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News on Medial
Paytm crisis brings 30% market share cap plan back in focus
Economic Times
·
1y ago
Medial
The recent action taken by the banking regulator against Paytm Payments Bank has brought the proposal for a market share cap for UPI apps back into focus. Currently, PhonePe and Google Pay dominate the UPI market, but the troubles faced by Paytm could benefit these two players even more. The National Payments Corporation of India (NPCI) is expected to seek RBI's approval before allowing any migration of merchants or banking partners from Paytm to other UPI apps. This situation may further consolidate the market share of the top two players.
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Paytm’s UPI Transactions Drop Further In March; PhonePe, GPay Log Gains
Inc42
·
1y ago
Medial
Paytm, one of India's leading digital payment companies, experienced a marginal decline in its UPI transactions in March, processing around 1.2 billion transactions. Meanwhile, competitors PhonePe and Google Pay saw an increase in transaction volume. PhonePe recorded 6.5 billion transactions, while Google Pay processed 5 billion transactions. Cred, ranking as the fourth largest UPI app, reported 132 million transactions in March. Paytm has been losing market share in UPI and recently transferred its UPI payments to several major banks. NPCI is monitoring market share dynamics and plans to implement a cap on single payment app market share at 30% by year-end.
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NPCI to delay payments market cap, helping Walmart-backed PhonePe, Google Pay
Economic Times
·
1y ago
Medial
India will extend the deadline for implementing caps on market share for digital payments services like Google Pay and PhonePe, according to sources. The National Payments Corporation of India (NPCI) will give an additional two-year extension to the year-end deadline to cap the market share at 30%. PhonePe's market share has increased to 48.3%, while Google Pay's has declined to 37.4%. The two platforms processed a combined 11.5 billion transactions in April. NPCI had originally announced the 30% cap in 2020 but later extended it to the end of 2024.
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PhonePe posts 74% jump in FY24 revenue to Rs 5,064 crore
Economic Times
·
11m ago
Medial
PhonePe, a leading digital payments company, has reported a revenue of Rs 5,064 crore for the fiscal year ending in March 2024, marking a 74% increase from the previous year. The company also achieved profitability, excluding employee stock ownership plan costs, with an adjusted net profit of Rs 197 crore. PhonePe processed 24 billion transactions in the June quarter, with a total transaction value of Rs 31.8 lakh crore. The company holds around 48% market share in terms of transaction volume and is exploring expansion into new geographies. The proposed 30% market share cap in the UPI segment is unlikely to be enforced.
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ET World Leaders Forum | UPI market share cap not a problem, there is scope for everyone: Google Pay VP
Economic Times
·
11m ago
Medial
Ambarish Kenghe, VP of Google Pay, believes that the UPI market has room for multiple players and does not see a challenge with the proposed market share cap. The central government and NPCI had suggested a 30% market share cap to prevent dominance, but enforcing it seems unlikely. PhonePe is currently the largest UPI payment app with 48% market share, followed by Google Pay with 37%. Kenghe also mentioned that Google Pay utilized AI to detect and prevent financial fraud, saving around Rs 12,000 crore last year.
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30% UPI Cap Unlikely To Be Implemented Soon: Report
Inc42
·
11m ago
Medial
The proposed 30% market share cap on UPI apps is unlikely to be implemented by the December 2022 deadline, as the government has not yet officially communicated its decision to the National Payments Corporation of India (NPCI). The NPCI had initially suggested this cap in November 2020 but later extended the deadline to December 2024.
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I've personal ambition to make a $100-bn Indian company: Paytm CEO
Money Control
·
1y ago
Medial
Paytm CEO Vijay Shekhar Sharma said he has a personal ambition to make a $100-billion Indian company. Acknowledging the recent crisis faced by Paytm, Sharma said, "We should've understood better and fulfilled our responsibilities more effectively. We are now far better prepared to navigate challenges." He further said that going public is like a marriage as it brings greater responsibility.
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Mutual fund stress tests show delays in exiting small caps
VCCircle
·
1y ago
Medial
Indian asset managers are facing delays of up to 30 days to exit a quarter of their small-cap stock portfolios, as revealed by stress tests conducted by these funds. The tests were carried out ahead of a deadline set by the market regulator, amid concerns of a bubble forming in the small- and mid-cap segments of the market. The delays in exiting holdings could have an impact on the return of funds to investors, who typically expect their money back within two to three days.
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Paytm on track to become profitable next quarter: Vijay Shekhar Sharma
Economic Times
·
5m ago
Medial
Paytm, operated by One 97 Communications, aims to achieve profitability in the next quarter, focusing on payments, credit, and wealth management while cutting non-core businesses, said CEO Vijay Shekhar Sharma. The company learned from regulatory challenges and is now emphasizing compliance and quality customers over market share. Recent business divestments and strategic focus on foundational services are part of their profitability and sustainability plan, aligning with their vision to serve millions efficiently.
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Paytm UPI payments drop further in March; PhonePe, Google Pay show gains
Economic Times
·
1y ago
Medial
Paytm, a leading digital payments company, experienced a slight decline in Unified Payments Interface (UPI) transactions in March. While Paytm processed around 1.2 billion UPI transactions, down from 1.3 billion in February and 1.4 billion in January, its competitors PhonePe and Google Pay saw an increase in transaction volumes. Google Pay processed 5 billion transactions in March, while PhonePe processed 6.5 billion transactions. Paytm has been steadily losing market share on UPI and has shifted its UPI payments to four large banks. Overall, UPI payments rose to 13.4 billion in March. NPCI is closely monitoring the market share dynamics as there is a regulatory mandate to restrict any single payment application from exceeding 30% market share on UPI.
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Ant Financial to net nearly 6X return on investment from Zomato parent stake sale - The Economic Times
Economic Times
·
2d ago
Medial
Ant Financial, an Alibaba affiliate, is set to sell its remaining 1.9% stake in Eternal, the parent of Zomato and Blinkit, through block deals, generating Rs 5,370 crore. This brings its total proceeds from stake sales to over Rs 18,000 crore, nearly six times its initial investment. The move follows its complete exit from Paytm. Eternal's market cap is around $33 billion, and despite recent profit drops, analysts have a positive outlook.
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