PAYTM UPI
Amazon tops up India payments business with Rs 600 crore
Amazon Pay India intensified competition with Paytm, PhonePe, and Google Pay, receiving a capital infusion of Rs 600 crore. The company invested Rs 950 crore in the platform and Amazon Seller Services, facing challenges due to RBI actions. With tie-ups for various services, Amazon Pay India reported significant operational revenue and narrowed net losses.
Ecommerce firm Pop raises $2.4 million funding from India Quotient, others
Ecommerce firm POP closed a $2.4 million seed funding round led by India Quotient. They received approval as a Third-Party Application Provider from NPCI for UPI payments via the POPclub app. The funding will expedite initiatives including the POP UPI service for earning POPcoins. Bhargav Errangi aims to make POP the go-to platform for payments and shopping for young Indians.
Credit on UPI: How to make payments using credit on UPI, how to enable on your UPI ID, who can use
With the help of credit on UPI, people and companies can obtain bank credit lines that have already been approved. Now customers can scan to use their credit on UPI with ICICI Bank mobile app’s PayLater option.
Fino Payments Bank eyes tripling digital banking revenue share by FY25
Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank's exit. To capitalise on this, they're ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year. Since December, Fino has deployed around 14,000 QR codes which reported 300,000 transactions valued at Rs 33 crore.
Paytm reports almost flat growth in UPI payments in May
After RBI restricted Paytm Payments Bank, the UPI transactions on the Paytm app fell. This is the first month the fall has been arrested since February. In terms of the share of UPI payments by volume, Paytm stood at around 8.1% in May — almost at the same level as the previous month.
UPI transactions set new record, scale 14 billion peak in May
The Unified Payments Interface (UPI) network, operated by the National Payments Corporation of India (NPCI), has achieved a significant milestone by processing a record 14.04 billion transactions in May, surpassing the 13.3 billion transactions recorded in April. In terms of value, UPI facilitated transactions amounting to ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in April, as per the data released by NPCI on Saturday.
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UPI transactions scale 14 billion peak in May
The record high transactions come after a month-on-month dip in volumes in April to 13.3 billion, with the network dropping 1% from 13.44 billion in March. In May, the average daily transaction value was Rs 65,966 crore with average daily volumes at 453 million. UPI is the fastest growing digital payments channel in the country.
Adani One superapp clocked gross sales of Rs 750 crore in FY24
According to the 2023-24 annual report of the Ahmedabad-based conglomerate's flagship company Adani Enterprises, the user base of the superapp grew to 30 million at the end of the financial year. The company aims to expand the superapp's customer base to 400 million by 2030. Adani group is also in discussions with Paytm for potentially acquiring a stake in the fintech firm.
Jio Financial Services launches app to take on its fintech rivals
Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app.
Paytm shares rally 5% despite widening net loss in Q4
Despite widened net loss and a revenue drop in Q4, Paytm's shares closed near a 5% upper circuit. Impact of disruptions from UPI transition and Paytm Payments Bank embargo cited. Impairment provision of Rs 227 crore for investment in PPBL recorded.
Paytm Q4 Results: Loss widens to Rs 550 crore; revenue drops 3% YoY
Paytm Q4 Results: The fintech major's March quarter results were impacted by temporary disruptions on account of the UPI transition and permanent disruption because of the payments bank embargo. The company said Payment Bank's products like Paytm wallet and FASTag were distributed but due to the current embargo, it anticipates a steady state of an annualised direct impact on EBITDA to be around Rs 500 crore.
New PoS deployment grows at slowest pace since demonetisation: RBI data
Industry insiders told us that while new PoS terminals are still being deployed, it’s mostly in organised and large format retail, which offer all payment forms. However, grocery shops, smaller stores and eateries are tilting towards QR code-based UPI transactions.
How to enable UPI Lite payments on Paytm app for small transactions
Paytm UPI Lite offers a straightforward and easy-to-use method for completing transactions without the need for a PIN, allowing you to complete transactions quickly and easily. According to the Paytm press release issued on May 13, 2024, "One97 Communications, that owns the brand Paytm, is now focusing on UPI Lite wallet to move the users who prefer wallet for low-value everyday payments. Paytm UPI Lite acts as an on-device wallet, allowing users to store funds and make payments on the go. It offers lightning-fast payments that never fail with no pin requirement."
