Paytm, is restructuring its business ahead of launch of its Payments Bank, merging wallet business with payments bank operation.
Founder Vijay Shekhar Sharma said Paytm goes out into the world as an Indian company that is of “pride” to India. “What matters to us is our customers, what matters to us is the law of land, regulator,” he said.
Paytm has rolled back the app-based point of sale feature on its platform, citing privacy and user safety concerns,
Paytm has today announced an update which brings Point-of-Sale (POS) capabilities to the app.
RBI has increased the monthly wallet limit for users to Rs 20,000 from the earlier Rs 10,000.
Paytm is also holding a contest where it will give away Rs 2,000 every 15 minutes to lucky winners.
Paytm said it has registered over 7 million transactions worth Rs 120 crore in a day after the demonetisation drive started.
Well-known players in this space such as Paytm and Mobikwik have the largest reach with presence in local shops as well.
Demonetisation effect: Paytm and MobiKwik claim to have seen a boost in usage and transactions.
Rs 500 and Rs 1000 notes have been abolished by the government and it looks like digital wallets are rejoicing.
Paytm’s tie up with Hindustan Petroleum will eliminate the hassles associated with using cash for paying fuel bills, and further cement its stronghold in the digital wallets with a user base of 120 million.
The emergence of UPI infrastructure provides mobile wallet companies a brilliant opportunity to add more users.
UPI does not require a specific bank account unlike existing players which offer the product to only those who have an account with them.
Paytm says its payment bank will launch in August, and that the Noida-based company is currently in the middle of submitting its final proposal to the RBI.
Paytm says it will not charge any hidden fees for conversion and will convert based on current Forex cards.