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Paytm AGM: One97 Communications share price in green as CEO confirms plans to reapply for payment aggregator license | Mint

Livemint

Livemint · 11m ago

Paytm AGM: One97 Communications share price in green as CEO confirms plans to reapply for payment aggregator license | Mint

Shares of Paytm's parent company, One97 Communications, rose by 2% as CEO Vijay Shekhar Sharma announced their intention to reapply for a payment aggregator license with the Reserve Bank of India (RBI). Paytm recently obtained approval from the Ministry of Finance to invest in its payment services business, allowing its subsidiary Paytm Payments Services Limited (PPSL) to resubmit their application. Sharma also emphasized Paytm's commitment to achieving profitability, focusing on core businesses and incorporating AI technology. Despite these efforts, the company reported a wider consolidated net loss in the first quarter of FY25.

Related News

Paytm Shares Jump 5% On Zomato Deal, FDI Nod For Investment In Paytm Payments Services

Inc42 · 11m ago

Paytm Shares Jump 5% On Zomato Deal, FDI Nod For Investment In Paytm Payments Services

Paytm's shares rose over 5% after selling its ticketing business to Zomato and receiving approval to invest in Paytm Payment Services. The company will now reapply for a payment aggregator license from the RBI.

Paytm Payments gets RBI nod to operate as online payment aggregator - The Economic Times

Economic Times

Economic Times · 3d ago

Paytm Payments gets RBI nod to operate as online payment aggregator - The Economic Times

The Reserve Bank of India has authorized Paytm Payments Services to operate as an online payment aggregator, as announced by its parent, One97 Communications. This removes previous restrictions on merchant onboarding for Paytm. However, the authorization only pertains to payment aggregator operations, and transactions outside this scope, such as merchant pay-outs, cannot be processed through the designated escrow accounts. This decision facilitates digital payments but mandates compliance with specific guidelines.

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

Inc42 · 1y ago

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

One97 Communications, the parent company of Paytm, has obtained a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI). This comes just before the deadline for Reserve Bank of India's (RBI) curbs on Paytm Payments Bank. With the license, Paytm can now operate UPI services under a multi-bank model, with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank acting as payment system provider banks. The NPCI has advised Paytm to migrate existing handles and mandates to the new PSP banks at the earliest.

Instamojo pulls the plug on payment biz

Entrackr

Entrackr · 1y ago

Instamojo pulls the plug on payment biz

Instamojo, an Indian payment aggregator, has discontinued its payments business after its license application was rejected by the Reserve Bank of India (RBI). The RBI cited Instamojo's failure to meet eligibility criteria for the rejection. The company has now partnered with licensed payment aggregators for its aggregator and payouts function. It plans to reapply for the license in the next financial year. Despite the shutdown of its payments business, Instamojo aims to remain profitable in FY24 through its transition to a full-stack commerce enabling platform for D2C businesses.

Paytm NPCI Licence: Paytm gets third-party licence before March 15 deadline

Livemint

Livemint · 1y ago

Paytm NPCI Licence: Paytm gets third-party licence before March 15 deadline

Paytm has received a third-party application provider license from the National Payments Corporation of India (NPCI), allowing its customers another option to use the app for payments after its banking arm Paytm Payments Bank shuts down by March 15. The license will enable four banks (Axis Bank, HDFC Bank, State Bank of India, and YES Bank) to act as Payment System Provider banks for One97 Communications. In February, the RBI asked the NPCI to consider Paytm's request for becoming a third-party application provider.

Paytm Shares Jump 10% Intraday On Heavy Trading Volumes

Inc42 · 11m ago

Paytm Shares Jump 10% Intraday On Heavy Trading Volumes

Shares of Paytm surged nearly 10% to INR 687.3 on the BSE following the GST Council's failure to decide on implementing an 18% GST on payment aggregators for UPI transactions under INR 2,000. Paytm is planning to reapply for a PA license after receiving approval to invest INR 50 crore in its payments unit.

Paytm Signs Deal To Move Merchant Accounts To Yes Bank, NPCI Nod For TPAP Licence On The Anvil

Inc42 · 1y ago

Paytm Signs Deal To Move Merchant Accounts To Yes Bank, NPCI Nod For TPAP Licence On The Anvil

Fintech major Paytm's parent company, One97 Communications, has reportedly signed a deal to transfer its merchant accounts to Yes Bank following the Reserve Bank of India's crackdown on Paytm Payments Bank. Paytm has also likely applied for a third-party application provider (TPAP) license in partnership with Yes Bank and Axis Bank. The move will allow Yes Bank and Axis Bank to become payment service providers for Paytm's UPI channel. This comes after Yes Bank's CEO expressed interest in acquiring Paytm Payments Bank's merchants. Paytm's shares have been negatively affected by the RBI's restrictions.

Instamojo May Pull Out Of Payment Gateway Bid

Inc42 · 1y ago

Instamojo May Pull Out Of Payment Gateway Bid

Fintech startup Instamojo, backed by investors like Mastercard and Kalaari Capital, may not reapply for a payment aggregator license after the Reserve Bank of India rejected its application. Instead, the company is focusing on upgrading its back-end infrastructure to assist clients and has partnered with licensed payment aggregators and banks to facilitate merchant transactions. Instamojo plans to settle merchants' funds directly into their nodal accounts, bypassing the need for its own nodal account. The decision to halt its payment aggregator operations had previously led to panic among merchants and a decline in profits for Instamojo.

Paytm Founder Sharma Acknowledges Crucial Role Of Regulatory Engagement

OutlookIndia

OutlookIndia · 1y ago

Paytm Founder Sharma Acknowledges Crucial Role Of Regulatory Engagement

Fintech company One97 Communications founder and CEO, Vijay Shekhar Sharma, spoke about the importance of regulatory engagement and his vision to establish the company as a leader in Asia. Sharma emphasized the need for clarity and perseverance amidst ambiguity, and expressed his commitment to maintaining a significant role in the digital payment ecosystem. One97 Communications, which owns the Paytm brand, recently announced a strategic collaboration with Axis Bank to facilitate seamless merchant settlements. Sharma aims to make Paytm a leader in Asia's financial landscape. The company is actively engaging with banks to enhance customer experiences and expand its payment solutions.

SBI partners with Sharma's Paytm for its UPI business: Report

IndianStartupNews

IndianStartupNews · 1y ago

SBI partners with Sharma's Paytm for its UPI business: Report

Paytm Payments Bank Limited (PPBL) has been given a March 15 deadline by the Reserve Bank of India (RBI) to cease operations. In response, Paytm's parent company, One97 Communications, is seeking partnerships with major banks, including State Bank of India (SBI), to continue its Unified Payments Interface (UPI) business. Paytm has shifted its nodal accounts to Axis Bank to settle UPI payments and is awaiting a third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) to continue offering UPI services. Despite the challenges, Paytm remains a key player in India's digital payment landscape.

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