reliance Capital will sold its 1% share in Paytm to stay focus on its core business. Reliance capital owned 1% in Paytm and the valuation of the e-wallet company was valued at USD 4.8 billion. The news was first published by Moneycontrol website. The leading investor in the Paytm, Alibaba Group is the potential buyer of the share. In December Paytm CEO has sold his 1% equity of Paytm’s parent firm One97 Communications for about Rs 325 crore to invest in its new venture Paytm payment bank. Paytm, which is run by One97 Communications, created two separate entities -Paytm E-commerce and Paytm Payments Bank. The e-wallet business will connect with payment bank in future using payment bank. On the question of Alibaba shares in Payment Bank, Paytm CEO denied an...

Govt Issues Notices to RJio, Paytm For Using PM Photo in Advts

11Feb By AnkitaNo Comments

News

Govt Issues Notices to RJio, Paytm For Using PM Photo in Advts

The government has slapped notices on billionaire Mukesh Ambani-led Reliance Jio Infocomm and Paytm for using the Prime Minister's photograph in their advertisements. The Ministry of Consumer Affairs, which is custodian of prestige of High Offices like President and Prime Minister as well as historic figures, sent the notices under the Emblems and Names (Prevention of Improper Use) Act of 1950, which bars use of Prime Minister's name and picture for commercial use. "We have sent notices to both (the companies) for using PM's picture in their advertisement. We are yet to receive their response," Consumer Affairs Secretary Hem Pande told Pixr8. The Act provides for a nominal financial penalty for violations but more than the monetary fine holding guilty of for improper use o...