paytm | Pixr8 News

9Feb By AnkitaNo Comments

FUNDING

MobiKwik Looking To Raise Fresh Funding in 3 Months

Digital payments firm MobiKwik today said it is looking at raising fresh funding in three months as it revs up expansion to compete head-on with rivals like Paytm. The company, which has raised over USD 85 million in funding so far, also expects to break-even by middle of next year. "We are looking at raising a decent amount of fund. While we are well-capitalised at this time, fresh funding will help us expand our customer base of merchants and consumers. We have grown at a massive pace in the weeks after demonetisation and the funds will help us strengthen our operations and expand," MobiKwik founder and CEO Bipin Preet Singh told PIXR8. He, however, declined to comment on the amount being raised as the discussions are still on. "We are talking to both new and existing investors....

5Feb By AdityaNo Comments

FUNDING

Paytm Payment Bank Received 218 Cr Funding From Vijay Shekhar Sharma & One97 Communications

Vijay Shekhar Sharma, founder and CEO of Paytm & One97 Communications infused 218 Cr in its new venture Paytm Payments Bank. According to the report Vijay Shekhar will invest Rs 111 Crore and while One97 Communications Invest 107 Crore out of Rs 218 crore fresh capital. The payment bank will start operations this month from Uttar Pradesh. Earlier in January, Paytm received RBI nod to start the bank. Till date, Paytm Payments Bank has issued 2,18,000,000 shares to the three shareholders. In others, Airtel Payments Bank and India Post Payments Bank already launched their operations. In December Paytm CEO has sold his 1% equity of Paytm's parent firm One97 Communications for about Rs 325 crore. The amount he received will be invested in the payments bank. Sharma holds 51% stake i...

25,000 Crore Digital Transactions in India, Post Demonetisation

10Jan By NitishNo Comments

News

25,000 Crore Digital Transactions in India, Post Demonetisation

Post demonetisation, cash-based transactions worth Rs 25,000 crore have moved to the digital mode, says a survey. The Economic Research Department of State Bank of India carried out the survey from December 30, 2016 to January 3, 2017 so as to understand the nuances of demonetisation. It showed that 15 per cent of transactions moved to electronic payments such as m-wallets and Point of Sale machines. "This means that Rs 25,000 crore of cash based transactions have moved to digital in the last two months. If this is so, this is a good beginning," SBI Research said in its Ecowrap report. This number could have been even higher because the behavioural shift has not happened yet and many merchants still prefer cash transactions when the amount is not large, the survey said, adding t...

Mobikwik Looking to Hire 1000 People From Ahmedabad, Lucknow & Others Cities

6Jan By AnkitaNo Comments

News

Mobikwik Looking to Hire 1000 People From Ahmedabad, Lucknow & Others Cities

Digital payments firm MobiKwik said it will invest over Rs 50 crore and hire 1,000 people during this quarter as it looks to expand its footprint across cities like Ahmedabad, Lucknow and Vijayawada among others. Aimed at enabling 150 million users in India to transact on its platform by early 2018, MobiKwik is setting up offices in 13 cities by the end of the first quarter of 2017. "We will be investing over Rs 50 crore in setting up new offices to cater to regional requirements and will be hiring over 1,000 employees, pan India, across technical and non-technical requirements," MobiKwik co-founder Upasana Taku said in a statement. These cities include Mumbai, Pune, Bangalore, Kolkata, Hyderabad, Chennai, Ahmedabad, Noida, Lucknow, Vijayawada, Kochi, Jaipur and Chandigarh. "Po...

Paytm Gets RBI Licence For Payments Bank

3Jan By NitishNo Comments

News

Paytm Gets RBI Licence For Payments Bank

Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. On its blog, Paytm announced this news. However, Airtel is the first company which already start a pilot project of payment bank in Rajasthan. In a statement Paytm said, "At Paytm Payments Bank, our aim is to build a new business model in banking industry, focused on bringing financial services to 100’s of millions of unserved or undeserved Indians." With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking. This is our chance to build something that every Indian can be proud of. No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank. Earlier today,...

Adventz Group Declined To Acquire Paytm stake, Sunil Munjal Still in Race

3Jan By AdityaNo Comments

News

Adventz Group Declined To Acquire Paytm stake, Sunil Munjal Still in Race

Saroj Poddar-controlled Adventz group today said it was approached for buying a minority stake in Paytm, but has decided against it. If the deal were successfully performed then it will reportedly value the Vijay Shekhar Sharma-led firm at about USD 5-5.6 billion, an increase from USD 4.8 billion valuations in August 2016. "We were approached by a few merchant bankers for a minority stake in Paytm. But we have decided not to go ahead with it," a top official of the group told Pixr8 today. According to sources, Saroj Poddars son Akshay Poddar was negotiating the deal. Valuation is the key reason for not buying into the leading wallet company, the sources indicated. The deal was offered Rs 50 crore worth secondary stock at Rs 8,000 per share. According to media reports, indust...

