Paytm, the trailblazing digital payments firm in India, has reported an&nbsp;astounding 39 percent surge in its quarterly revenue. The parent company, One97 Communications Ltd., reported a staggering $286 million in revenue for the three months ending on June 30th, surpassing last year's figures and signaling its continued growth trajectory.

Paytm achieved another significant milestone for the third consecutive quarter,&nbsp;earning an operating profit of over $10 million.&nbsp;This remarkable achievement was accompanied by a narrowing net loss of over $43 million, showcasing a commendable turnaround for the company.&nbsp;

Furthermore, the pioneering company in digital payments achieved astounding growth without relying on government incentives. The company's core payments business experienced a surge in revenue, with a notable 31 percent increase. Additionally, its financial services arm, which includes popular offerings like "buy now, pay later" loans, contributed significantly to this achievement.

In overall terms, Paytm's witnessed an astonishing growth rate of 93 percent, which&nbsp;highlights the company's continued innovation and ability to surprise in the dynamic financial landscape. The Vijay Shekhar Sharma-led payment giant's&nbsp;contribution margin skyrocketed from 43 percent to an impressive 56 percent, while its employee cost increased to 21 percent due to appraisals during the period.

Undoubtedly, the company's creative strategies, such as offering device rentals to merchants to facilitate smoother transactions, have played a pivotal role in solidifying its position in the fiercely competitive market. By defying challenges and embracing innovative approaches, Paytm has successfully strengthened its footing in the dynamic digital payments ecosystem.

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Paytm, the trailblazing digital payments firm in India, has reported an astounding 39 percent surge in its quarterly revenue. The parent company, One97 Communications Ltd.

Paytm, the trailblazing digital payments firm in India, has reported an astounding 39 percent surge in its quarterly revenue. The parent company, One97 Communications Ltd., reported a staggering $286 million in revenue for the three months ending on June 30th, surpassing last year's figures and signaling its continued growth trajectory. Paytm achieved another significant milestone for the third consecutive quarter, earning an operating profit of over $10 million. This remarkable achievement was accompanied by a narrowing net loss of over $43 million, showcasing a commendable turnaround for the company. Furthermore, the pioneering company in digital payments achieved astounding growth without relying on government incentives. The company's core payments business experienced a surge in revenue, with a notable 31 percent increase. Additionally, its financial services arm, which includes popular offerings like "buy now, pay later" loans, contributed significantly to this achievement. In overall terms, Paytm's witnessed an astonishing growth rate of 93 percent, which highlights the company's continued innovation and ability to surprise in the dynamic financial landscape. The Vijay Shekhar Sharma-led payment giant's contribution margin skyrocketed from 43 percent to an impressive 56 percent, while its employee cost increased to 21 percent due to appraisals during the period. Undoubtedly, the company's creative strategies, such as offering device rentals to merchants to facilitate smoother transactions, have played a pivotal role in solidifying its position in the fiercely competitive market. By defying challenges and embracing innovative approaches, Paytm has successfully strengthened its footing in the dynamic digital payments ecosystem. WATCH WION LIVE HERE

Paytm records spectacular 39% surge in quarterly revenue

Paytm, India's pioneering digital payments firm, is making headlines with a spectacular 39% rise in its quarterly revenue. Amid soaring demand for loans, the parent company, one 97 communications ltd, reported 286 million dollars in revenue for the three months ending June 30th, surpassing last year's figures. Paytm also accomplished an operating profit for the third consecutive quarter, reaching over 10 million dollars. the net loss has narrowed to over 43 million dollars, showcasing a remarkable turnaround.

Paytm reports 39% rise in quarterly revenue

India's central bank and regulatory authority has given Fintech company Paytm Payments Services Ltd a further 15 days to reapply for a licence to operate as a payment aggregator, the company announced on Sunday.

"Our subsidiary Paytm Payment Services has received an extension from RBI for resubmission of PA license application. PPSL can continue to serve existing partners. We proudly lead with our 100% indigenous technology," Paytm said in a statement.&nbsp;

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Our subsidiary Paytm Payment Services has received extension from RBI for resubmission of PA license application. PPSL can continue to serve existing partners. We proudly lead with our 100% indigenous technology.<a href="https://t.co/E4WQTGWnS0">https://t.co/E4WQTGWnS0</a>
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The company in its statement said that during this time, Paytm Payment Services can continue with its online payment aggregation business for existing partners, without onboarding any new merchants.

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It is important to note that Paytm Payment Services had to resubmit the application for Payment Aggregators services within 120 calendar days. The Reserve Bank of India on 15 February published a list of applicants who have been given in-principle authorisation to function as payment aggregators. At the time, some businesses including Paytm Payment Services had been requested to reapply.&nbsp;

"In this regard, we would like to inform you that we have recently received an extension of time from RBI for resubmission of the application," the company's notification said on Sunday.&nbsp;

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A payment aggregator license is a permit granted by a regulatory authority to a company that acts as an intermediary between a merchant and a customer in a payment transaction. Payment aggregators collect payments from customers on behalf of merchants and then transfer the funds to the merchant's account after a specific time.&nbsp;

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Paytm Payments Services Ltd is one of the biggest players in the online payments business in India and is a wholly owned subsidiary of One 97 Communications.&nbsp;The One 97 Communications business, which owns the well-known Paytm brand, had its application for a payment aggregator licence rejected by India's banking regulator in November.

In the latest update on the extension given by RBI, Paytm said this continues to have "no material impact on our business and revenues, since the communication from RBI is applicable only to onboarding of new online merchants and we can continue to provide payment services to our existing online merchants."&nbsp;

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India's central bank and regulatory authority has given Fintech company Paytm Payments Services Ltd a further 15 days to reapply for a licence to operate as a payment aggregator, the company announced on Sunday.

India's central bank and regulatory authority has given Fintech company Paytm Payments Services Ltd a further 15 days to reapply for a licence to operate as a payment aggregator, the company announced on Sunday. "Our subsidiary Paytm Payment Services has received an extension from RBI for resubmission of PA license application. PPSL can continue to serve existing partners. We proudly lead with our 100% indigenous technology," Paytm said in a statement. Our subsidiary Paytm Payment Services has received extension from RBI for resubmission of PA license application. PPSL can continue to serve existing partners. We proudly lead with our 100% indigenous technology.https://t.co/E4WQTGWnS0 — Paytm (@Paytm) March 26, 2023 × The company in its statement said that during this time, Paytm Payment Services can continue with its online payment aggregation business for existing partners, without onboarding any new merchants. Also Read | Walmart lays off hundreds of US employees, gives them 90 days to find job at its other facilities It is important to note that Paytm Payment Services had to resubmit the application for Payment Aggregators services within 120 calendar days. The Reserve Bank of India on 15 February published a list of applicants who have been given in-principle authorisation to function as payment aggregators. At the time, some businesses including Paytm Payment Services had been requested to reapply. "In this regard, we would like to inform you that we have recently received an extension of time from RBI for resubmission of the application," the company's notification said on Sunday. Also Read | Verified Twitter account without Blue checkmark? Musk's platform steps up to avoid shame, trolling A payment aggregator license is a permit granted by a regulatory authority to a company that acts as an intermediary between a merchant and a customer in a payment transaction. Payment aggregators collect payments from customers on behalf of merchants and then transfer the funds to the merchant's account after a specific time. Watch | Twitter CEO Elon Musk to give stocks to employees at $20 dollar valuation × Paytm Payments Services Ltd is one of the biggest players in the online payments business in India and is a wholly owned subsidiary of One 97 Communications. The One 97 Communications business, which owns the well-known Paytm brand, had its application for a payment aggregator licence rejected by India's banking regulator in November. In the latest update on the extension given by RBI, Paytm said this continues to have "no material impact on our business and revenues, since the communication from RBI is applicable only to onboarding of new online merchants and we can continue to provide payment services to our existing online merchants." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: Paytm gets extension by central bank to re-apply for payment aggregator licence

The Bengaluru-based fintech firm Cred has stopped showing Paytm's merchant quick-response (QR) codes on its branded placards at offline stores. This step came in response to Paytm's complaint against Cred to the National Payments Corporation of India (NPCI) over the latter's false impression of other merchants' QR codes. The Unified Payments Interface (UPI) financial payments railroad is managed by NPCI.

Cred entered the offline payment segment three months ago with the launch of its 'Scan &amp; Pay' feature, which allows users to make offline payments by scanning a QR code.

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Cred had printed the static QR codes of merchants linked to various other payment players, including Paytm, BharatPe, and PhonePe, on its Cred-branded placards as part of its latest experiment to promote offline payments, giving the impression that these QR codes were issued by it.

"This QR is partial to Cred members", read the Cred placards with the codes, further adding to the perception that the QR codes were issued by Cred.

Paytm, which is owned by One97 Communications Ltd, has been pushing to expand its offline acceptance network and create its own branding at offline stores in recent years, and had complained to NPCI about Cred's move. According to Paytm's September quarter results, the platform had 29.5 million registered merchants.

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The company monetises its merchant network by providing them with loans and collecting monthly subscriptions on payment products.

A Cred spokesperson told The Economic Times, "Since the launch of Scan and Pay three months ago, members have loved the frictionless, rewarding experience of scanning any QR code to make UPI payments from the Cred app. We’ve been working with merchants to enhance the experience for Cred members at their retail outlets. To promote this, we created a marketing standee custom-designed for each merchant, which can be placed on the billing counter".&nbsp;

According to the company, the experiment was run with less than 30 offline merchants near its headquarters in Bengaluru.&nbsp;As&nbsp;part of the marketing campaign, the Kunal Shah-run company had also reportedly given incentives to merchants to place these QRs at their outlets.&nbsp;

Both Paytm and NPCI have not spoken on this matter as of now. At present, NPCI has not laid down clear guidelines on players leveraging existing QR codes issued by rivals.

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The war over QR codes&nbsp;

The dispute over QR codes is not new among Indian digital payment providers.&nbsp;In August last year, PhonePe filed a police complaint in Greater Noida against three employees of rival firm Paytm for the mass burning of its QR codes.&nbsp;

PhonePe, in its complaint, said the activity took place with "the clear intention of causing wrongful loss to the company’s property". It also added that "these actions may form a part of a larger conspiracy to malign the reputation"&nbsp;of the company and to cause "further financial losses".&nbsp;

BharatPe sparked controversy in September 2020 after its merchant acquisition team distributed pamphlets to merchant partners highlighting the foreign ownership of competitors Paytm, PhonePe, Google Pay, and Amazon Pay. Paytm issued a legal notice to BharatPe, and PhonePe requested that the marketing campaign must&nbsp;be stalled by the Reserve Bank of India (RBI).

(With inputs from agencies)

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The Bengaluru-based fintech firm Cred has stopped showing Paytm's merchant quick-response (QR) codes on its branded placards at offline stores. This step came in response to Paytm's complaint against Cred to the National Payments Corporation of India (NPCI) over the latter's false impression of other merchants' QR codes.

