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Paytm Inbox Brings New Amusing Features For Free

18Jun By Gauri SinghNo Comments

News

Paytm Inbox Brings New Amusing Features For Free

India’s largest digital payment platform Paytm has introduced additional features to its in-app messaging service called the Paytm Inbox that helps users to chat with our friends and family like any other messaging app. The unique thing about this app is that along with this, it also allows the users to send and request money while chatting. The new feature that the inbox has introduced is that now the users will be able to make use of the in-app content such as News, Live TV, Entertainment videos, Games and Cricket anytime for free. Paytm has associated itself with a number of content providers for this purpose to make sure that the best broadcast material is provided to the people directly in the Paytm Inbox. Deepak Abbot, the senior vice-president, Paytm said, “We will now be offeri...

Paytm Mall Raises Huge Fund From SoftBank & Alibaba

13Jun By Gauri SinghNo Comments

FUNDING

Paytm Mall Raises Huge Fund From SoftBank & Alibaba

The e-commerce platform of Paytm known as ‘Paytm Mall’ has raised funds amounting to Rs 1500 crore from Japenese holding company SoftBank Group Corporation and its existing lender Alibaba Group Holding Ltd. According to the reports, the recent funding is a part of the funding commitment of Rs 3,000 crore that was at first announced in April. Paytm Mall has now received the third and final tranche of the deal. Alibaba and SoftBank Corp. had undertaken to invest an amount of Rs 3000 crore jointly in the Paytm Mall out of which the amount of Rs 2600 crore supposed to be invested by SoftBank and the rest Rs 400 crore by Alibaba. Paytm Mall is a Paytm-operated e-commerce platform that operates on its own mobile application making it easy for the users to have a look on a variety of brande...

Paytm To Introduce Offline PoS System For Merchants

12Jun By Gauri SinghNo Comments

News

Paytm To Introduce Offline PoS System For Merchants

Online payments firm Paytm, run by One97 Communications Pvt. Ltd. is supposedly planning to soon introduce offline physical point-of-sales (PoS) terminal for its merchant customers. After QR code feature, Paytm is now enabling cards payments at merchant locations. According to the reports, it is being anticipated that will bring in two types of PoS terminals : - Traditional PoS terminals, which work on GPS or landline. - Mobile PoS terminals, which mostly work through a smartphone. “The idea is to offer users all forms of digital payments. What Paytm is doing through UPI encouraging bank-to-bank transfers, this is something similar to where they are entering into all forms of digital payments through PoS,” the report stated. “Paytm already has QR payment faci...

Marketing Head Daman Soni steps down from MobiKwik

12Jun By Lavina TolaniNo Comments

News

Marketing Head Daman Soni steps down from MobiKwik

Digital Wallet Firm MobiKwik's marketing and growth department head, Daman Soni has resigned from his post, marking another senior level exit from the company. While the firm witnessed a growth as compared to its previous reports it has lost some prominent employees in its senior level hierarchy in a span of last 6-8 months. A year back in November 2017, Akash Gupta Vice President and marketing head to walked away to launch his own green tech venture. Earlier, Vineet Singh, Chief Business Officer too had stepped down in April this year. Additionally, Rukaiya Rangwala, head at payment gateway business also called a quit in April, while retail head Vivek Sinha resigned in May. Soni has confirmed his exit informing that he would be looking at fresh opportunities in the mobile tech...

Paytm Claims to Fetch Over 30 Lakh Rural and Semi-Urban Users

11Jun By Gauri SinghNo Comments

News

Paytm Claims to Fetch Over 30 Lakh Rural and Semi-Urban Users

With 186 million users as of December 2017, India’s most popular digital payments platform Paytm has witnessed an increase in the customers from semi-urban and rural parts of the country. Paytm believes that the rural people are using its service more than in metro cities or urban regions. The digital company Paytm that works on cashless transactions through its smartphone application and QR code solutions claims to have its strong influential existence in more than 3 lakh villages in the country. It also affirms to have engaged over 30 lakh merchants accepting digital payments across villages and small towns like Kangra, Angul, Unnao, Kakkanav, Chitra Durga, Giri Nagar, Virudhu Nagar and many more. The company said that the digital payments usage in these areas was 20% more than in ...

RBI to Introduce Mobile Wallet Interoperability Soon

11Jun By Lavina TolaniNo Comments

News

RBI to Introduce Mobile Wallet Interoperability Soon

While the mobile wallet industry is emerging at an impressive pace in India, it now is looking actively for the Reserve Bank of India to release interoperability guidelines for the industry. Notably, RBI's master directions on Mandatory KYC compliance (Issuance and Operation of Pre-paid Payment Instruments) that came in October 2017 had proposed digital wallets to become interoperable within six months. However, the following discussions with stakeholders had postponed the decision. If sources are to be belived RBI is now determined to bring wallet interoperability rules in a month with a delay of two months after the deadline A report quoting bankers published by ET said, The National Payments Corporation of India (NPCI) has already cleared the safety security aspects of taking wal...

