Paytm to focus on insurance distribution, partners with Samsung for travel, ent services; stock rallies

Fintech firm One97 Communications, which owns the Paytm brand, will increase its focus on insurance distribution.

After insurance regulator IRDAI accepted Paytm General Insurance's registration withdrawal plea, Paytm announced its plan to concentrate on offering small-ticket general insurance products in partnership with other insurers, utilizing its distribution network to reach a broader audience.

Additionally, Paytm announced a partnership with Samsung to integrate travel and entertainment services into the Samsung Wallet in India. This collaboration will enable users to book flights, buses, movies, and event tickets through the Samsung Wallet platform.

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Shares of Paytm rallied back above the 400 level. These developments come after the payments aggregator faced a slew of curbs from RBI due to regulatory non-compliance which led to its shares crashing to around 310 rupees.

The stock listed in 2021 below its IPO price of 2150 rupees.