The Bengaluru-based fintech firm Cred has stopped showing Paytm's merchant quick-response (QR) codes on its branded placards at offline stores. This step came in response to Paytm's complaint against Cred to the National Payments Corporation of India (NPCI) over the latter's false impression of other merchants' QR codes. The Unified Payments Interface (UPI) financial payments railroad is managed by NPCI. Cred entered the offline payment segment three months ago with the launch of its 'Scan & Pay' feature, which allows users to make offline payments by scanning a QR code. Also Read | India plans to introduce bodies for regulating online gaming industry Cred had printed the static QR codes of merchants linked to various other payment players, including Paytm, BharatPe, and PhonePe, on its Cred-branded placards as part of its latest experiment to promote offline payments, giving the impression that these QR codes were issued by it. "This QR is partial to Cred members", read the Cred placards with the codes, further adding to the perception that the QR codes were issued by Cred. Paytm, which is owned by One97 Communications Ltd, has been pushing to expand its offline acceptance network and create its own branding at offline stores in recent years, and had complained to NPCI about Cred's move. According to Paytm's September quarter results, the platform had 29.5 million registered merchants. Watch | Softbank sells 4.5% stake in Paytm, to slow down investments as valuation drops × The company monetises its merchant network by providing them with loans and collecting monthly subscriptions on payment products. A Cred spokesperson told The Economic Times, "Since the launch of Scan and Pay three months ago, members have loved the frictionless, rewarding experience of scanning any QR code to make UPI payments from the Cred app. We’ve been working with merchants to enhance the experience for Cred members at their retail outlets. To promote this, we created a marketing standee custom-designed for each merchant, which can be placed on the billing counter". According to the company, the experiment was run with less than 30 offline merchants near its headquarters in Bengaluru. As part of the marketing campaign, the Kunal Shah-run company had also reportedly given incentives to merchants to place these QRs at their outlets. Both Paytm and NPCI have not spoken on this matter as of now. At present, NPCI has not laid down clear guidelines on players leveraging existing QR codes issued by rivals. Also Read | Zomato co-founder Gunjan Patidar resigns as online delivery firm battles high-profile exits The war over QR codes The dispute over QR codes is not new among Indian digital payment providers. In August last year, PhonePe filed a police complaint in Greater Noida against three employees of rival firm Paytm for the mass burning of its QR codes. PhonePe, in its complaint, said the activity took place with "the clear intention of causing wrongful loss to the company’s property". It also added that "these actions may form a part of a larger conspiracy to malign the reputation" of the company and to cause "further financial losses". BharatPe sparked controversy in September 2020 after its merchant acquisition team distributed pamphlets to merchant partners highlighting the foreign ownership of competitors Paytm, PhonePe, Google Pay, and Amazon Pay. Paytm issued a legal notice to BharatPe, and PhonePe requested that the marketing campaign must be stalled by the Reserve Bank of India (RBI). (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Paytm vs Cred: Cred stops using Paytm QR codes on its own placards after NPCI steps in

The Delhi-National Capital Region (NCR) has emerged as India's digital payments capital while Katpadi in Tamil Nadu is the fastest-growing city for digital payments with seven times growth this year, according to a report by Paytm on Wednesday (December 28).

One97 Communications announced the release of Paytm 2022 Recap- highlighting the interesting trends of transactions made through Paytm in 2021.&nbsp;

The report said Noida and Nagpur saw the highest percentage of spending via Paytm on micro-sellers or street-side vendors. Two cities in Tamil Nadu- Chennai and Trichy had the highest percentage of offline payments on food and beverages.&nbsp;

Amritsar city in Punjab had the highest spending on health and grooming through the digital payments platform, news agency ANI reported.&nbsp;

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The report also said that Paytm's market also saw growth in Northeast India with the fastest growing cities for Unified Payments Interface (UPI) being Arunachal Pradesh's Lohit, South Sikkim and Ranipool and Assam's Guwahati, Dibrugarh, Jorhat and Kamrup.&nbsp;

It added that Paytm UPI is one of the most preferred payment methods for Indians and users can check their individual journey with the company this year by visiting paytm.com/recap. Two of the most common names among Paytm users were Rahul and Pooja.&nbsp;

Paytm said in the report that the maximum number of payments were done at 7.23 pm with Wednesday being the busiest day in the week for digital transactions. The company also added it helped users avoid more than 1.61 billion trips to ATMs.

Paytm further said it was taking digital payments far and wide, driving financial inclusion with two out of three of its new users coming from smaller cities and towns.&nbsp;

(With inputs from agencies)

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The Delhi-National Capital Region (NCR) has emerged as India's digital payments capital while Katpadi in Tamil Nadu is the fastest-growing city for digital payments with seven times growth this year, according to a report by Paytm on Wednesday (December 28).

The Delhi-National Capital Region (NCR) has emerged as India's digital payments capital while Katpadi in Tamil Nadu is the fastest-growing city for digital payments with seven times growth this year, according to a report by Paytm on Wednesday (December 28). One97 Communications announced the release of Paytm 2022 Recap- highlighting the interesting trends of transactions made through Paytm in 2021. The report said Noida and Nagpur saw the highest percentage of spending via Paytm on micro-sellers or street-side vendors. Two cities in Tamil Nadu- Chennai and Trichy had the highest percentage of offline payments on food and beverages. Amritsar city in Punjab had the highest spending on health and grooming through the digital payments platform, news agency ANI reported. ALSO READ | Paytm shares tumble as SoftBank sells 4.5% stake worth $200 million The report also said that Paytm's market also saw growth in Northeast India with the fastest growing cities for Unified Payments Interface (UPI) being Arunachal Pradesh's Lohit, South Sikkim and Ranipool and Assam's Guwahati, Dibrugarh, Jorhat and Kamrup. It added that Paytm UPI is one of the most preferred payment methods for Indians and users can check their individual journey with the company this year by visiting paytm.com/recap. Two of the most common names among Paytm users were Rahul and Pooja. Paytm said in the report that the maximum number of payments were done at 7.23 pm with Wednesday being the busiest day in the week for digital transactions. The company also added it helped users avoid more than 1.61 billion trips to ATMs. Paytm further said it was taking digital payments far and wide, driving financial inclusion with two out of three of its new users coming from smaller cities and towns. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Paytm says Delhi-NCR emerges as India's digital payments capital: Report

India’s National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) are reportedly in the midst of deciding whether the unlimited transactions carried out via Google Pay, PhonePe and others should continue or not. The NPCI may soon implement their proposed volume cap for third-party app providers (TPAP), said a report by ANI.&nbsp;

This comes after the NCPI sought the approval of a proposal reportedly sent earlier this month on wanting to impose a 30 per cent volume cap. Currently, there is no transaction cap on any of the UPI-based applications including Paytm, PhonePe, Google Pay and so on. However, Google Pay and PhonePe are currently dominating the market with nearly 80 per cent of the shares. Therefore, the proposal was reportedly sent by NPCI to avert the risk of a monopoly.&nbsp;

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The deadline for this proposed implementation is December 31, however, reports suggest that no decision has been made yet while some industry stakeholders want the NCPI to extend the last date. Paytm will not get affected by the transaction cap because it is owned by Paytm Payments Bank Limited, an NPCI-certified service provider and issuer bank transactions as opposed to being a third-party app provider, said a report by ANI.&nbsp;

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In a statement, the Paytm Payments Bank spokesperson said, the proposed implementation of capping the UPI market will be “hugely beneficial” for the UPI ecosystem and bolster the growth of digital payments and make it “more accessible”. Adding that this move will also democratise the platform for people and end the market concentration risk.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/india-news/paytm-shares-slump-13-per-cent-after-rbis-restrictions-on-payments-bank-462206">Paytm shares slump 13 per cent after RBI's restrictions on payments bank</a>

Reportedly, the uncertainty regarding the issue of UPI market limit implementation may be resolved by the end of December. The order to cap the volume of transactions at 30 per cent of the total UPI transactions was first presented by the NCPI in 2020. Subsequently, the agency had given the existing third-party app providers two years to comply with the directive. However, the companies have reportedly failed to reduce their market shares and continue to exceed the 30 per cent cap since.&nbsp;

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India’s National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) are reportedly in the midst of deciding whether the unlimited transactions carried out via Google Pay, PhonePe and others should continue or not.

India’s National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) are reportedly in the midst of deciding whether the unlimited transactions carried out via Google Pay, PhonePe and others should continue or not. The NPCI may soon implement their proposed volume cap for third-party app providers (TPAP), said a report by ANI. This comes after the NCPI sought the approval of a proposal reportedly sent earlier this month on wanting to impose a 30 per cent volume cap. Currently, there is no transaction cap on any of the UPI-based applications including Paytm, PhonePe, Google Pay and so on. However, Google Pay and PhonePe are currently dominating the market with nearly 80 per cent of the shares. Therefore, the proposal was reportedly sent by NPCI to avert the risk of a monopoly. ALSO READ: Govt won't charge for services, UPI will remain free: Indian finance ministry The deadline for this proposed implementation is December 31, however, reports suggest that no decision has been made yet while some industry stakeholders want the NCPI to extend the last date. Paytm will not get affected by the transaction cap because it is owned by Paytm Payments Bank Limited, an NPCI-certified service provider and issuer bank transactions as opposed to being a third-party app provider, said a report by ANI. ALSO WATCH: India's UPI digital payments near 5 billion In a statement, the Paytm Payments Bank spokesperson said, the proposed implementation of capping the UPI market will be “hugely beneficial” for the UPI ecosystem and bolster the growth of digital payments and make it “more accessible”. Adding that this move will also democratise the platform for people and end the market concentration risk. ALSO READ: Paytm shares slump 13 per cent after RBI's restrictions on payments bank Reportedly, the uncertainty regarding the issue of UPI market limit implementation may be resolved by the end of December. The order to cap the volume of transactions at 30 per cent of the total UPI transactions was first presented by the NCPI in 2020. Subsequently, the agency had given the existing third-party app providers two years to comply with the directive. However, the companies have reportedly failed to reduce their market shares and continue to exceed the 30 per cent cap since. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: Google Pay, PhonePe and other UPI apps may impose transaction limit; Paytm to remain unaffected

Tokyo-headquartered SoftBank Group Corp on Thursday sold a 4.5 per cent stake in Indian digital payments giant Paytm through block deals for $200 million, following which a sharp fall was reported in Paytm shares. The stock is being sold in a range of ₹555 to 601.45 per share, according to a term sheet reviewed by Reuters.

The developments come a day after the lock-in period for investors in Paytm's November 2021 initial public offering closed. Paytm shares fell by over 9 per cent on news of the trade.&nbsp;

The sale is the latest in a series of divestments that SoftBank has made this year. 
 
SoftBank's flagship Vision Fund unit reported nearly $50 billion in losses in just six months. The shares were bought by hedge funds such as Millennium Capital, Segantii Capital Management, and Ghisallo Capital Management. Norges Bank, Norway's central bank too bought the Paytm shares, news agency Reuters reported.

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As of September 30, SoftBank had a 17.5 per cent stake in Paytm. The company had invested $1.6 billion into Paytm over the years. But before Thursday's sale, it was worth only about $900 million, Reuters reported.

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The shares of Paytm have dropped by over 60 per cent since its Initial Public Offering (IPO) a year ago.&nbsp;

SoftBank's flagship Vision Fund sold a range of assets in the April-June quarter, including Uber Technologies and property platforms Opendoor Technologies and KE Holdings, which operates China's Beike, for a net gain of $5.6 billion.

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Tokyo-headquartered SoftBank Group Corp on Thursday sold a 4.5 per cent stake in Indian digital payments giant Paytm through block deals for $200 million, following which a sharp fall was reported in Paytm shares.