Paytm’s Vijay Shekhar Sharma, Vickram Singh to Invest 150 Mn in Startups through “Green Fund”

6Jun By Lavina TolaniNo Comments

News

Paytm’s Vijay Shekhar Sharma, Vickram Singh to Invest 150 Mn in Startups through “Green Fund”

Paytm Head Vijay Shekhar Sharma and venture capitalist Shailesh Vickram Singh have together launched an environmental protection fund which will be dedicated to investing in startups, companies and individuals working towards mitigating environment-related problems in the country. The new massive fund which is first of its kind will focus on large problems faced by humanity in the areas of food and agriculture, air and water pollution, renewable energy favouring sustainable development. The fund aims to invest up to $150 million in the mentioned sectors keeping itself aligned with the United Nations Sustainable Development Goals. The fund will look up to Institutional and High net-worth investors to raise capital. Moreover, the fund will also aim to build an ecosystem for reducing...

Paytm to Invest Rs 67 Cr in Digital Lending Startup

5Jun By Lavina TolaniNo Comments

FUNDING

Paytm to Invest Rs 67 Cr in Digital Lending Startup

Digital Payment Firm Paytm is all set to invest $5-10 million (roughly Rs.33.5-67 crore) in a Mumbai headquartered digital lending startup CreditMate, for the second time in a round of funding after it infused an undisclosed sum in late 2017. Though CreditMate chief executive officer Jonathan Bill has refused to give any confirmation on the proposed funding but said that the company has witnessed a 40% month-on-month growth in terms of the number of loans disbursed. He further said, The first 12 to 18 months have been very well in terms of business and we have managed to restrict repayment failures to less than 1%. More than 60% of our customers are new to credit and more than 50% are self-employed. Hence we use technology to assess the borrower. The startup is a fintech focussed s...

5Jun By AdityaNo Comments

BUSINESS

Infibeam Looking to Raise 2000 Crore To Start Payment Bank Business

India's first profitable E-commerce company Infibeam will seek shareholders approval on June 28 to expand business in IT industry and also to launch a payments bank. The Gujrat based company said in its official statement, "We are looking to enter into payment bank business and to raise Rs 2,000 crore". The company has also proposed to change the name from Infibeam Incorporation Limited to "Infibeam Avenues Limited". Infibeam business profit in 2018 was more than doubled after tax to Rs 88.1 crore from Rs 43.5 crore a year ago. The e-commerce venture is also mulling to explore the business opportunity in the manufacturing of IT hardware. The company seeking RBI permit to issue all kind of prepaid payment instruments e-wallets, co-branded wallets, and any other pre-paid payme...

PhonePe on The Ladder of Success, Crossed 100 Million Users

2Jun By Gauri SinghNo Comments

News

PhonePe on The Ladder of Success, Crossed 100 Million Users

The Bengaluru-based Flipkart-owned company PhonePe has reportedly made its way across 100 million registered users on its platform in less than two years of its inauguration. The company's annual total payments volume (TPV) have also received a boost crossing $20 billion in the month of May. Paytm, the firm's close rival stated its annualised transactions amounting to $29 billion through its platform performing 63 million transactions in April, while the Digital payments firm PhonPe has performed 60 million transactions with a total of 30 million customers using Unified Payments Interface (UPI) in the month of May which is quite close to its competitor. “We have gone from launch to 100 million users in just 21 months. Our next goal is to onboard a million merchants for our customers, a...

30May By Gauri SinghNo Comments

BUSINESS

One97 Earns Higher Profits Through Its Legacy Business

India’s leading mobile internet company, One97 Communications Ltd. that owns Paytm carries on to make some profits through its inherited mobile non-core services business. According to the detailed financial statement filed with Registrar of Companies (RoC), the profit is considered to be 45% of the total revenue of One97 in the Financial Year 2017. One97, founded by Vijay Shekhar Sharma delivers commerce services and mobile content to millions of mobile consumers through India’s most widely deployed telecom applications cloud platform. The company also invests in early-stage mobile companies through the One97 Mobility Fund (OMF). However, the legacy business of the mobile internet company is the value added services like caller tunes, mobile marketing, talk time recharges etc. The c...

Paytm Trims Losses 39% to Rs 899.6 Crore in FY17

30May By NitishNo Comments

BUSINESS

Paytm Trims Losses 39% to Rs 899.6 Crore in FY17

India's leading digital wallet company Paytm, has reduced its losses to Rs 899.6 crore in the financial year 2016-17 compared to the previous fiscal, as per regulatory documents. The company had posted a loss of Rs 1,496.7 crore in 2015-16 fiscal against a total income of Rs 597.8 crore, as per documents filed by the company with the corporate affairs ministry. The documents, sourced by data intelligence company Paper.vc, showed that One97 Communications' total income had grown over 38 percent to Rs 828.6 crore in 2016-17 fiscal. One97 Communications' employee benefits expense in FY17 grew to Rs 333.87 crore, compared to Rs 143.13 crore in the previous fiscal. Paytm CFO and senior vice president Madhur Deora said, "the company invested over Rs 2,000 crore in the fiscal ended Marc...