Paytm App Still Facing Glitches; Users Complain of Payment Issues

23Dec By AnkitaNo Comments

News

Paytm App Still Facing Glitches; Users Complain of Payment Issues

Mobile payments company Paytm is still facing issues in transacting as many users have complained that money was deducted from their bank accounts but did not reach the e-wallet. Besides, the users said they are not able to see the existing balance in their Paytm wallet and their attempts to transfer the balance back to bank accounts were failing. Paytm customers have been facing such issues for the last few days. Its customer care hasn't been of much help as no transaction IDs are getting generated on its platform to help track details, they said. Several customers using Apple handsets complained that they could not even access their accounts and pay through using. When contacted, a Paytm spokesperson said there are regular cases wherein owing to server connectivity issues, bank dow...

Global Payment Firm Paypal May Acquire 25% Shares of Freecharge

23Dec By NitishNo Comments

News

Global Payment Firm Paypal May Acquire 25% Shares of Freecharge

A leading online payment firm PayPal is in talks with freecharge team to acquire 25% stake as the report by Mint. The expecting amount of the acquisition may be around $200 million (approximately Rs 1,357 crore). Jasper Infotech Private Limited known as snapdeal owned FreeCharge.com. Initially United States-based online payments company PayPal had made an offer for a 51% buyout. However, Snapdeal, which owns FreeCharge, is not too keen on selling a controlling stake. As per recent scenario, Paypal looking to stand itself as a direct competitor of paytm to acquire the large number of Indian market share. After acquiring the stakes in Freecharge, Paypal can offer national and international payment through Freecharge app. The talk is final stage, while PayPal has hired Goldman Sachs...

21Dec By AdityaNo Comments

News

PayTm Faces Service Outage

Users of e-payments company PayTm today faced difficulties in transacting through the app which the company said was due to some "technical" error. "We are facing some technical issues. We will have it resolved shortly so please try again after some time," an automated message popped up on screen at time of transaction. When contacted, a Paytm spokesperson attributed the outage to challenges the company is facing with sudden jump in number of users and associated traffic. The spokesperson said that Paytm has added 20 million new users in last 40 days taking the total number of registered users with us to 170 million. "Furthermore, we are seeing much higher interaction per user as compared to earlier and are also witnessing continuous increase in the traffic on our platform. At the eve...

19Dec By NitishNo Comments

News

Paytm vs Paypal – A Legal Battle Over Logo

California based payment startup PayPal has filed a trademark infringement case against Indian leading e-wallet company Paytm. The company which was founded by Elon Musk and Peter Thiel in 1998, used a two-toned blue colour scheme for its logo and has alleged that Paytm has used the same pattern to exploit Paypal's "global reputation and grow its user base." PayPal in its notice states, “Such adoption and/or use of the impugned mark is likely to cause confusion and deception amongst members of trade and public in that they will mistakenly believe that the services under the impugned mark originate from the Opponent [PayPal] or that the Applicant [Paytm] is affiliated or connected with the Opponent, which is not the case.” However, many seems this tactics as a promotional marketing be...

Paytm Alleges Customers Cheated 6.15 Lakh, CBI Registers FIR

17Dec By NitishNo Comments

News

Paytm Alleges Customers Cheated 6.15 Lakh, CBI Registers FIR

CBI has registered an FIR against some customers of digital wallet Paytm on the company's complaint that it has allegedly been cheated to the tune of Rs 6.15 lakh by customers based here. It is rare for the agency to take up such cases unless they have been referred by the central government or there are directions by the Supreme Court or a high court. CBI has registered FIR against 15 customers who are residents of Kalkaji, Govindpuri and Saket besides unknown officials of One97 Communications--parent company of Paytm. The complaint from the Manager Legal, M Sivakumar, claimed that the company makes payment for defective products received by a customer and also arranges a reverse pickup of the damaged product which is sent to the merchant. The process is done by a team of custome...

None of Mobile Payment Apps in India Fully Secure: Qualcomm

14Dec By PriyankaNo Comments

News

None of Mobile Payment Apps in India Fully Secure: Qualcomm

While government is pushing for digital payments through mobile phones, chipset maker Qualcomm said that wallets and mobile banking applications in India are not using hardware level security which can make online transactions more secure. "You will be surprised because most of the banking or wallet apps around the world don't use hardware security. They actually run completely in Android mode and users password can be stolen. Users use fingerprint which might be captured... in India that is the case for most of all digital wallets and mobile banking apps," Qualcomm Senior Director Product Management SY Choudhury told Pixr8. He said that even most famous digital payment application in India is not using hardware level security. "Reason we are saying that none of them is using it bec...