Tokyo-headquartered SoftBank Group Corp on Thursday sold a 4.5 per cent stake in Indian digital payments giant Paytm through block deals for $200 million, following which a sharp fall was reported in Paytm shares. The stock is being sold in a range of ₹555 to 601.45 per share, according to a term sheet reviewed by Reuters. The developments come a day after the lock-in period for investors in Paytm's November 2021 initial public offering closed. Paytm shares fell by over 9 per cent on news of the trade. The sale is the latest in a series of divestments that SoftBank has made this year. SoftBank's flagship Vision Fund unit reported nearly $50 billion in losses in just six months. The shares were bought by hedge funds such as Millennium Capital, Segantii Capital Management, and Ghisallo Capital Management. Norges Bank, Norway's central bank too bought the Paytm shares, news agency Reuters reported. ALSO READ | Top 10 loss-making start-ups: These Indian unicorns are bleeding cash As of September 30, SoftBank had a 17.5 per cent stake in Paytm. The company had invested $1.6 billion into Paytm over the years. But before Thursday's sale, it was worth only about $900 million, Reuters reported. WATCH | BSE seeks clarification from Paytm parent, shares near all-time low levels × The shares of Paytm have dropped by over 60 per cent since its Initial Public Offering (IPO) a year ago. SoftBank's flagship Vision Fund sold a range of assets in the April-June quarter, including Uber Technologies and property platforms Opendoor Technologies and KE Holdings, which operates China's Beike, for a net gain of $5.6 billion. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Paytm shares tumble as SoftBank sells 4.5% stake worth $200 million

The latest sell-off in a string of divestments made by startups focused Softbank, has come from India. Japan's investment bank has sold 4.5% stake in Indian digital payment giant Paytm, for block deals for $200 million. The shares of Paytm owned by billionaire Vijay Shekhar Sharma fell more than 9% on the news of the trade.

Softbank sells 4.5% stake in Paytm, to slow down investments as valuation drops

Elon Musk revealed a few days earlier that the reason behind reviving the $44 billion Twitter deal is to make the microblogging site an “everything app”.

“Buying Twitter is an accelerant to creating X, the everything app,” he had tweeted on Tuesday.

Musk wants Twitter to perform as Chinese apps like WeChat which can be used for digital transactions, booking a cab and other financial services.&nbsp;But he&nbsp;didn’t say what kind of other services Twitter might be offering in the future once he takes over.

Nonetheless, the announcement created a buzz on social media, with many discussing as to what an ‘everything app’ entails.

What is ‘everything app’

The concept of an everything app, often referred to as a “super app,” is novel in the US, whereas in Asia, it is massively popular, and tech companies across the world have tried to emulate it.

A super app has been described as a platform that can offer various services under one umbrella, leading many to term it as the Swiss army knife of apps, which can offer a range of component tools (mini-apps) that the user can use and remove as needed.

Where did the concept originate?

China and Southeast Asia have been sort of a pivot in churning out these ‘super apps’

WeChat, GoJek, and Grab are some that leveraged the opportunity of customer traffic on their platforms that originally came for social media and communication by offering additional services leading to increased revenue realisations.

In India, the Tata Group is planning to come up&nbsp;with its own super app.

Reliance Industries, under its Jio umbrella, is amalgamating its various services such as shopping, content streaming, groceries, payments, cloud services, etc.

Whereas, Paytm, which initially started out as a digital payments company, has been offering other services like ticket bookings, games, online shopping, banking, consumer finance, etc.

India’s homegrown Flipkart Group has tied up its payments app PhonePe with companies such as Ola Cabs, Swiggy, Grofers, AJio, Decathlon,&nbsp;Delhi&nbsp;Metro, booking.com, etc to offer these services from within its own app.

Have other US tech firms tried this?

Snap Inc-owned Snapchat earlier introduced peer-to-peer payments called Snapcash, but ended the feature in 2018.

It also made a push into mobile gaming and recently ended that venture as part of cost-cutting plans.

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Elon Musk revealed a few days earlier that the reason behind reviving the $44 billion Twitter deal is to make the microblogging site an “everything app”. “Buying Twitter is an accelerant to creating X, the everything app,” he had tweeted on Tuesday.

Elon Musk revealed a few days earlier that the reason behind reviving the $44 billion Twitter deal is to make the microblogging site an “everything app”. “Buying Twitter is an accelerant to creating X, the everything app,” he had tweeted on Tuesday. Musk wants Twitter to perform as Chinese apps like WeChat which can be used for digital transactions, booking a cab and other financial services. But he didn’t say what kind of other services Twitter might be offering in the future once he takes over. Nonetheless, the announcement created a buzz on social media, with many discussing as to what an ‘everything app’ entails. What is ‘everything app’ The concept of an everything app, often referred to as a “super app,” is novel in the US, whereas in Asia, it is massively popular, and tech companies across the world have tried to emulate it. A super app has been described as a platform that can offer various services under one umbrella, leading many to term it as the Swiss army knife of apps, which can offer a range of component tools (mini-apps) that the user can use and remove as needed. Where did the concept originate? China and Southeast Asia have been sort of a pivot in churning out these ‘super apps’ WeChat, GoJek, and Grab are some that leveraged the opportunity of customer traffic on their platforms that originally came for social media and communication by offering additional services leading to increased revenue realisations. In India, the Tata Group is planning to come up with its own super app. Reliance Industries, under its Jio umbrella, is amalgamating its various services such as shopping, content streaming, groceries, payments, cloud services, etc. Whereas, Paytm, which initially started out as a digital payments company, has been offering other services like ticket bookings, games, online shopping, banking, consumer finance, etc. India’s homegrown Flipkart Group has tied up its payments app PhonePe with companies such as Ola Cabs, Swiggy, Grofers, AJio, Decathlon, Delhi Metro, booking.com, etc to offer these services from within its own app. Have other US tech firms tried this? Snap Inc-owned Snapchat earlier introduced peer-to-peer payments called Snapcash, but ended the feature in 2018. It also made a push into mobile gaming and recently ended that venture as part of cost-cutting plans. WATCH WION LIVE HERE:

What is ‘everything app’ and why Elon Musk is super excited about it?

Mastercard has replaced Paytm as the new title sponsor of the Indian cricket team for their home matches. The Board of Control for Cricket in India (BCCI) on Monday (September 05) confirmed their association with Mastercard welcoming their new sponsor on board.

The development comes after Paytm had reportedly recently asked BCCI to reassign their sponsorship rights. The Indian cricket board got into the act and wasted no time in roping in Mastercard as the new title right holders of Indian cricket as far as the home matches are concerned. Their arrival ended Paytm's 7-year association with Indian cricket.

Mastercard will be the title sponsor of Indian men's and women's cricket teams' matches at home along with all the domestic tournaments ranging from the Ranji Trophy to the Irani Trophy.

"During this association, Mastercard will be the title sponsor for all international matches (both women and men) held on home ground, domestic cricket matches like Irani Trophy, Duleep Trophy, and Ranji Trophy organized by the BCCI as also all junior cricket (Under 19 and Under 23) matches held in India," the BCCI said in a statement.

Also Read:&nbsp;<a href="https://www.wionews.com/sports/explained-how-can-india-still-make-it-to-the-final-of-asia-cup-2022-after-loss-against-pakistan-513113">Explained: How can India still make it to the final of Asia Cup 2022 after loss against Pakistan?</a>

Mastercard is already associated with some of the major global sporting properties across the globe in the form of the UEFA Champions League, French Open and the Australian Open. Being associated with the Indian cricket team will give the&nbsp;global payments &amp; technology company massive exposure among the subcontinent audience.

India are one of the best teams in world cricket at present and have been a force to reckon with in all three formats of the game. Despite not having won a major ICC trophy since 2013, the Men in Blue remain one of the giants of the game and the country's growing influence in the sport cannot be overlooked.

Also Read:&nbsp;<a href="https://www.wionews.com/sports/indian-govt-summons-wikipedia-officials-after-arshdeep-singhs-page-edited-to-show-fake-khalistan-link-513083">Indian govt summons Wikipedia officials after Arshdeep Singh's page edited to show fake Khalistan link</a>

The Indian men's team is currently in action in the ongoing Asia Cup 2022 in the UAE. After bagging back-to-back wins in their first two games in the group stage, India's unbeaten streak in the tournament was snapped by arch-rivals Pakistan in their first Super Four clash on Sunday.

Mastercard has replaced Paytm as the new title sponsor of the Indian cricket team for their home matches. The Board of Control for Cricket in India (BCCI) on Monday (September 05) confirmed their association with Mastercard welcoming their new sponsor on board.

Mastercard has replaced Paytm as the new title sponsor of the Indian cricket team for their home matches. The Board of Control for Cricket in India (BCCI) on Monday (September 05) confirmed their association with Mastercard welcoming their new sponsor on board. The development comes after Paytm had reportedly recently asked BCCI to reassign their sponsorship rights. The Indian cricket board got into the act and wasted no time in roping in Mastercard as the new title right holders of Indian cricket as far as the home matches are concerned. Their arrival ended Paytm's 7-year association with Indian cricket. Mastercard will be the title sponsor of Indian men's and women's cricket teams' matches at home along with all the domestic tournaments ranging from the Ranji Trophy to the Irani Trophy. "During this association, Mastercard will be the title sponsor for all international matches (both women and men) held on home ground, domestic cricket matches like Irani Trophy, Duleep Trophy, and Ranji Trophy organized by the BCCI as also all junior cricket (Under 19 and Under 23) matches held in India," the BCCI said in a statement. Also Read: Explained: How can India still make it to the final of Asia Cup 2022 after loss against Pakistan? Mastercard is already associated with some of the major global sporting properties across the globe in the form of the UEFA Champions League, French Open and the Australian Open. Being associated with the Indian cricket team will give the global payments & technology company massive exposure among the subcontinent audience. India are one of the best teams in world cricket at present and have been a force to reckon with in all three formats of the game. Despite not having won a major ICC trophy since 2013, the Men in Blue remain one of the giants of the game and the country's growing influence in the sport cannot be overlooked. Also Read: Indian govt summons Wikipedia officials after Arshdeep Singh's page edited to show fake Khalistan link The Indian men's team is currently in action in the ongoing Asia Cup 2022 in the UAE. After bagging back-to-back wins in their first two games in the group stage, India's unbeaten streak in the tournament was snapped by arch-rivals Pakistan in their first Super Four clash on Sunday.

Mastercard replaces Patym as BCCI's title sponsor for India's home matches, domestic tournaments

In a clarification to a viral video on the internet alleging a ‘FASTag smartwatch scam', National Payments Corporation of India (NPCI) and Paytm have said that it is “fake”. The video questioned&nbsp;the&nbsp;safety of the FASTag system.&nbsp;In the viral clip, a child can be seen looking to scan FASTag with a smartwatch while cleaning the windshield of a car. The kid flees when a person in the car questions him about the watch. It was claimed in the video by the driver that the child was trying to siphon off the balance in the FASTag card through the smartwatch. It also claimed that it is a new scam, where fraudsters have provided smartwatches equipped with scanners to kids, who beg. &nbsp;

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A video is spreading misinformation about Paytm FASTag that incorrectly shows a smartwatch scanning FASTag. As per NETC guidelines, FASTag payments can be initiated only by authorised merchants, onboarded after multiple rounds of testing. Paytm FASTag is completely safe &amp; secure. <a href="https://t.co/BmXhq07HrS">pic.twitter.com/BmXhq07HrS</a>
— Paytm (@Paytm) <a href="https://twitter.com/Paytm/status/1540571468450344961?ref_src=twsrc%5Etfw">June 25, 2022</a></blockquote>
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On Twitter, Paytm said, “A video is spreading misinformation about Paytm FASTag that incorrectly shows a smartwatch scanning FASTag. As per NETC guidelines, FASTag payments can be initiated only by authorised merchants, onboarded after multiple rounds of testing. Paytm FASTag is completely safe &amp; secure.” &nbsp;

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In a statement, the NPCI, which oversees retail payments system in India, called the claims “baseless”. No transaction can be carried out through open internet connectivity, it said. &nbsp;

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Please note that there are baseless and false videos circulating on Social media. Do understand the below points: 
 
1. No transactions can be executed through open internet connectivity. <a href="https://t.co/AKqvcpVE1z">pic.twitter.com/AKqvcpVE1z</a>
— FASTag NETC (@FASTag_NETC) <a href="https://twitter.com/FASTag_NETC/status/1540621020997877760?ref_src=twsrc%5Etfw">June 25, 2022</a></blockquote>
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The National Electronic Toll Collection (NETC) FASTag Ecosystem has been built on a four-party model. It includes Acquirer Bank, NPCI, Issuer Bank and Toll Plazas. There are numerous layers of security protocols to ensure the end-to-end safe processing of transactions, it added. &nbsp;

(With inputs from agencies)

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&nbsp;

In a clarification to a viral video on the internet alleging a ‘FASTag smartwatch scam', National Payments Corporation of India (NPCI) and Paytm have said that it is “fake”.

