Page 2 - Paytm Money

Paytm eyes expansion in travel, ties up with Skyscanner & Google Flights

The firm recorded a 19 per cent year-on-year increase in flight bookings on the platform in Q4FY24

Fintech firm Paytm sees 19% growth in flight bookings in Jan-Mar quarter

Fintech firm One97 Communications claims to have registered on-year growth of 19 per cent growth in flight bookings in the January-march quarter of this year, the company said in a regulatory filing on Monday. The travel ticket business of Paytm falls within its marketing services vertical, which grew by 1 per cent in revenue terms to Rs 395 crore on a year-on-year basis in the March 2024 quarter. "In the fourth quarter of financial year 2024, Paytm maintained its upward trajectory in market share among OTAs (online travel aggregators), with flight bookings showing a notable year-on-year increase of around 19 per cent, surpassing the industry's growth rate of around 3 per cent," the filing said. Paytm's marketing services business primarily includes ticketing (travel, movie, events etc.), advertising, credit card marketing, and deals and gift vouchers. The company had posted 28 per cent growth in GMV (gross merchandise value) for ticketing, deals and gift vouchers etc. to Rs 2,804

Neeraj Arora quits Paytm, firm onboards ex-Sebi official Rajeev Agarwal

Former Chief Business Officer of WhatsApp Neeraj Arora has quit the board of the fintech firm One97 Communications, owner of Paytm brand, citing pre-occupation and personal commitments, a regulatory filing said on Monday. Arora had quit the Paytm board earlier in early 2018 but rejoined it before the company's IPO. "The Board, at its meeting held today i.e., June 17, 2024, took note of the resignation tendered by Shri Neeraj Arora, Non-Executive Independent Director of the Company on account of pre-occupation and other personal commitments. He will accordingly cease to be a Non-Executive Independent Director, with effect from the closure of business hours on June 17, 2024," Paytm said in the regulatory filing. Arora was a key figure in negotiating the WhatsApp merger deal with social media major Facebook. He has co-founded his own social networking Hallo App and a venture capital firm Venture Highway. Paytm has onboarded former whole-time director of market regulator SEBI Rajeev .

Paytm cuts jobs as part of restructuring, facilitates outplacement support

Fintech firm One97 Communications, owner of Paytm brand, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition, according to a company statement. Paytm's sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India's ban on services of Paytm Payments Bank. "One97 Communications Limited (OCL) is providing outplacement support to employees which have resigned as a part of the restructuring efforts by the company. "The company's human resource teams are actively collaborating with over 30 companies that are currently hiring, and providing assistance to employees who have opted to share their information, facilitating their immediate outplacement," the company said on Monday. Paytm, however, did not not disclose the number of employees impacted by the restructuring. "Paytm is also disbursing bonuses

Paytm considering reduction of workforce by 20% amid rising employee costs

During FY23, the company maintained an average of 32,798 employees on its rolls, with 29,503 actively engaged

Paytm drops 3% after Q4 loss broadens; check trading strategy here

The decline followed the company's announcement of its Q4 results, which fell short of market expectations. Paytm's loss widened to Rs 549.6 crore in Q4FY24

Paytm Q4 results: Loss widens to Rs 549.60 cr, revenue falls 2.6%

Company has 'transitioned' payment business from Paytm Payments Bank to other partner banks, says CEO

Paytm COO Bhavesh Gupta resigns; company rejigs senior management

Paytm's parent company One97 Communications president and chief operating officer Bhavesh Gupta has resigned from the company, an official statement said on Saturday. As part of a change in leadership structure, fintech firm Paytm has appointed Rakesh Singh as chief executive officer of Paytm Money. The company has moved Varun Sridhar, who was heading Paytm Money, as CEO of Paytm Services -- which deals in the distribution of mutual funds and other wealth management products. "Bhavesh Gupta, President and Chief Operating Officer, who was overseeing the payments and lending businesses, has decided to take a career break due to personal reasons. He will be transitioning to an advisory role, offering guidance for Paytm's growth initiatives until the end of the year," the statement said.

