Paytm spurts on partnership with Samsung

One 97 Communications (Paytm) rallied 5.90% to Rs 426.40 after the company announced partnership with Samsung for flight, movies, bus, and events ticket bookings.

The partnership aims to enhance consumers convenience by offering a seamless, integrated booking experience directly through the Samsung Wallet, facilitating access to a wide range of services through Paytm, said the firm.

With this partnership, Galaxy smartphone users will now have seamless access to Paytms suite of services, including flights and bus bookings, movie ticket purchases, and event bookings, all integrated within the Samsung Wallet, the company stated in the press release.

Galaxy smartphone users will be able to add their tickets to Samsung Wallet using the 'Add to Samsung Wallet' functionality. allowing them to conveniently access their tickets for various activities such as airports, bus terminals, cinema halls, and event venues, etc.

As pioneers of mobile payments, we are excited to partner with the consumer electronics giant Samsung India, as part of our constant endeavor to provide convenience and ensure superior user experience to Indians. By combining Samsung's cutting-edge technology with Paytm's wide-ranging services, we are making it easier than ever for consumers to manage their bookings and payments through a single unified platform," Paytm Spokesperson said.

Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytms mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology.

The companys consolidated net loss widened to Rs 549.6 crore in Q4 FY24 as compared with Rs 168.4 crore posted in Q4 FY23. Revenue from operations was at Rs 2267.1 crore in March quarter, down 2.89% from Rs 2334.5 crore recorded in the corresponding quarter last year.

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