In a clarification to a viral video on the internet alleging a ‘FASTag smartwatch scam', National Payments Corporation of India (NPCI) and Paytm have said that it is “fake”. The video questioned the safety of the FASTag system. In the viral clip, a child can be seen looking to scan FASTag with a smartwatch while cleaning the windshield of a car. The kid flees when a person in the car questions him about the watch. It was claimed in the video by the driver that the child was trying to siphon off the balance in the FASTag card through the smartwatch. It also claimed that it is a new scam, where fraudsters have provided smartwatches equipped with scanners to kids, who beg. A video is spreading misinformation about Paytm FASTag that incorrectly shows a smartwatch scanning FASTag. As per NETC guidelines, FASTag payments can be initiated only by authorised merchants, onboarded after multiple rounds of testing. Paytm FASTag is completely safe & secure. pic.twitter.com/BmXhq07HrS — Paytm (@Paytm) June 25, 2022 × On Twitter, Paytm said, “A video is spreading misinformation about Paytm FASTag that incorrectly shows a smartwatch scanning FASTag. As per NETC guidelines, FASTag payments can be initiated only by authorised merchants, onboarded after multiple rounds of testing. Paytm FASTag is completely safe & secure.” WATCH WION LIVE HERE In a statement, the NPCI, which oversees retail payments system in India, called the claims “baseless”. No transaction can be carried out through open internet connectivity, it said. Please note that there are baseless and false videos circulating on Social media. Do understand the below points: 1. No transactions can be executed through open internet connectivity. pic.twitter.com/AKqvcpVE1z — FASTag NETC (@FASTag_NETC) June 25, 2022 × The National Electronic Toll Collection (NETC) FASTag Ecosystem has been built on a four-party model. It includes Acquirer Bank, NPCI, Issuer Bank and Toll Plazas. There are numerous layers of security protocols to ensure the end-to-end safe processing of transactions, it added. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

FASTag smartwatch scam: NPCI, Paytm rubbish claims, call viral video ‘fake’

The Bombay Stock Exchange has sought clarification from the parent company of Paytm over the steep drop in its share prices. Shares have lost major portion of value after Paytm Payments Bank came under RBI's scanner.

BSE seeks clarification from Paytm parent, shares near all-time low levels

Share price of Paytm`s parent company, One 97 Communications Ltd, slumped by around 13 per cent to hit an all-time low on Monday after the Reserve Bank of India (RBI) barred Paytm Payments Bank from onboarding new customers.

At the BSE, One 97 Communications Ltd share closed 12.84 per cent down at Rs 675.35. The scrip slipped to a low of Rs 662.25 in the intra-day. This is the lowest ever price of One 97 Communications Ltd.

The share price of One 97 Communications Ltd tumbled after the RBI imposed restrictions on Paytm Payments Bank and asked it to appoint an IT audit firm to conduct a comprehensive system audit of its IT system.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/paytm-ceo-arrested-for-rash-driving-later-released-on-bail-461828">Paytm CEO arrested for rash driving, later released on bail</a>

"Reserve Bank of India has today, in the exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers," the RBI had said on Friday.

"The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing report of the IT auditors," RBI said.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/government-plans-to-publicise-its-social-welfare-schemes-and-its-benefits-461916">Government plans to publicise its social welfare schemes and its benefits</a>

In its reply to the RBI's action, One 97 Communications Ltd said, "The bank (Paytm Payments Bank) is taking immediate steps to comply with RBI directions, including the appointment of a reputed external auditor to conduct a comprehensive System Audit of its IT systems. PPBL remains committed to working with the regulator to address their concerns as quickly as possible."

"The Company has been informed that this does not impact any existing customers of PPBL, who can continue to use all banking and payment services without interruption. All existing users of Paytm UPI, Paytm Wallet, Paytm FASTag, and bank accounts can continue to use these instruments, including debit cards and net banking, for payments," Paytm's parent firm said.

Share price of Paytm`s parent company, One 97 Communications Ltd, slumped by around 13 per cent to hit an all-time low on Monday after the Reserve Bank of India (RBI) barred Paytm Payments Bank from onboarding new customers.

Share price of Paytm`s parent company, One 97 Communications Ltd, slumped by around 13 per cent to hit an all-time low on Monday after the Reserve Bank of India (RBI) barred Paytm Payments Bank from onboarding new customers. At the BSE, One 97 Communications Ltd share closed 12.84 per cent down at Rs 675.35. The scrip slipped to a low of Rs 662.25 in the intra-day. This is the lowest ever price of One 97 Communications Ltd. The share price of One 97 Communications Ltd tumbled after the RBI imposed restrictions on Paytm Payments Bank and asked it to appoint an IT audit firm to conduct a comprehensive system audit of its IT system. Also read | Paytm CEO arrested for rash driving, later released on bail "Reserve Bank of India has today, in the exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers," the RBI had said on Friday. "The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing report of the IT auditors," RBI said. Also read | Government plans to publicise its social welfare schemes and its benefits In its reply to the RBI's action, One 97 Communications Ltd said, "The bank (Paytm Payments Bank) is taking immediate steps to comply with RBI directions, including the appointment of a reputed external auditor to conduct a comprehensive System Audit of its IT systems. PPBL remains committed to working with the regulator to address their concerns as quickly as possible." "The Company has been informed that this does not impact any existing customers of PPBL, who can continue to use all banking and payment services without interruption. All existing users of Paytm UPI, Paytm Wallet, Paytm FASTag, and bank accounts can continue to use these instruments, including debit cards and net banking, for payments," Paytm's parent firm said.

Paytm shares slump 13 per cent after RBI's restrictions on payments bank

Paytm CEO Vijay Shekhar Sharma was arrested by the Delhi Police for allegedly ramming into a senior police official`s car in February and later was released on bail, a senior official confirmed the incident on Sunday. 
 
Delhi Police Spokesperson Suman Nalwa told IANS that the incident took place on February 22 in south Delhi's&nbsp;Malviya Nagar area. 
 
"The accused rammed the car of south Delhi Deputy Commissioner of Police (DCP), Benita Mary Jaiker. However, the DCP was not present inside the car at the time of the incident," the official said.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/indias-oldest-military-school-turns-100-years-old-today-461771">India's oldest military school turns 100 years old today</a> 
 
According to the official, the accident happened outside Mother International School, Sri Aurobindo Marg on February 22 when DCP's driver had taken out the car for refueling. None was injured in the accident and DCP's driver Constable Dipak Kumar immediately noted down the number of the alleged Land Rover that hit his car and informed DCP Jaiker about the incident, who asked him to file a complaint. 
 
The accused driver of the Land Rover had fled the spot after the accident. In the FIR, Constable Kumar alleged that he had gone to re-fuel his car and around 8 a.m. on that day when he reached outside the Mother International School`s Gate No 3, there was a heavy traffic jam as parents had come to drop their children to the school. Seeing the traffic jam, Constable Dipak slowed down and it was at that time when the speeding Land Rover hit his vehicle from behind.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/to-help-the-local-talent-jammu-and-kashmir-police-organises-musical-competition-461715">To help the local talent, Jammu and Kashmir police organises musical competition</a> 
 
Accordingly, the police registered an FIR under section 279 (Rash driving or riding on a public way) of the Indian Penal Code at the Malviya Nagar Police station." 
 
On investigation, the offending vehicle was identified and its driver Vijay Shekhar Sharma was arrested after identification on February 22 and released on bail on the same day," PRO Nalwa said. 
 
Both the vehicles DL 1 CU 9321 (DCP Jaiker's car) and offending vehicle HR 98 C 0197 were impounded and mechanically inspected. Investigation in the case is still in progress, the official added.

Paytm CEO Vijay Shekhar Sharma was arrested by the Delhi Police for allegedly ramming into a senior police official`s car in February and later was released on bail, a senior official confirmed the incident on Sunday.

Paytm CEO Vijay Shekhar Sharma was arrested by the Delhi Police for allegedly ramming into a senior police official`s car in February and later was released on bail, a senior official confirmed the incident on Sunday. Delhi Police Spokesperson Suman Nalwa told IANS that the incident took place on February 22 in south Delhi's Malviya Nagar area. "The accused rammed the car of south Delhi Deputy Commissioner of Police (DCP), Benita Mary Jaiker. However, the DCP was not present inside the car at the time of the incident," the official said. Also read | India's oldest military school turns 100 years old today According to the official, the accident happened outside Mother International School, Sri Aurobindo Marg on February 22 when DCP's driver had taken out the car for refueling. None was injured in the accident and DCP's driver Constable Dipak Kumar immediately noted down the number of the alleged Land Rover that hit his car and informed DCP Jaiker about the incident, who asked him to file a complaint. The accused driver of the Land Rover had fled the spot after the accident. In the FIR, Constable Kumar alleged that he had gone to re-fuel his car and around 8 a.m. on that day when he reached outside the Mother International School`s Gate No 3, there was a heavy traffic jam as parents had come to drop their children to the school. Seeing the traffic jam, Constable Dipak slowed down and it was at that time when the speeding Land Rover hit his vehicle from behind. Also read | To help the local talent, Jammu and Kashmir police organises musical competition Accordingly, the police registered an FIR under section 279 (Rash driving or riding on a public way) of the Indian Penal Code at the Malviya Nagar Police station." On investigation, the offending vehicle was identified and its driver Vijay Shekhar Sharma was arrested after identification on February 22 and released on bail on the same day," PRO Nalwa said. Both the vehicles DL 1 CU 9321 (DCP Jaiker's car) and offending vehicle HR 98 C 0197 were impounded and mechanically inspected. Investigation in the case is still in progress, the official added.

Paytm CEO arrested for rash driving, later released on bail

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India,&nbsp;had everyone's eyed glued to the stock market.

But the IPO hit headlines, not as much for the money it raised,&nbsp;but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November&nbsp;18.

The offer price was Rs 2,150&nbsp;but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher.

What happened?

Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market.

Then what went wrong with Paytm IPO?

"Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters.

Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe.

The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year.

It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times.

Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations.

"Most of the domestic institutional investors appear to have skipped the IPO,"&nbsp;&nbsp;Aequitas Research director Sumeet Singh was quoted by Reuters as saying.

He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd.

He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%.

Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters.

Paytm's reaction to the IPO debacle

Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day.

"One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants."

Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future.

(With inputs from agencies)

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation.

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India, had everyone's eyed glued to the stock market. But the IPO hit headlines, not as much for the money it raised, but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November 18. The offer price was Rs 2,150 but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher. What happened? Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market. Then what went wrong with Paytm IPO? "Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters. Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe. The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year. It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times. Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations. "Most of the domestic institutional investors appear to have skipped the IPO," Aequitas Research director Sumeet Singh was quoted by Reuters as saying. He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd. He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%. Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters. Paytm's reaction to the IPO debacle Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day. "One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants." Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future. (With inputs from agencies)

Paytm: India's largest IPO tanks on debut - what really happened?

The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses.