Paytm finishes merchant migration to new UPI ids: Here's how to activate it

Paytm is now enabled to offer UPI services through partners such as Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank

Paytm discontinues inter-company agreements with its payments bank

Paytm, formally known as One 97 Communications, did not specify what agreements were being terminated

FAQS answered: I have a Paytm wallet. Can I use this cash after March 15?

You can continue to use, withdraw or transfer to another wallet or bank account upto the balance available in the wallet.

ED questions Paytm officials, gets documents following RBI's decision

The Enforcement Directorate has questioned senior Paytm executives and taken submission of documents from them following the recent RBI action of barring Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account, official sources said Thursday. The central agency, according to the sources, is conducting preliminary examination of documents before it decides to launch a formal investigation into the RBI-flagged alleged irregularities at the fintech company under the Foreign Exchange Management Act (FEMA). Some documents have been recently submitted by Paytm executives following which they were asked certain questions. Some more information has been sought, the sources said. As of now, no irregularities have been detected and a case under FEMA will only be registered once any contravention under the said law is found, they added. An investigation under the Prevention of Money Laundering Act (PMLA) involving Paytm is already going on for some time, they ...

Paytm confirms resignation of Payments Bank director Manju Agarwal

Manju Agarwal resigned from the board of Paytm Payments Bank on Feb 1 due to personal commitments, the company said in an exchange filing

Central Depository Services India to inspect Paytm Money's KYC process

Central Depository Services India (CDSL) may initiate inspection into Paytm Money's customer verification protocols following RBI's directives and regulatory actions against Paytm Payments Bank

Startup founders write to PM, FM & RBI to review regulatory action on PPBL

Founders have called on the regulator to re-evaluate its directive and engage in dialogue with the fintech industry

Vijay Shekhar Sharma: From architect of fintech powerhouse to controversies

Vijay Shekhar Sharma, one of the most recognised faces of India's fintech industry, has seen a fair share of controversies. Sharma launched Paytm - an acronym for 'pay through mobile' - offering mobile recharges. He launched wallet services in 2011 but the big push came with the 2016 demonetisation. He took out front-page ads in top newspapers with Prime Minister Narendra Modi's photo, calling demonetisation the "boldest decision in the financial history of independent India". With fewer currency notes in circulation, Paytm was on a roll. Sharma made a splash in 2018 by getting USD 300 million investment in Paytm from Warren Buffett's Berkshire Hathaway. *Controversies* Paytm was mired in controversies with its Chinese connection following huge investments from Alibaba Group. The Chinese internet firm became the biggest shareholder in Paytm with a 34.7 per cent stake before the company's initial public offer. Alibaba group firm Antfin sold around 5 per cent shares to lower its st

Shadow of KYC-led money laundering falls over Paytm Payments Bank

Payments bank says it has upheld compliance with supervisory instructions

RBI restrictions on Paytm Bank: Merchants, users mull platform change

A message from the company's founder and chief executive officer, Vijay Shekhar Sharma, on messaging platform X did not help clarify matters for users of Paytm services

In 2 days, Paytm erases $2 bn in market value as RBI action spooks market

Paytm is now down about 77 per cent from its initial public offering in 2021

Experts hail India's digital public infra for reducing inequality

A group of global experts has hailed India's robust digital public infrastructure, especially UPI, in reducing inequality. At a panel discussion here this week at Davos Innovation Week, hosted by World Innovation Economics, the experts discussed how UPI and overall digital public infrastructure have scaled new heights in India. The panel comprised of Sanjeev Sanyal (Economic advisor to Prime Minister Narendra Modi), Phillip Weights (Swiss banking leader), Efi Pylarinou (Swiss fintech influencer) and Ashok Ranadive (Ex-Indian Navy, Ex-Google, entrepreneur and investor). The panel discussed about UPI, Digital Public Infrastructure, India Stack 2.0, CBDC, Blockchain, and Data privacy. All the panellists praised India's rapid inclusive growth due to its robust digital public infrastructure, good governance and inclusive growth. The panel also discussed how technology like UPI can be in future exported to the US or Europe as it is better than existing platforms there. Sanyal emphasise