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Paytm Shares Hit 5% Upper Circuit After NPCI Nod For TPAP Licence

Inc42 · 1y ago

Paytm Shares Hit 5% Upper Circuit After NPCI Nod For TPAP Licence

Paytm's parent company, One97 Communications Ltd, has been granted approval by the National Payments Corporation of India (NPCI) to participate in UPI services as a Third-Party Application Provider. This allows Paytm to 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 approval comes as a relief for Paytm, as the company has seen a significant drop in shares and investments following regulatory actions on Paytm Payments Bank Ltd.

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Why did Paytm shares hit 5% upper circuit today?

Inshorts · 1y ago

Why did Paytm shares hit 5% upper circuit today?

The shares of One97 Communications, the parent company of Paytm, hit 5% upper circuit on NSE on Monday. This comes after the fintech firm said that it has intensified its focus on insurance distribution to Paytm consumers and small merchants and SMEs. Paytm shares closed at ₹357.95 today against the previous close of ₹340.90 on the NSE.

Paytm Likely To Get Third-Part App Provider Licence From NPCI By March 15

Inc42 · 1y ago

Paytm Likely To Get Third-Part App Provider Licence From NPCI By March 15

Paytm is expected to receive the third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) by March 15. The TPAP license would allow Paytm to continue offering Unified Payments Interface (UPI) services to its app users. The approval is expected before the Reserve Bank of India's restrictions on Paytm Payments Bank take effect on the same date. Paytm applied for the TPAP license in partnership with Axis Bank and Yes Bank. Shares of Paytm have dropped over 50% following the RBI's action on Paytm Payments Bank.

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.

Paytm price band revised to 10% after investors lose ₹15,000 crore in 2 days

Money Control

Money Control · 1y ago

Paytm price band revised to 10% after investors lose ₹15,000 crore in 2 days

The daily limit on shares of Paytm operator One97 Communications has been revised to 10% from 20% on NSE and BSE. The change comes after the stock hit 20% lower circuit for the second consecutive day on Friday, wiping out ₹15,016 crore from investors' wealth in two days. Paytm stock was hit after RBI put curbs on Paytm Payments Bank.

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.

HDFC, Yes Bank submit application for Paytm UPI business: Report

Inshorts · 1y ago

HDFC, Yes Bank submit application for Paytm UPI business: Report

Paytm-parent One97 Communications, HDFC Bank and Yes Bank have jointly applied to be a third-party application provider (TPAP) with NPCI for UPI transactions, Moneycontrol reported. Paytm has reportedly already submitted a similar application with Axis Bank and is in talks with Canara Bank and ICICI Bank for a TPAP partnership. This comes after RBI's curbs on Paytm Payments Bank.

Paytm shares jump 5%. How good is the TPAP news for shareholders?

Economic Times

Economic Times · 1y ago

Paytm shares jump 5%. How good is the TPAP news for shareholders?

Shares of One97 Communications, the parent company of Paytm, rose by 5% after receiving approval from the National Payments Corporation of India (NPCI) to participate in the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP). Axis, HDFC, SBI, and YES Bank will be the payment service provider banks, with YES Bank also acting as the merchant acquiring bank. This approval paves the way for Paytm to operate as a payment service provider and deepen its engagement with banks. The approval also removes regulatory challenges and allows for a smooth transition of customers and merchants.

Ola Electric Teases Launch Of Electric Bike On August 15

Inc42 · 12m ago

Ola Electric Teases Launch Of Electric Bike On August 15

EV startup, Ola Electric, hinted at the launch of an electric bike during its annual event on August 15. In a video shared on social media, the company teased the rough sketch and silhouette of the upcoming ebike model. Recently, shares of Ola Electric listed on exchanges, and after a lukewarm start, jumped 20% to hit the upper circuit.

How did Paytm, Zomato & other startup stocks react amid market crash?

Inshorts · 1y ago

How did Paytm, Zomato & other startup stocks react amid market crash?

Shares of listed new-age tech companies declined up to 17% as stock market crashed amid counting of votes on Tuesday. Paytm hit a lower circuit of 5%, while Zomato and Mamaearth parent Honasa Consumer fell 16% and 17%, respectively. Shares of Delhivery and Nykaa fell by over 8% each and PB Fintech fell by 6%.

Paytm gets NPCI nod to become third-party app provider for UPI

Entrackr

Entrackr · 1y ago

Paytm gets NPCI nod to become third-party app provider for UPI

Paytm has received permission from the National Payments Corporation of India (NPCI) to participate in UPI through the Third-Party Application Provider (TPAP) under the multibank model, as per the fintech company’s filings on the exchange. In a separate release, NPCI stated that four banks – Axis Bank, HDFC Bank, State Bank of India, and Yes Bank – will act as Payment System Providers (PSP). “Yes Bank will also serve as the merchant acquiring bank for existing and new UPI merchants for OCL. The “@Paytm” handle shall be redirected to Yes Bank,” the agency said. This move will enable Paytm users and merchants to continue using UPI services, including autopay mandates, without interruption. OCL (Paytm-parent One 97 Communications) has been advised to complete migration for all existing handles and mandates, wherever required, to new PSP banks as soon as possible. The announcement comes weeks after the central bank announced a set of additional steps as a follow-up to its actions against Paytm Payments Bank. The steps also included an advisory to NPCI to consider OCL’s request to become a TPAP for the UPI channel. Recently, Paytm discontinued inter-company agreements between the company and Paytm Payments Bank Limited (PPBL). The new move aimed to ensure the independent operations of PPBL, the company added. Earlier, Vijay Shekhar Sharma stepped down from his position as part-time non-executive chairman and board member of PPBL. The company also announced the reconstitution of its board of directors and plans to soon appoint a new chairman. The developments came in the wake of the Reserve Bank of India (RBI) imposing a set of business restrictions on Paytm Payments Bank over non-compliance and regulatory concerns.

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