The announcement in this regard was made by RBI Governor Shaktikanta Das after the meeting of the Monetary Policy Committee on Wednesday.

The extant norms allow payments banks (PBs) to hold a maximum balance of Rs 1 lakh per individual customer.

"Considering the progress made by PBs in furthering financial inclusion and with the objective of giving more flexibility to the PBs, it has been decided to enhance the limit of maximum balance at the end of the day from Rs 1 lakh to Rs 2 lakh per individual customer of PBs with immediate effect," the Reserve Bank of India said in a circular.

The decision to double the limit was based on a review of the performance of payments banks and with a view to encourage their efforts for financial inclusion and to expand their ability to cater to the needs of their customers, including MSMEs, small traders and merchants.

There are about half a dozen payments banks in the country.

The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses.

The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses. The announcement in this regard was made by RBI Governor Shaktikanta Das after the meeting of the Monetary Policy Committee on Wednesday. The extant norms allow payments banks (PBs) to hold a maximum balance of Rs 1 lakh per individual customer. "Considering the progress made by PBs in furthering financial inclusion and with the objective of giving more flexibility to the PBs, it has been decided to enhance the limit of maximum balance at the end of the day from Rs 1 lakh to Rs 2 lakh per individual customer of PBs with immediate effect," the Reserve Bank of India said in a circular. The decision to double the limit was based on a review of the performance of payments banks and with a view to encourage their efforts for financial inclusion and to expand their ability to cater to the needs of their customers, including MSMEs, small traders and merchants. There are about half a dozen payments banks in the country.

Payments banks can now hold max balance of Rs 2 lakh/customer

Fraudsters are using various tricks to cheat people and defraud them of their money. Watch the video to know more

Don't fall prey to online scams on Paytm, WhatsApp and other popular apps

Online payment platform Paytm was back in Google Play Store on Friday evening after having been removed for 'violating policies'. The app returned within some hours of its removal from the Google Play Store. &nbsp;

Removal of Paytm from the Play Store hit headlines everywhere on Friday afternoon.&nbsp;

"We don`t allow online casinos or support any unregulated gambling apps that facilitate sports betting. This includes if an app leads consumers to an external website that allows them to participate in paid tournaments to win real money or cash prizes, it is a violation of our policies," Suzanne Frey, Vice President, Product, Android Security and Privacy at Google said on a blog post.

However, the blog post did not explicitly mention Paytm. Reuters reported that Google separately confirmed that the removal of Paytm was indeed for policy violation.

The news made waves everywhere. During the day, Paytm took to Twitter to assure its users that their money was safe.

"Dear Paytm'ers, Paytm Android app is temporarily unavailable on Google's Play Store for new downloads or updates. It will be back very soon. All your money is completely safe, and you can continue to enjoy your Paytm app as normal," tweeted Paytm

"The company had not breached Google policies but was running an offer that gave its users stickers, for payments and money transfers, which could then be used to redeem cashbacks - a move Google deemed as gambling," the Paytm spokesman told Reuters.

Also Read | <a href="https://www.wionews.com/technology/paytm-app-removed-from-google-play-store-is-alleged-violation-of-guidelines-the-reason-328389">Paytm app removed from Google Play Store. Is alleged violation of guidelines the reason?</a>

There has not been any statement so far from Google outlining in detail&nbsp;the way Paytm violated the policies of Play Store.

Around 7 pm on Friday evening, Paytm tweeted suggesting that the app was back in the Play Store.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
Update: And we're back! 🥳
— Paytm (@Paytm) <a href="https://twitter.com/Paytm/status/1306950821217816576?ref_src=twsrc%5Etfw">September 18, 2020</a></blockquote>
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&nbsp;

Paytm was launched about a decade ago. It got a filip after a tie-up with Uber and a major boost after demonetisation in India in the year 2016. Paytm got the benefit of its early start as Indians suddenly had to move to online payments after currency notes of Rs 500 and Rs 1000 were taken out of circulation.

(With agency inputs) 
&nbsp;

Online payment platform Paytm was back in Google Play Store on Friday evening after having been removed for 'violating policies'. The app returned within some hours of its removal from the Google Play Store.

Online payment platform Paytm was back in Google Play Store on Friday evening after having been removed for 'violating policies'. The app returned within some hours of its removal from the Google Play Store. Removal of Paytm from the Play Store hit headlines everywhere on Friday afternoon. "We don`t allow online casinos or support any unregulated gambling apps that facilitate sports betting. This includes if an app leads consumers to an external website that allows them to participate in paid tournaments to win real money or cash prizes, it is a violation of our policies," Suzanne Frey, Vice President, Product, Android Security and Privacy at Google said on a blog post. However, the blog post did not explicitly mention Paytm. Reuters reported that Google separately confirmed that the removal of Paytm was indeed for policy violation. The news made waves everywhere. During the day, Paytm took to Twitter to assure its users that their money was safe. "Dear Paytm'ers, Paytm Android app is temporarily unavailable on Google's Play Store for new downloads or updates. It will be back very soon. All your money is completely safe, and you can continue to enjoy your Paytm app as normal," tweeted Paytm "The company had not breached Google policies but was running an offer that gave its users stickers, for payments and money transfers, which could then be used to redeem cashbacks - a move Google deemed as gambling," the Paytm spokesman told Reuters. Also Read | Paytm app removed from Google Play Store. Is alleged violation of guidelines the reason? There has not been any statement so far from Google outlining in detail the way Paytm violated the policies of Play Store. Around 7 pm on Friday evening, Paytm tweeted suggesting that the app was back in the Play Store. Update: And we're back! 🥳 — Paytm (@Paytm) September 18, 2020 × Paytm was launched about a decade ago. It got a filip after a tie-up with Uber and a major boost after demonetisation in India in the year 2016. Paytm got the benefit of its early start as Indians suddenly had to move to online payments after currency notes of Rs 500 and Rs 1000 were taken out of circulation. (With agency inputs)

Paytm back on Google Play Store after getting removed for 'violating policies'

Payment app Paytm has been mysteriously taken down from Google Play Store. The app, owned by One97 Communications Ltd, is not visible on Google Play Store for now.

All other apps under its umbrella -- Paytm For Business, Paytm Money, and Paytm Mall -- are, however, are available on Play Store.

The Paytm app is still available for download on the Apple App Store.

To this end, Paytm in a statement on Twitter said, "Paytm Android app is temporarily unavailable on Google's Play Store for new downloads or updates. It will be back very soon. All your money is completely safe, and you can continue to enjoy your Paytm app as normal."

Paytm disappeared from Google Play Store a few hours after Google’s Suzanne Frey, who is Vice President, Product, Android Security and Privacy, posted a blog, detailing a few guidelines.

“We have these policies to protect users from potential harm. When an app violates these policies, we notify the developer of the violation and remove the app from Google Play until the developer brings the app into compliance. And in the case where there are repeated policy violations, we may take more serious action which may include terminating Google Play Developer accounts. Our policies are applied and enforced on all developers consistently,” she wrote.

"We have the same goals for our gambling policy. We don’t allow online casinos or support any unregulated gambling apps that facilitate sports betting. This includes if an app leads consumers to an external website that allows them to participate in paid tournaments to win real money or cash prizes, it is a violation of our policies," wrote Suzanne.

This is being linked to the removal of the app.

One97 Communications Ltd was founded by Vijay Shekhar Sharma. The company had received massive funding from fintech firm Ant Financials, which is an ally of China's Alibaba group.

Payment app Paytm has been mysteriously taken down from Google Play Store. The app, owned by One97 Communications Ltd, is not visible on Google Play Store for now.

Payment app Paytm has been mysteriously taken down from Google Play Store. The app, owned by One97 Communications Ltd, is not visible on Google Play Store for now. All other apps under its umbrella -- Paytm For Business, Paytm Money, and Paytm Mall -- are, however, are available on Play Store. The Paytm app is still available for download on the Apple App Store. To this end, Paytm in a statement on Twitter said, "Paytm Android app is temporarily unavailable on Google's Play Store for new downloads or updates. It will be back very soon. All your money is completely safe, and you can continue to enjoy your Paytm app as normal." Paytm disappeared from Google Play Store a few hours after Google’s Suzanne Frey, who is Vice President, Product, Android Security and Privacy, posted a blog, detailing a few guidelines. “We have these policies to protect users from potential harm. When an app violates these policies, we notify the developer of the violation and remove the app from Google Play until the developer brings the app into compliance. And in the case where there are repeated policy violations, we may take more serious action which may include terminating Google Play Developer accounts. Our policies are applied and enforced on all developers consistently,” she wrote. "We have the same goals for our gambling policy. We don’t allow online casinos or support any unregulated gambling apps that facilitate sports betting. This includes if an app leads consumers to an external website that allows them to participate in paid tournaments to win real money or cash prizes, it is a violation of our policies," wrote Suzanne. This is being linked to the removal of the app. One97 Communications Ltd was founded by Vijay Shekhar Sharma. The company had received massive funding from fintech firm Ant Financials, which is an ally of China's Alibaba group.

Paytm app removed from Google Play Store. Is alleged violation of guidelines the reason?

Indian digital payments company <a href="https://www.wionews.com/business-%26-economy/paytm-to-roll-new-retail-model-for-instant-deliveries-155414">Paytm</a> said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion.

Paytm did not officially disclose details of the funding, but a source said the Indian company raised $1 billion in the latest round.

SoftBank's fresh investment in Paytm comes as the Japanese investment firm's founder Masayoshi Son battles to restore his reputation after an ill-fated investment in office-sharing firm WeWork.

New investment deals by <a href="https://www.wionews.com/business-economy/softbank-to-create-30-billion-tech-giant-with-yahoo-japan-line-corp-merger-262950">SoftBank</a> are also under growing scrutiny after the group reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at Vision Fund.

Paytm said on Monday it will expand into insurance, lending, stockbroking and investments and invest 100 billion rupees ($1.4 billion) over the next three years to bring in more users to its services.

"This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services," Paytm founder and chief executive Vijay Shekhar Sharma said in the statement.

Other investors include Discovery Capital and funds advised by T. Rowe Price Associates.

($1 = 71.7700 Indian rupees)

Indian digital payments company Paytm said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion.

Indian digital payments company Paytm said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion. Paytm did not officially disclose details of the funding, but a source said the Indian company raised $1 billion in the latest round. SoftBank's fresh investment in Paytm comes as the Japanese investment firm's founder Masayoshi Son battles to restore his reputation after an ill-fated investment in office-sharing firm WeWork. New investment deals by SoftBank are also under growing scrutiny after the group reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at Vision Fund. Paytm said on Monday it will expand into insurance, lending, stockbroking and investments and invest 100 billion rupees ($1.4 billion) over the next three years to bring in more users to its services. "This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services," Paytm founder and chief executive Vijay Shekhar Sharma said in the statement. Other investors include Discovery Capital and funds advised by T. Rowe Price Associates. ($1 = 71.7700 Indian rupees)

Paytm raises $1 billion in fresh funding

Paytm Mall has unearthed a fraud of up to Rs 10 crore following a probe into a large percentage of cashbacks earned by small merchants and de-listed hundreds of sellers from its platform apart from sacking many employees.

Regarding the feasibility of businesses providing freebies, Paytm's chairman and chief executive Vijay Shekhar Sharma said the cashback model is sustainable.

"After Diwali, what my team saw was that there were some small sellers who were getting a large percentage of the cashbacks and we as a team asked our auditors to do a deeper audit," Sharma told reporters here. 
The company, which reportedly engaged consultancy firm EY to conduct the audit, found out that some sellers were colluding with junior employees to earn cashbacks, he added.

The overall size of the fraud is in "double digits", which is "Rs 10 crore for sure", Sharma said.

