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Paytm Payments Bank In Early Talks To Partner With Full-Service Banks

1Sep By AnkitaNo Comments

BUSINESS

Paytm Payments Bank In Early Talks To Partner With Full-Service Banks

India’s Paytm Payments Bank is in talks to partner with full-service banks to offer services such as loans and term deposits which it cannot do on its own due to regulatory restrictions, its chief executive told Reuters. Payments banks are niche banks that were allowed by the Reserve Bank of India in a bid to expand access to financial services in Asia’s third-largest economy where millions don’t have a bank account. RELATED Paytm Starts Payments Bank, Will Offer 4% Interest Rate The payments banks can take savings deposits and remittances but are not permitted to lend. “Anything which we cannot offer, we will be partnering with the banks. Whether it’s going to be a loan, or a credit card, or a term deposit, and other services,” said Renu Satti, CEO o...

Paytm Mall To Invest $35 Mn To Further Strengthen Its Logistics Network

22Aug By AnkitaNo Comments

CHINA

Paytm Mall To Invest $35 Mn To Further Strengthen Its Logistics Network

Paytm Mall is planning to put more money(around $35 million) to strengthen its logistics infrastructure, technology and add more product offerings to further strengthen its position in the market. "Paytm Mall is now expanding its logistics support by servicing demand with local supply to service same-day and next-day deliveries,” the company said in a statement. In the first phase, the company had limited its offerings to electronic goods and appliances across 25 cities. Now, it plans to expand its footprint to 100 cities and add other categories of merchandise as well. “We aim to build a trusted and highly-efficient logistics network to help local shopkeepers offer more convenient shopping experience to customers and enable brands to save up to 50% on logistics, as they will be able to...

Paytm’s Net Loss Rise To Four-Fold to Rs 1,549 for FY’16-17

13Dec By PriyankaNo Comments

BUSINESS

Paytm’s Net Loss Rise To Four-Fold to Rs 1,549 for FY’16-17

E-wallet service provider Paytm’s losses grew four-fold to Rs 1,549 crore in FY’16, the Times of India reported on Tuesday citing documents filed with the Registrar of Companies. It had reported a loss of Rs 372 a year ago compared to a profit of Rs 5 crore during FY’14. According to the report, Paytm’s founder Vijay Shekhar Sharma drew an annual salary of Rs 3.1 crore in FY’16. Last week, Sharma sold 1 percent stake in the company for Rs 325 crore to fund his payments bank. Paytm is said to be one of the biggest beneficiaries of PM Modi’s demonetisation drive. The company expects to hit 2 billion transactions by the end of this year. One97 Communications, the firm that owns Paytm will restructure its current business in preparation of its upcoming Payments Bank. As per the direct...

Paytm Ties up with PVR To Sell Movie Tickets

21Mar By Press Trust of IndiaNo Comments

BUSINESS

Paytm Ties up with PVR To Sell Movie Tickets

PVR plans to sell movie tickets worth Rs 250-300 crore using Paytm's platform in the first year of their association as the two firms tied up today to sell cinema tickets. The two firms today announced to bring PVR's movie tickets to Paytm's e-commerce platform as the latter forays into the online movie ticket segment. "In the first year of this relationship, PVR targets to sell tickets worth Rs 2.5-3 billion on Paytm's e-commerce platform besides selling tickets from the box offices and other channels", PVR and Paytm said in a joint statement. Paytm said it is aggressively extending its presence in new verticals as part of its strategy to be ubiquitous in daily life of its customers. "Paytm has set aggressive targets for itself and intends to double the share of online movie ticke...

Now Recharge Your Delhi Metro Card Using Paytm!

4Mar By RishabhNo Comments

News

Now Recharge Your Delhi Metro Card Using Paytm!

The next time you’re taking a ride in Delhi Metro, and run out of credits in your metro card, use Paytm to recharge! Now ride in Delhi Metro hustle free and without the tension of getting your time killed in the long queues for recharging your metro card. It’s time to shun the long queues at Delhi Metro Rail Corporation(DMRC) ticket counters. Now, Delhi Metro travelers will be able to recharge their metro cards via Paytm on the go! (more…)

Paytm testing payment models usable in offline mode

5Sep By No Comments

News

Paytm testing payment models usable in offline mode

Alibaba-backed Paytm is testing payment models to make its online wallet usable in the offline world — across large retail stores, restaurants and fuel stations — as the company looks for more avenues for the money stored in its digital wallet to be spent. Last week, Paytm, which recently got a payment bank licence from the Reserve Bank of India, started a pilot with Pizza Hut. Under the model, a customer can pay directly from his/her Paytm Wallet by opening the Paytm application and selecting the merchant from the list. "The idea is very simple. We are creating more offline to online use cases for the wallet," said Nitin Misra, vice- president of Paytm. Misra added that the company wants the Paytm app to become the local app for all payment needs be it for bills, groceries, challans, ...