🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Paytm focusing on consumer payments business: CEO

Economic TimesEconomic Times · 9m ago
Paytm focusing on consumer payments business: CEO
Medial

- Paytm's immediate priority is to invest in its consumer payments business to recover its lost user base due to regulatory actions by the RBI. - The RBI had restricted Paytm Payments Bank from accepting deposits or facilitating credit transactions, which affected its user base. - Paytm sold its ticketing business to Zomato to focus on core operations like payments and financial services distribution. - The company aims to reinvest in the consumer payments business area and regain its lost consumer base. - Paytm has seen a decline in monthly transactional users but has experienced incremental growth on the merchant side. - Paytm is adopting the Third-Party Application Provider (TPAP) business model to offer digital payments services through various platforms or applications.

RBI allows Paytm to migrate UPI payment business to other banks

Economic TimesEconomic Times · 1y ago
RBI allows Paytm to migrate UPI payment business to other banks
Medial

The Reserve Bank of India (RBI) has approved the transfer of Paytm's UPI-based payments business from Paytm Payments Bank to four to five other banks. Paytm has been asked to stop onboarding new users until the migration is complete. The RBI has also asked Paytm to create settlement accounts with one or two banks to ensure merchant payments continue uninterrupted. Paytm is in the process of migrating accounts to Axis Bank. The National Payments Corporation of India (NPCI) has been asked to consider Paytm's request to become a Third-Party Application Provider (TPAP) for UPI operations. Several major banks, including HDFC Bank, Axis Bank, Yes Bank, and ICICI Bank, are expected to become payment service provider banks for Paytm. The clarification from the RBI will allow banks to enter the Paytm business. Additionally, banks may require fresh Know Your Customer (KYC) details from merchants to prevent fraudulent activities. The RBI directive puts Paytm on the same footing as competitors such as Google Pay, Amazon Pay, and PhonePe, who offer UPI-based payment services.

Paytm Touches Upper Circuit In Fourth Straight Session; Shares Near INR 400 Mark

Inc42Inc42 · 1y ago
Paytm Touches Upper Circuit In Fourth Straight Session; Shares Near INR 400 Mark
Medial

Paytm shares have seen a positive turnaround after a sharp decline due to the Reserve Bank of India's (RBI) crackdown on Paytm Payments Bank. RBI extended the deadline on the bank's business restrictions, and Paytm announced shifting its nodal account to Axis Bank, providing some optimism. Paytm shares gained 21.5% since Friday, and several brokerages view the regulatory actions as restricted to the Paytm Payments Bank entity, expecting limited long-term impact on the overall business. However, there are concerns regarding potential declines in payment GMV and the impact on payment processing margin. The Enforcement Directorate's investigation into possible foreign exchange violations has not found any breaches so far.

Groww maintains lead over Zerodha and Angel One amid user base decline in June

EntrackrEntrackr · 1h ago
Groww maintains lead over Zerodha and Angel One amid user base decline in June
Medial

Groww maintains lead over Zerodha and Angel One amid user base decline in June The Indian stock market’s active user base has declined from a peak of 49.67 million in January to 47.89 million in June. However, it grew 2% month-on-month in the previous month, from 46.93 million in May. Groww maintained its leading position in overall active users with a 26.27% market share, despite a 1.67% drop in its user base, which declined to 12.58 million in June from 12.79 million in May, according to NSE data. Meanwhile, rival Zerodha retained its second spot with a 15.58% market share and 7.58 million users. However, it saw a 2.23% month-on-month decline from 7.75 million users in the previous month. Angel One holds the third spot with a 15.28% market share and 7.32 million users, narrowing the gap with Zerodha. Other major brokers, Upstox and ICICIdirect, held on to the fourth and fifth positions, respectively. Ratan Tata-backed Upstox (5.37% market share) saw a 3.36% decline in its user base to 2.57 million, while ICICIdirect (4.07% market share) maintained a steady user base of 1.95 million. Among traditional brokers, HDFC Securities (1.58 million users) and SBI Securities (1.01 million) recorded month-on-month growth of 1.32% and 1.65%, respectively. In contrast, Kotak and Motilal Oswal saw declines of 0.86% and 1.07%, respectively. Emerging broker Dhan retained its 10th position with 1 million users and a market share of 2.08%. Paytm Money’s user base grew by 2.74% to 7.24 lakh, while Sharekhan’s client base declined by 2.46% to 6.25 lakh. Both remained among the top 20 stock brokers. On the other hand, PhonePe’s Share.Market appears to be losing ground, with its user base declining by 3.52% in June to 3.47 lakh users.

Download the medial app to read full posts, comements and news.