However, in a late evening statement, a company spokesperson clarified quantum of the fraud would be less.

"we would like to clarify that the fraud detected was in the range of Rs 5-10 crore,? the spokesperson said.

Sharma said actions against the wrongdoers are being taken. These include de-listing "hundreds" of sellers to ensure there are only brand sellers on the platform and not the "mom-and-pop shops", he said adding that "tens" of employees have also been sacked.

While the number of sellers would reduce, such stringent actions will ensure "better ecosystem" for the consumers, he said.

Some employees of the Alibaba-backed company allegedly worked with third-party vendors and created fake orders to siphon off cashback offers, according to reports.

On the criticism of the cashback model making the business unfeasible, Sharma Tuesday said the business is "sustainable" but profitability may be some time away as it is spending more on onboarding users and merchants currently.

"Paytm is actually net concluding positive, net of cashback, marketing promotions operating costs," he said, adding that it would not be profitable till its user base reaches 500 million from 300 million and merchant base swells to 40 million from the current 12 million.

The list of detractors of such model includes Aditya Puri, who led HDFC Bank to become the largest private sector lender in India.

In February 2017, he had said the companies that hold on to customers through cashbacks are loss-making and have "no future".

"I think wallets have no future. There is not enough margin in the payments business for the wallets to have a future," Puri said and also mentioned Paytm, which reported over Rs 1,500 crore loss in 2016, to illustrate.

Sharma also said a platform like Paytm earns both through the merchant discount rate paid for processing transactions and may get up to 15 per cent of the cover charge when a transaction like a movie ticket sale happens, making it comfortable to offer the cashbacks.

Meanwhile, in what can be seen as a turnaround in his position, Sharma said players like Facebook-controlled WhatsApp are welcome on the payments landscape.

Sharma said his earlier opposition was when companies were not willing to comply with the Indian laws.

Similarly, on the e-commerce front, where its larger rivals Amazon and Flipkart have been complaining about a shift in laws which makes their position difficult, Sharma said any non-compliant entity should not have it easy.

"Law of the land remains fixed, people were escaping these. They were asked to stringently follow. They should have had known," he said.

He hinted that the company is not on the lookout for any fresh capital when asked about valuations for the next round of funding, and added that it continues to carry a war chest of money necessary for two years of growth.&nbsp;

Paytm Mall has unearthed a fraud of up to Rs 10 crore following a probe into a large percentage of cashbacks earned by small merchants and de-listed hundreds of sellers from its platform apart from sacking many employees.

Paytm Mall has unearthed a fraud of up to Rs 10 crore following a probe into a large percentage of cashbacks earned by small merchants and de-listed hundreds of sellers from its platform apart from sacking many employees. Regarding the feasibility of businesses providing freebies, Paytm's chairman and chief executive Vijay Shekhar Sharma said the cashback model is sustainable. "After Diwali, what my team saw was that there were some small sellers who were getting a large percentage of the cashbacks and we as a team asked our auditors to do a deeper audit," Sharma told reporters here. The company, which reportedly engaged consultancy firm EY to conduct the audit, found out that some sellers were colluding with junior employees to earn cashbacks, he added. The overall size of the fraud is in "double digits", which is "Rs 10 crore for sure", Sharma said. However, in a late evening statement, a company spokesperson clarified quantum of the fraud would be less. "we would like to clarify that the fraud detected was in the range of Rs 5-10 crore,? the spokesperson said. Sharma said actions against the wrongdoers are being taken. These include de-listing "hundreds" of sellers to ensure there are only brand sellers on the platform and not the "mom-and-pop shops", he said adding that "tens" of employees have also been sacked. While the number of sellers would reduce, such stringent actions will ensure "better ecosystem" for the consumers, he said. Some employees of the Alibaba-backed company allegedly worked with third-party vendors and created fake orders to siphon off cashback offers, according to reports. On the criticism of the cashback model making the business unfeasible, Sharma Tuesday said the business is "sustainable" but profitability may be some time away as it is spending more on onboarding users and merchants currently. "Paytm is actually net concluding positive, net of cashback, marketing promotions operating costs," he said, adding that it would not be profitable till its user base reaches 500 million from 300 million and merchant base swells to 40 million from the current 12 million. The list of detractors of such model includes Aditya Puri, who led HDFC Bank to become the largest private sector lender in India. In February 2017, he had said the companies that hold on to customers through cashbacks are loss-making and have "no future". "I think wallets have no future. There is not enough margin in the payments business for the wallets to have a future," Puri said and also mentioned Paytm, which reported over Rs 1,500 crore loss in 2016, to illustrate. Sharma also said a platform like Paytm earns both through the merchant discount rate paid for processing transactions and may get up to 15 per cent of the cover charge when a transaction like a movie ticket sale happens, making it comfortable to offer the cashbacks. Meanwhile, in what can be seen as a turnaround in his position, Sharma said players like Facebook-controlled WhatsApp are welcome on the payments landscape. Sharma said his earlier opposition was when companies were not willing to comply with the Indian laws. Similarly, on the e-commerce front, where its larger rivals Amazon and Flipkart have been complaining about a shift in laws which makes their position difficult, Sharma said any non-compliant entity should not have it easy. "Law of the land remains fixed, people were escaping these. They were asked to stringently follow. They should have had known," he said. He hinted that the company is not on the lookout for any fresh capital when asked about valuations for the next round of funding, and added that it continues to carry a war chest of money necessary for two years of growth.

Paytm cashback fraud could top Rs 10 cr, says chairman Vijay Shekhar Sharma; delists sellers for faking orders

Japan's Softbank group and Chinese e-commerce giant are now investing Rs 3,000 crore in Paytm Mall, as per documents filed with the Ministry of Corporate Affairs (MCA).&nbsp;

India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or US$1.9 billion.&nbsp;

SoftBank Group is investing US$400 million and Alibaba, an existing investor in Paytm E-Commerce, is also putting in US$45 million in the round, the filing showed.

The funding is expected to come in four tranches, as per the MCA filings. Currently, Alibaba along with Alipay holds 57% stake in Paytm Mall. However, after the fourth tranche of financing concludes, SoftBank Vision Fund will hold 21% and Alibaba (with Alipay) will hold around 46% stake in the e-commerce company.&nbsp;

SoftBank, which is among major investors in India’s fast-growing e-commerce sector and already owns a stake in Paytm’s parent, confirmed investing in Paytm Mall, the brand name under which Paytm E-Commerce operates an online market place.

“We believe Paytm Mall’s offline-to-online operating model, combined with the strength of the Paytm ecosystem, is uniquely positioned to enable India’s 15 million offline retail shops to participate in India’s e-commerce boom,” SoftBank said in a statement on Monday.

In a separate statement, Amit Sinha, chief operating officer of Paytm Mall said the company would deploy the latest investment from SoftBank and Alibaba to beef up its technology and build superior logistics among other things.

SoftBank’s new interest in e-commerce space comes after the Japanese multinational conglomerate led a funding round in India’s largest e-commerce player Flipkart in 2017.&nbsp;

However, SoftBank is expected to dilute its shareholding in Flipkart with talks of Walmart making an investment in the online retailer, making the Paytm Mall investment a way to diversify its bets and compete against Amazon India.&nbsp; 
&nbsp;

India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or $1.9 billion

Japan's Softbank group and Chinese e-commerce giant are now investing Rs 3,000 crore in Paytm Mall, as per documents filed with the Ministry of Corporate Affairs (MCA). India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or US$1.9 billion. SoftBank Group is investing US$400 million and Alibaba, an existing investor in Paytm E-Commerce, is also putting in US$45 million in the round, the filing showed. The funding is expected to come in four tranches, as per the MCA filings. Currently, Alibaba along with Alipay holds 57% stake in Paytm Mall. However, after the fourth tranche of financing concludes, SoftBank Vision Fund will hold 21% and Alibaba (with Alipay) will hold around 46% stake in the e-commerce company. SoftBank, which is among major investors in India’s fast-growing e-commerce sector and already owns a stake in Paytm’s parent, confirmed investing in Paytm Mall, the brand name under which Paytm E-Commerce operates an online market place. “We believe Paytm Mall’s offline-to-online operating model, combined with the strength of the Paytm ecosystem, is uniquely positioned to enable India’s 15 million offline retail shops to participate in India’s e-commerce boom,” SoftBank said in a statement on Monday. In a separate statement, Amit Sinha, chief operating officer of Paytm Mall said the company would deploy the latest investment from SoftBank and Alibaba to beef up its technology and build superior logistics among other things. SoftBank’s new interest in e-commerce space comes after the Japanese multinational conglomerate led a funding round in India’s largest e-commerce player Flipkart in 2017. However, SoftBank is expected to dilute its shareholding in Flipkart with talks of Walmart making an investment in the online retailer, making the Paytm Mall investment a way to diversify its bets and compete against Amazon India.

SoftBank, Alibaba to invest $445 million in Paytm

In a move to further strengthen offerings for merchants, Paytm has become the majority shareholder of the entity formed through the merger of Nearbuy&nbsp;and Little Internet.

Paytm&#39;s strategic holding in Nearbuy-Little will provide its merchant partners with an opportunity to offer deals to acquire new customers and grow their business. Additionally, Paytm will serve its consumer base by showcasing a large number of exciting deals on its platforms and will further strengthen its presence in the offline commerce space.

&quot;This combination of Nearbuy and Little marks a great opportunity for us to reinforce our commitment to support small and large retailers in the new age of mobile commerce and payments. I am sure consumers will love the greater selection and the reach of everyday deals and discount offers&quot;, Vijay Shekhar Sharma, Founder and CEO, Paytm said.

Nearbuy&nbsp;and Little Internet have merged to create India&#39;s largest discovery and deals platform for local merchants and it will help offline merchants by enabling them to acquire new customers through deals. Nearbuy and Little work with over 40,000 small and large merchants across food, beauty, travel and other categories. The combined entity will continue to enable customers to discover deals and save money whenever they step out, and also help merchants effectively utilize their inventory and acquire new customers. The existing shareholders of Nearbuy including Sequoia India will also become shareholders of the merged entity.

&quot;The merger of the 2 of India&#39;s leading deals platforms in the country and the partnership with Paytm will help merchants and customers, bring business synergies and will further strengthen Paytm&#39;s presence in the O2O space in India&quot;, Manish Chopra, Co-founder, Little said.

Paytm has become the majority shareholder if the merger entity of Nearbuy.com and Little Internet, which is Nearbuy-Little. With this, Paytm's merchant partners will be provided with an opportunity to expand their customer base

In a move to further strengthen offerings for merchants, Paytm has become the majority shareholder of the entity formed through the merger of Nearbuy and Little Internet. Paytm's strategic holding in Nearbuy-Little will provide its merchant partners with an opportunity to offer deals to acquire new customers and grow their business. Additionally, Paytm will serve its consumer base by showcasing a large number of exciting deals on its platforms and will further strengthen its presence in the offline commerce space. "This combination of Nearbuy and Little marks a great opportunity for us to reinforce our commitment to support small and large retailers in the new age of mobile commerce and payments. I am sure consumers will love the greater selection and the reach of everyday deals and discount offers", Vijay Shekhar Sharma, Founder and CEO, Paytm said. Nearbuy and Little Internet have merged to create India's largest discovery and deals platform for local merchants and it will help offline merchants by enabling them to acquire new customers through deals. Nearbuy and Little work with over 40,000 small and large merchants across food, beauty, travel and other categories. The combined entity will continue to enable customers to discover deals and save money whenever they step out, and also help merchants effectively utilize their inventory and acquire new customers. The existing shareholders of Nearbuy including Sequoia India will also become shareholders of the merged entity. "The merger of the 2 of India's leading deals platforms in the country and the partnership with Paytm will help merchants and customers, bring business synergies and will further strengthen Paytm's presence in the O2O space in India", Manish Chopra, Co-founder, Little said.