Paytm focuses on UPI Lite wallet for low-value transactions
Paytm promotes UPI Lite for small transactions, collaborating with top banks. The on-device wallet allows quick, PIN-free payments up to Rs 500, enhancing the user experience for everyday purchases.
Paytm UPI Lite Wallet: No PIN required, add up to Rs 4,000 daily in wallet, per transaction limit, how to use
Paytm UPI Lite Wallet approach helps users manage their small daily expenses efficiently, without the hassle of multiple entries in their bank passbooks, with no PIN requirement, ensuring an organized and simplified financial tracking.
NPCI to delay payments market cap, helping Walmart-backed PhonePe, Google Pay
India delays market share caps for digital payments, benefiting PhonePe and Google Pay. NPCI extends UPI market share cap deadline. PhonePe's UPI share increases to 48.3%, while Google Pay's decreases. Total transactions volume reaches 11.5 billion.
You will have to change your @Paytm UPI handle; here's how to activate new UPI ID on Paytm app
How to activate new UPI ID on Paytm app: Paytm can now provide UPI services through partner banks. After the approval, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India and YES Bank.
Paytm unveils Made-in-India soundboxes for UPI and credit card on UPI payments
The need for these hybrid soundboxes was felt in the backdrop of a high-noise environment in India, Sharma said describing the evolution of the company's soundbox offerings as 'legitimate India innovations'.
Paytm secures NPCI nod for migrating its users to other banks
The four banks which will be working with Paytm for UPI payments are State Bank of India, Yes Bank, HDFC Bank and Axis Bank.
Paytm is changing your UPI ID. Here's all you need to know
NPCI approves Paytm's OCL to migrate users to major banks for UPI. PPBL issues force transition. New UPI IDs introduced. Merchants impacted by changes.
NPCI pushing new UPI players to offer incentives to expand market share
NPCI encourages new UPI apps to invest for user growth. Uncertainty looms over market share deadline extensions, hindering significant capital investment by smaller players like Cred amid concerns about reducing market leaders' share.
Paytm UPI payments drop further in March; PhonePe, Google Pay show gains
Paytm processed around 1.2 billion UPI transactions in March. This is below 1.3 billion transactions in February and 1.4 billion in January. Overall, UPI payments rose to 13.4 billion in March compared to 12 billion in February, per NPCI data.
Ecommerce firm POP to launch marketplace for D2C brands with its own UPI
The company said it aims to build this D2C marketplace via a no-frills approach, enabling brands to benefit from deeper data and insights as well as POPcoins.
NPCI allows Paytm to become third-party application on UPI with four banks
The permission will allow Paytm to offer UPI payment services through a multi-bank model, like rivals PhonePe and Google Pay, moving away from its exclusive partnership with associate entity Paytm Payments Bank Ltd.
Paytm looking to migrate UPI payments to four banks, eyes TPAP status before March 15
While Yes, Axis and HDFC Bank were in contention from the start, SBI is the fourth bank to get a share of Paytm’s UPI payment volume.
NPCI, startups brainstorm on ways to mitigate concentration risk on UPI
To break the duopoly of American payment majors Mastercard and Visa, the government has incentivised the use of NPCI-backed RuPay debit cards. One suggestion was to imagine a similar supporting scheme on UPI, too.
Paytm UPI payments drop in February following RBI action
According to data shared by National Payments Corporation of India, One 97 Communication-run Paytm reported 1.3 billion transactions on UPI, a 7.6% drop from 1.4 billion in January.
NPCI eyes a more evenly sliced UPI pie
As of now, Walmart-backed PhonePe and Google Pay already control more than 80% of the UPI market between them, while Paytm has under 12%. However, last month’s regulatory crackdown on Paytm Payments Bank could see the number three player ceding user volume to the frontrunners.
RBI allows Paytm’s UPI payment business to be migrated to other banks
The Reserve Bank of India has approved the migration of Paytm's UPI-based payments business from Paytm Payments Bank to other banks, including Axis Bank, to ensure compliance and business continuity. The move brings Paytm on par with other fintechs offering payment services through UPI.
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