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Satish Kumar Gupta Apponited as the new Paytm Payments Bank CEO

25Oct By Gauri SinghNo Comments

News

Satish Kumar Gupta Apponited as the new Paytm Payments Bank CEO

Paytm Payments Bank has appointed veteran banker Satish Kumar Gupta as managing director and CEO. Gupta comes in after Renu Satti stepped down as CEO in July and moved on to head the company’s new retail business. Gupta was former deputy general manager at State Bank of India where he worked for over three decades. “I have been fortunate to experience the disruption and growth that the Indian economy has witnessed in promoting digital payments. I look forward to leveraging my understanding of banking and payments at Paytm Payments Bank and aligning myself to its vision of bringing financial inclusion through digital payments,” Satish Kumar stated. Paytm has been strengthening the compliance structure of its payments bank unit. Last month, it moved Rama Subramaniam Gandhi, an advisor t...

Paytm Employees Arrested for Blackmailing Vijay Shekhar Sharma for Rs 20 Crore

22Oct By Gauri SinghNo Comments

News

Paytm Employees Arrested for Blackmailing Vijay Shekhar Sharma for Rs 20 Crore

Paytm has been in news for a long time for various purposes. This time, it is something different and shocking. Three Paytm employees along with managing director Vijay Shekhar’s personal secretary have been arrested by the Noida Police on Monday. The step has been taken because the employees allegedly tried to extort Rs 20 crore from their boss. The employees stole the confidential data and blackmailed the founder asking them to pay Rs 20 crore. He was being threatened to leak the confidential information of his company. #PAYTM कंपनी के मालिक का डाटा चोरी कर रंगदारी मांगने वाले महिला समेत 03 शातिर अभियुक्त गिरफ्तार- थाना सेक्टर 20 नोएडा। #NoidaPolice @Uppolice pic.twitter.com/gJPmuoU3O5 — NOIDA POLICE (@noidapolice) October 22, 2018 The police disclosed th...

Paytm Launches QR code-based ‘PayPay’ Service in Japan with SoftBank, Yahoo Japan

22Oct By Gauri SinghNo Comments

News

Paytm Launches QR code-based ‘PayPay’ Service in Japan with SoftBank, Yahoo Japan

Paytm has launched a QR-based smartphone payment settlement service in Japan called PayPay in collaboration with SoftBank and Yahoo Japan Corporation. Paytm had formed a joint venture called ‘PayPay’ corporation with SoftBank and Yahoo Japan, and its first offering is a smartphone-based settlement service that allows users to store money from a bank account in their “PayPay” wallet and make payments with it. Paytm said it is built around its QRtech which it has deployed in India to allow customers to make offline payments. “...PayPay was developed with teams from three different countries working together, it is a true testimony for us and our industry-leading solutions that can be easily ported to suit the needs of any country or market,” Madhur Deora, CFO, Paytm said. Paytm is a...

Digital Payments Giant Paytm Rolls Out Spam-Proof SMS Inbox

2Oct By Gauri SinghNo Comments

Tech

Digital Payments Giant Paytm Rolls Out Spam-Proof SMS Inbox

Digital Payments major Paytm has reportedly launched spam-proof SMS Inbox as a part of the Paytm Inbox. This feature uses proprietary Machine Learning (ML) methods and regulations to divide messages into personal, transactional and promotional categories. As stated by the company, the app will categorize the messages locally on the device. This would be done only after the users give their straightforward consent to avail this service. When the user avails the service, the app informs the users about the various classifications of the SMS categories and their utility value. Along with this, the users can also choose to delete messages, re-classify SMS and mark SMS as read/unread. Deepak Abbot, Senior Vice President of Paytm said, “We have witnessed a huge discomfort by mobile phone ...

Google Pay Updates its Privacy Policy Soon After Paytm’s Complaint

22Sep By Gauri SinghNo Comments

Tech

Google Pay Updates its Privacy Policy Soon After Paytm’s Complaint

Google has reportedly updated the privacy policy of its Indian digital payments application Google Pay, days after the homegrown rival Paytm complained that the tech giant's platform allowed disclosure of customer data for advertising and other purposes. In a letter to the National Payments Corporation of India (NPCI), Paytm complained that Google Pay's privacy policy amounted to "clear disregard for a consumer's need for privacy". Google Pay's privacy policy had stated that it could "collect, store, use and/or disclose" personal data and "any communications made through Google Pay". Further, Google stated that it had updated its privacy policy and dropped the word "disclose" from its privacy clause. Also, it stated that the changes were made to make it easier for customers to unders...

Berkshire Hathaway Eyeing to Acquire Stake in Paytm

27Aug By Gauri SinghNo Comments

ACQUISITION

Berkshire Hathaway Eyeing to Acquire Stake in Paytm

Warren Buffett’s Berkshire Hathaway is looking to acquire a stake in Paytm’s parent company One97 Communications Ltd. The amount that the company is eyeing to invest is around Rs 2,000-2,500 crore. This investment if implemented would be the first direct investment in India by the legendary billionaire investor. It has been reported that the transaction could be completed in the coming weeks valuing Paytm at over $10 billion and giving it more lift. “Berkshire is in talks to pick up a 3-4% stake in the company and it is being done through a primary subscription of shares,” said one of the people familiar with the matter. Paytm had been in talks with Berkshire Hathaway since early February regarding this matter and the deal is just about t0 take place. The most important investors of ...