Paytm to be majority shareholder in Nearbuy-Little merger entity

Digital payment app Paytm has introduced BHIM United Payments Interface (UPI), the government&#39;s mobile payment system for payments on its mobile app.&nbsp;

UPI is a mobile payment mechanism which enables one to transfer money between two bank accounts using a UPI ID.

The process to register on the BHIM UPI requires you to create your own Paytm BHIM UPI ID on the app, then link your savings bank accounts to this Paytm BHIM UPI ID and&nbsp;begin transactions.&nbsp;

Multiple accounts can be linked to BHIM UPI ID and users can also accept money in any account they wish.&nbsp;

UPI-based applications are becoming popular as a medium of money transaction&nbsp;as it&nbsp;removes the time-consuming process of adding beneficiaries to begin transactions and also removes the necessity of sending your Indian Financial System Code (IFSC) code and bank account number of anyone who wants to send you the money, which makes&nbsp;it a much faster method to transfer money than national electronic fund transfer (NEFT) or other traditional methods.&nbsp;

Paytm&#39;s Android app currently packs a beta version of the feature and iOS will soon receive the feature.

Digital payment app Paytm has introduced BHIM UPI the government's mobile payment system for payments on its mobile app

Digital payment app Paytm has introduced BHIM United Payments Interface (UPI), the government's mobile payment system for payments on its mobile app. UPI is a mobile payment mechanism which enables one to transfer money between two bank accounts using a UPI ID. The process to register on the BHIM UPI requires you to create your own Paytm BHIM UPI ID on the app, then link your savings bank accounts to this Paytm BHIM UPI ID and begin transactions. Multiple accounts can be linked to BHIM UPI ID and users can also accept money in any account they wish. UPI-based applications are becoming popular as a medium of money transaction as it removes the time-consuming process of adding beneficiaries to begin transactions and also removes the necessity of sending your Indian Financial System Code (IFSC) code and bank account number of anyone who wants to send you the money, which makes it a much faster method to transfer money than national electronic fund transfer (NEFT) or other traditional methods. Paytm's Android app currently packs a beta version of the feature and iOS will soon receive the feature.

Paytm integrates BHIM on its platform

Digital payments company Paytm has decided launch a messaging service to take on Whatsapp, according to The Wall Street Journal.&nbsp;

Last week the e-wallet company had announced it planned to allow its users to buy and sell gold while getting a cut from each transaction.

&rlm;The company has now decided to challenge the world&#39;s biggest messaging service Whatsapp by embedding a messaging service of its own in its app.&nbsp;Paytm will allow users to interact with text messages, audio, video and pictures, reports say.&nbsp;

Paytm has more than 225 million users in India.<a href="http://www.wionews.com/science-tech/now-watch-youtube-videos-directly-on-whatsapp-18111">&nbsp;Whatsapp, on the other hand, dominates the messaging</a>&nbsp;space with over one billion daily active users.

Paytm users surged after PM Modi announced demonetisation&nbsp;in India on November 8 last year which led to the banning of&nbsp;old, high-value currency notes. Indians quickly switched to digital payment as a result of demonetisation powered by Paytm.

Paytm was founded by<a href="http://www.wionews.com/photos/meet-indian-billionaires-on-forbes-list-254#photo-19602"> India&#39;s first internet billionaire Vijay Shekhar Sharma</a> in 2010. Paytm&nbsp;is backed by Japan&#39;s SoftBank and China&#39;s Alibaba.

The messaging service will be embedded in its app. It will allow users to interact with text messages, audio, video and pictures, reports say.?

Digital payments company Paytm has decided launch a messaging service to take on Whatsapp, according to The Wall Street Journal. Last week the e-wallet company had announced it planned to allow its users to buy and sell gold while getting a cut from each transaction. ‏The company has now decided to challenge the world's biggest messaging service Whatsapp by embedding a messaging service of its own in its app. Paytm will allow users to interact with text messages, audio, video and pictures, reports say. Paytm has more than 225 million users in India. Whatsapp, on the other hand, dominates the messaging space with over one billion daily active users. Paytm users surged after PM Modi announced demonetisation in India on November 8 last year which led to the banning of old, high-value currency notes. Indians quickly switched to digital payment as a result of demonetisation powered by Paytm. Paytm was founded by India's first internet billionaire Vijay Shekhar Sharma in 2010. Paytm is backed by Japan's SoftBank and China's Alibaba.

Paytm eyes messaging service to take on Whatsapp

Paytm&nbsp;plans to sell 5 tons of gold valued around $200 million this year, the digital payments firm said, as it strives to develop a viable business from its e-wallet platform.

E-wallets like&nbsp;Paytm, Citrus Pay and MobiKwik, which allow users to transfer money into virtual wallets via smartphone apps, have proliferated thanks to venture capital backing, but many are struggling to find a long-term profitable model.

Paytm, backed by Japan&#39;s SoftBank Group and China&#39;s Alibaba, is attempting to leverage its e-wallet to let customers buy and sell gold while getting a cut from each transaction.

&quot;This is our way into wealth management,&quot; Krishna Hedge, a senior executive at&nbsp;Paytm, told Reuters.

India is the world&#39;s number two&nbsp;consumer of gold behind China, with many saving their money in gold, using it to hedge against inflation and for gifts at special occasions. The country imports about 800 tons of gold a year.

The company launched its gold offering at the end of April and aims to sell 5 tons of gold in the fiscal year to March 2018. That amount of gold would be worth about 14 billion rupees ($217 million) at current prices.

Clients will be able to buy and sell even minuscule amounts of gold digitally for as little as 1 rupee&nbsp;($0.0155) via&nbsp;Paytm&#39;s platform.

Paytm&nbsp;said it will not only allow users to trade in digital gold but it will also ship gold coins across much of India for those who want the metal delivered. &quot;This is actual physical gold that is stowed away in our vaults when you make a purchase,&quot; said Hedge.

The 24-carat gold is sourced from a venture between Indian bullion importer MMTC and Swiss gold refiner PAMP. Paytm, which leads the crowded e-wallet space in India, currently has more than 225 million users.

The industry enjoyed a huge boost from the federal government&#39;s move to demonetise old high-value bank notes last year. The ensuing cash crunch sparked a surge in e-wallet transactions in a country where credit and debit-card usage is still limited.

Paytm&nbsp;now has plans to offer limited financial services through its niche bank.

&quot;They are likely to add more such financial services in future and could even offer micro loans through tie-ups with banks,&quot; said Neil Shah of technology research firm Counterpoint.

?Paytm is attempting to leverage its e-wallet to let customers buy and sell gold while getting a cut from each transaction

Paytm plans to sell 5 tons of gold valued around $200 million this year, the digital payments firm said, as it strives to develop a viable business from its e-wallet platform. E-wallets like Paytm, Citrus Pay and MobiKwik, which allow users to transfer money into virtual wallets via smartphone apps, have proliferated thanks to venture capital backing, but many are struggling to find a long-term profitable model. Paytm, backed by Japan's SoftBank Group and China's Alibaba, is attempting to leverage its e-wallet to let customers buy and sell gold while getting a cut from each transaction. "This is our way into wealth management," Krishna Hedge, a senior executive at Paytm, told Reuters. India is the world's number two consumer of gold behind China, with many saving their money in gold, using it to hedge against inflation and for gifts at special occasions. The country imports about 800 tons of gold a year. The company launched its gold offering at the end of April and aims to sell 5 tons of gold in the fiscal year to March 2018. That amount of gold would be worth about 14 billion rupees ($217 million) at current prices. Clients will be able to buy and sell even minuscule amounts of gold digitally for as little as 1 rupee ($0.0155) via Paytm's platform. Paytm said it will not only allow users to trade in digital gold but it will also ship gold coins across much of India for those who want the metal delivered. "This is actual physical gold that is stowed away in our vaults when you make a purchase," said Hedge. The 24-carat gold is sourced from a venture between Indian bullion importer MMTC and Swiss gold refiner PAMP. Paytm, which leads the crowded e-wallet space in India, currently has more than 225 million users. The industry enjoyed a huge boost from the federal government's move to demonetise old high-value bank notes last year. The ensuing cash crunch sparked a surge in e-wallet transactions in a country where credit and debit-card usage is still limited. Paytm now has plans to offer limited financial services through its niche bank. "They are likely to add more such financial services in future and could even offer micro loans through tie-ups with banks," said Neil Shah of technology research firm Counterpoint.

Paytm aims to sell gold worth $200 million this year

Indian digital payments firm Paytm launched a niche payments bank on Tuesday, aiming to acquire 500 million customers in the next three years, the company said in a statement.

Paytm, which runs India&#39;s biggest electronic wallet, said it will offer an interest rate of 4 per cent per annum on deposits.

The Paytm Payments Bank aims to open 31 branches and 3,000 customer service points in its first year of operations, the company said.

A payments bank is an institution that can take deposits and remittances but cannot lend.

(Reuters)

A payments bank is an institution that can take deposits and remittances but cannot lend

Indian digital payments firm Paytm launched a niche payments bank on Tuesday, aiming to acquire 500 million customers in the next three years, the company said in a statement. Paytm, which runs India's biggest electronic wallet, said it will offer an interest rate of 4 per cent per annum on deposits. The Paytm Payments Bank aims to open 31 branches and 3,000 customer service points in its first year of operations, the company said. A payments bank is an institution that can take deposits and remittances but cannot lend. (Reuters)

Paytm launches payments bank

In what goes to on be a new development in India&rsquo;s e-commerce space, online grocery delivery service BigBasket and smaller rival Grofers India have begun talks on a possible merger, Indian newspaper Mint reported on Wednesday, citing sources.

If the merger goes through, SoftBank Group, which is an existing investor in Grofers, will participate in a $60 million to $100 million funding round in the merged company, the report added.

The talks, which are in early stages, may value BigBasket at about $700 million to $800 million, while Grofers could be valued at $150 million to $200 million, Mint added.

Online grocery sales are a fast growing segment in India&#39;s e-commerce industry as more consumers log in to internet for their purchases.

India&rsquo;s burgeoning online retail market appears to be undergoing a transition phase. Recently, e-commerce firm Flipkart raised $1.4 billion in its biggest fundraising to date. Chinese social media and entertainment firm Tencent Holdings, the world&#39;s biggest software company Microsoft and online marketplace eBay participated in the funding round, and this would go on to value Flipkart at $11.6 billion.

Amazon, on the other hand, last year had said it would invest over $5 billion in India. It recently expanded into online video and grocery shopping, seeking to expand aggressively in a country where a rising middle class is increasingly shopping online.

Besides, electronics payments provider Paytm is also in talks with Japan&#39;s SoftBank Group to raise $1.2-$1.5 billion in cash, making the latter one of the largest shareholders in the fintech start-up, reported Mint newspaper.

The deal, which could increase Paytm&#39;s valuation to $7 billion to $9 billion, will see SoftBank buying some shares from existing Paytm investor SAIF Partners and founder Vijay Shekhar Sharma beside investing money in the company, the report said.&nbsp; Paytm may also buy Snapdeal-owned payments rival Freecharge, as part of the deal, added the report.

(WION)

India?s burgeoning online retail market appears to be undergoing a transition phase.

In what goes to on be a new development in India’s e-commerce space, online grocery delivery service BigBasket and smaller rival Grofers India have begun talks on a possible merger, Indian newspaper Mint reported on Wednesday, citing sources. If the merger goes through, SoftBank Group, which is an existing investor in Grofers, will participate in a $60 million to $100 million funding round in the merged company, the report added. The talks, which are in early stages, may value BigBasket at about $700 million to $800 million, while Grofers could be valued at $150 million to $200 million, Mint added. Online grocery sales are a fast growing segment in India's e-commerce industry as more consumers log in to internet for their purchases. India’s burgeoning online retail market appears to be undergoing a transition phase. Recently, e-commerce firm Flipkart raised $1.4 billion in its biggest fundraising to date. Chinese social media and entertainment firm Tencent Holdings, the world's biggest software company Microsoft and online marketplace eBay participated in the funding round, and this would go on to value Flipkart at $11.6 billion. Amazon, on the other hand, last year had said it would invest over $5 billion in India. It recently expanded into online video and grocery shopping, seeking to expand aggressively in a country where a rising middle class is increasingly shopping online. Besides, electronics payments provider Paytm is also in talks with Japan's SoftBank Group to raise $1.2-$1.5 billion in cash, making the latter one of the largest shareholders in the fintech start-up, reported Mint newspaper. The deal, which could increase Paytm's valuation to $7 billion to $9 billion, will see SoftBank buying some shares from existing Paytm investor SAIF Partners and founder Vijay Shekhar Sharma beside investing money in the company, the report said. Paytm may also buy Snapdeal-owned payments rival Freecharge, as part of the deal, added the report. (WION)

BigBasket, Grofers may merge; Is India?s online market undergoing a major shift?

Reliance Jio and Paytm have apologised for their &quot;inadvertent mistake&quot; in using Prime Minister Narendra Modi&#39;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&#39;s name and picture for commercial use.

&quot;Clarifications were sought by the Department of Consumer Affairs from Paytm and Reliance Jio wherein they have apologised for their inadvertent mistake,&quot; 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 contravening the &#39;prior permission&#39; stipulated under the Act, he said.

Based on the department&#39;s request, the Information and Broadcasting Ministry has issued an advisory to print medium to check-up the permission from competent authority before issuing any advertisement wherein the emblem and names specified under the Act are mentioned, he added.

Responding to a query whether there is any mechanism to approve use of Prime Minister&#39;s photo by private firms or if the government plans to introduce one, the minister said a committee is in place to examine such proposals.

The Section 3 of the Act provides that no person shall use or continue to use any name or emblem for the purpose of any trade, business, calling or profession without the previous permission of the central government.

The law provides that &quot;any person who contravenes the provisions of Section 3 shall be punishable with fine, which may exceed to Rs 500&quot;.

In September last year, Reliance Jio, through its advertisements, had dedicated the Reliance Jio 4G service to the Modi government&#39;s flagship Digital India project. Full-page &quot;Reliance Jio: Digital Life&quot; advertisements were published with a photograph of the Prime Minister, dressed in a blue jacket, triggering a political controversy.

After the government announced the demonetisation decision on 8 November, Paytm issued an advertisement welcoming the move as it boosted use of e-wallets.

(PTI)

Both the companies had contravened the 'prior permission' stipulated under the the Emblems and Names (Prevention of Improper Use) Act, 1950

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 contravening the 'prior permission' stipulated under the Act, he said. Based on the department's request, the Information and Broadcasting Ministry has issued an advisory to print medium to check-up the permission from competent authority before issuing any advertisement wherein the emblem and names specified under the Act are mentioned, he added. Responding to a query whether there is any mechanism to approve use of Prime Minister's photo by private firms or if the government plans to introduce one, the minister said a committee is in place to examine such proposals. The Section 3 of the Act provides that no person shall use or continue to use any name or emblem for the purpose of any trade, business, calling or profession without the previous permission of the central government. The law provides that "any person who contravenes the provisions of Section 3 shall be punishable with fine, which may exceed to Rs 500". In September last year, Reliance Jio, through its advertisements, had dedicated the Reliance Jio 4G service to the Modi government's flagship Digital India project. Full-page "Reliance Jio: Digital Life" advertisements were published with a photograph of the Prime Minister, dressed in a blue jacket, triggering a political controversy. After the government announced the demonetisation decision on 8 November, Paytm issued an advertisement welcoming the move as it boosted use of e-wallets. (PTI)

Reliance Jio, Paytm apologise for using PM Narendra Modi's photo in ads

Paytm E-commerce has announced the launch of its new Paytm Mall app on Android. As described by the company, Paytm Mall will offer a unique combination of the mall and bazaar concepts to Indian consumers.

Only trusted sellers passing strict quality guidelines and qualification criteria will be allowed on the Mall. All products listed on the Mall will also go through Paytm certified warehouse and shipping channels ensuring guaranteed consumer trust.

&quot;Consumers will be able to shop from 1.4 lakh sellers for millions of products across categories like fashion, electronics, consumer durables and home furnishings among others at their convenience,&quot; says Paytm in a press note.

The Bazaar, the hugely popular unstructured shopping channel on Paytm, will also be featured on the new app. It will aim at providing consumers the widest domestic and international assortment.&nbsp;

With over 17 fulfillment&nbsp;centres across India, Paytm Mall is geared towards offering consumers the most trusted and efficient online shopping experience. The platform would also offer sellers the widest reach through its vast network of over 40 courier partners. The Paytm Mall will also launch an ungraded version of the Paytm Seller app.

The Paytm Mall is currently available on Android and Web. It lists over 68 million products sold by 1.4 lakh sellers spread over 1000 cities and towns across the country. The iOS app is expected soon.

(WION)

Paytm Mall will offer a unique combination of the mall and bazaar concepts to Indian consumers

Paytm E-commerce has announced the launch of its new Paytm Mall app on Android. As described by the company, Paytm Mall will offer a unique combination of the mall and bazaar concepts to Indian consumers. Only trusted sellers passing strict quality guidelines and qualification criteria will be allowed on the Mall. All products listed on the Mall will also go through Paytm certified warehouse and shipping channels ensuring guaranteed consumer trust. "Consumers will be able to shop from 1.4 lakh sellers for millions of products across categories like fashion, electronics, consumer durables and home furnishings among others at their convenience," says Paytm in a press note. The Bazaar, the hugely popular unstructured shopping channel on Paytm, will also be featured on the new app. It will aim at providing consumers the widest domestic and international assortment. With over 17 fulfillment centres across India, Paytm Mall is geared towards offering consumers the most trusted and efficient online shopping experience. The platform would also offer sellers the widest reach through its vast network of over 40 courier partners. The Paytm Mall will also launch an ungraded version of the Paytm Seller app. The Paytm Mall is currently available on Android and Web. It lists over 68 million products sold by 1.4 lakh sellers spread over 1000 cities and towns across the country. The iOS app is expected soon. (WION)

Paytm launches new marketplace for online shoppers

Based on allegations of digital wallet company Paytm, CBI has registered a fresh case against seven purported customers of the company alleging that they had cheated it to the tune of Rs 3.21 lakh ($4,728) through 37 orders spread over last two years.

CBI has filed FIR against seven customers listed by the company in its new complaint and unknown officials of Paytm.

The company, which has named seven customers in its complaint, has not identified any of its officials despite mentioning that its employees facilitating refunds have been assigned specific login id and passwords, making it easier to identify those who processed which refunds.

&quot;During routine reconciliation of accounts, the complainant company found that in 37 cases where refunds were made in the wallet or bank account of customers, delivery of orders were successfully made to the same customers,&quot; the complaint from M Sivakumar, Manager Legal of the company, said.

CBI has registered case under provisions of criminal conspiracy, cheating and forgery besides invoking provisions of Information Technology Act.&nbsp;

The customers who allegedly cheated Paytm were based in Lodhi Colony here besides Mathura and Bhilwara.

Surprisingly, customers&#39; having names like &quot;Hotty Killer&quot; and &quot;Brother&quot; did not ring any alarm bells in the systems of the $500 billion company as the refunds were facilitated despite successful delivery.

&quot;As a matter of facts, in cases, where delivery of orders were successful and satisfactory to customers, refund should not have happened. However, in all these 37 cases, refund of orders&#39; amount happened to the respective customers to the tune of Rs 3.21 lakh,&quot; the complaint alleged.

The details given by the company shows that Mathura-based &quot;Hotty Killer&quot; had made six purchases&nbsp;within seven days&nbsp;between March 31 and April 6, 2016 including an Apple iphone 6S worth Rs 45,688 and a Samsung Galaxy J2 worth Rs 8,705 and in all these cases refunds were processed by an employee having an id sunil.Bisht@paytm.Com.

The employee had also processed seven more orders of a customer identified as Pankaj Chaudhary, also resident of same address as &quot;Hotty Killer&quot;, between February 19 and April 3, 2016, annexures in the complaint show.

But despite having ids of its executive, the company did not name him in the complaint and subsequently FIR is also against unknown employees.

&quot;The fraudulent refunds as brought out under this complaint happened through the use/illegal use of user Ids and password of employees of complainant company entrusted for this task.

&quot;Hence, either the employees themselves or some persons associated with them or some unknown people have fraudulently refunded the order amount with common intentions to wrongfully gain along with such involved customers,&quot; the complaint, which is now part of the CBI FIR, alleged.

CBI had recently registered a separate FIR based on similar allegations of the company.&nbsp;

(PTI)

The digital wallet company says it has been duped to the tune of Rs 3.21 lakh ($4,728)

Based on allegations of digital wallet company Paytm, CBI has registered a fresh case against seven purported customers of the company alleging that they had cheated it to the tune of Rs 3.21 lakh ($4,728) through 37 orders spread over last two years. CBI has filed FIR against seven customers listed by the company in its new complaint and unknown officials of Paytm. The company, which has named seven customers in its complaint, has not identified any of its officials despite mentioning that its employees facilitating refunds have been assigned specific login id and passwords, making it easier to identify those who processed which refunds. "During routine reconciliation of accounts, the complainant company found that in 37 cases where refunds were made in the wallet or bank account of customers, delivery of orders were successfully made to the same customers," the complaint from M Sivakumar, Manager Legal of the company, said. CBI has registered case under provisions of criminal conspiracy, cheating and forgery besides invoking provisions of Information Technology Act. The customers who allegedly cheated Paytm were based in Lodhi Colony here besides Mathura and Bhilwara. Surprisingly, customers' having names like "Hotty Killer" and "Brother" did not ring any alarm bells in the systems of the $500 billion company as the refunds were facilitated despite successful delivery. "As a matter of facts, in cases, where delivery of orders were successful and satisfactory to customers, refund should not have happened. However, in all these 37 cases, refund of orders' amount happened to the respective customers to the tune of Rs 3.21 lakh," the complaint alleged. The details given by the company shows that Mathura-based "Hotty Killer" had made six purchases within seven days between March 31 and April 6, 2016 including an Apple iphone 6S worth Rs 45,688 and a Samsung Galaxy J2 worth Rs 8,705 and in all these cases refunds were processed by an employee having an id sunil.Bisht@paytm.Com. The employee had also processed seven more orders of a customer identified as Pankaj Chaudhary, also resident of same address as "Hotty Killer", between February 19 and April 3, 2016, annexures in the complaint show. But despite having ids of its executive, the company did not name him in the complaint and subsequently FIR is also against unknown employees. "The fraudulent refunds as brought out under this complaint happened through the use/illegal use of user Ids and password of employees of complainant company entrusted for this task. "Hence, either the employees themselves or some persons associated with them or some unknown people have fraudulently refunded the order amount with common intentions to wrongfully gain along with such involved customers," the complaint, which is now part of the CBI FIR, alleged. CBI had recently registered a separate FIR based on similar allegations of the company. (PTI)

Paytm accuses 7 more customers of cheating; CBI registers fresh FIR

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