Paytm’s Founder Vijay Shekhar Sharma Trolled For Kerala Flood Tweet

22Aug By Gauri SinghNo Comments

News

Paytm’s Founder Vijay Shekhar Sharma Trolled For Kerala Flood Tweet

With all the people trying to give their helping hand towards Kerala Flood Relief, Paytm also introduced a feature on its platform through which the users could donate any amount of their choice for helping the people affected in Kerala. Paytm’s founder Vijay Shekhar Sharma also donated an amount of Rs 10,000 towards the Kerala Flood Relief and later did something that got him trolled on the largest social media platform Twitter. He after the donation process on Paytm tweeted that he had donated Rs 10,000 to the Kerala Chief Minister's Disaster Relief Fund through his transaction app. He put up a screenshot of the message stating, “Just did my Rs 10,000 donation towards #KeralaFlood relief. Go ahead and open your Paytm app to donate now!” He had no idea that his twee...

Paytm to Launch AI-powered Cloud Computing Platfotm in India

21Aug By Gauri SinghNo Comments

BUSINESS

Paytm to Launch AI-powered Cloud Computing Platfotm in India

The most popular digital payments firm Paytm’s parent company One97 Communications has announced that they are launching a new AI Cloud computing platform known as “Paytm AI Cloud for India” for developers, startups and enterprises. The basic purpose behind the launch of this platform is to offer business-centric apps for organizations that require high-quality solutions for cloud computing, automate their workflow, easy payments, messaging and customer engagement without the hassle of managing hardware and software. The company has stated that Paytm AI Cloud processes and collects all their consumer data locally in servers situated only in India and at the same time following the highest security and privacy standards. It has been reported that the company has invested around Rs 250...

RBI Orders Paytm Payments Bank to Stop Enrolling New Customers

1Aug By Gauri SinghNo Comments

News

RBI Orders Paytm Payments Bank to Stop Enrolling New Customers

Following observations made by the Reserve Bank of India, Paytm Payments Bank has ceased the enrolment of new customers on its platform. This happened on 20th June post audit by RBI, which made particular observations about the procedure the company follows in taking over new customers and its adherence to know-your-customer (KYC) norms. Along with this, Paytm was also recently told to remove Renu Satti as the CEO of the payments bank, where the Reserve Bank of India raised objections about her ability to lead a banking services firm. RBI wants that a banker should run the payments bank. “RBI has directed Paytm Payments Bank to stop onboarding of new customers with immediate effect,” said a person familiar to the matter. Another person, a company executive, said that Paytm is modifying...

30Jul By AnkitaNo Comments

News

Paytm Mall Plans To Expand Globally

Paytm Mall is planning to expand to Southeast Asian countries, along with countries such as Japan, and it has also appointed a head for its international business and expansion. Paytm mall is a platform provided by Paytm for the user to shop, it works just like any other E-Commerce website or Application. It aims to offer a combination of the Mall and Bazaar concepts to Indian consumers. "Only trusted sellers passing strict quality guidelines and qualification criteria are allowed on the 'Mall, All products listed on the mall goes through Paytm certified warehouse and shipping channels ensuring guaranteed consumer trust'," a statement made by Paytm. Sanjeev Misra has joined Paytm Mall as senior vice-president for international markets will launch and expand the int...

Paytm to Raise Millions for Pushing its O2O Retail Business

28Jul By Gauri SinghNo Comments

FUNDING

Paytm to Raise Millions for Pushing its O2O Retail Business

One97 Communications, the company that owns Paytm is reportedly eyeing to raise $300-$500 million for the purpose of pushing its online-to-offline (O2O) retail business and get customers to use its platform for making payments. At present, Paytm is in advanced talks with US-based investors and also its existing shareholder, SoftBank for the latest funding round, which is expected to value the digital payments giant at about $10 billion. The funds raised through the particular funding round will be directed towards the hyper-local O2O business, with an objective to shore up footfalls for offline stores by offering deals and discounts on Paytm's app. The users will pay through QR codes in these stores, and thus, increasing the number of transactions for the company. As of now, the m...

Paytm Joins Hands With Softbank to Launch ‘PayPay’ In Japan

27Jul By AnkitaNo Comments

BUSINESS

Paytm Joins Hands With Softbank to Launch ‘PayPay’ In Japan

One of the major Indian digital funds platforms Paytm has now expanded its operations to Japan in partnership with PayPay Company. PayPay Corporation, a joint venture established by SoftBank Corp. (“SoftBank”) and Yahoo Japan Corporation (“Yahoo Japan”), recently announced that the company will launch “PayPay” smartphone payment services using barcodes (QR code) in fall 2018. PayPay Corporation is joining its hands with India's largest digital payment company Paytm, a SoftBank Vision Fund portfolio company, to utilize Paytm's technology and expertise in mobile payments. Founder of Paytm Mr Vijay Shekhar Sharma mentioned,“It’s an honour to work with Masa Son. He’s a visionary entrepreneur who has seen all of it: PC, telecom, cell web and now Synthetic Intelligence, which is th...