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Paytm shares have doubled in 6 months, boosted by news that NPCI will allow it to onboard UPI customers again. Citi upgrades Paytm to "buy" with a price target of ₹900, citing reduced regulatory risks. Should you invest now?

Paytm Stock: Buy After NPCI Relief? | Citi’s Call Explained

<div class="p-rich_text_section">Paytm shares have doubled in 6 months, boosted by news that NPCI will allow it to onboard UPI customers again. Citi upgrades Paytm to "buy" with a price target of ₹900, citing reduced regulatory risks. Should you invest now?</div>

&nbsp;Is this a good time to buy Paytm shares?
The fintech major just got a big boost - NPCI is allowing Paytm to onboard new UPI customers again.
Following this news, the stock jumped sharply on Wednesday, October 23rd. &nbsp;In fact, Paytm shares have doubled investor money over the last six months.
<h3>&nbsp;So, should you invest in Paytm now?</h3>
Brokerage giant Citi thinks so. They've upgraded Paytm from "sell" to "buy," citing reduced regulatory risks.
They've also more than doubled their price target - from 440 rupees to 900 rupees.
Also Watch: <a href="https://www.editorji.com/business-news/is-the-four-day-workweek-the-future-global-trends-benefits-and-challenges-explored-1729685045510">Is The Four-Day Workweek The Future? Global Trends, Benefits, And Challenges Explored</a>

Paytm's share of the UPI market fell from 13%to around 7% by September

Paytm Gets NPCI Green Light: Ready to Onboard New UPI Users Again!

Paytm's share of the UPI market fell from 13%to around 7% by September

Paytm is back in action! After nearly nine months on pause, the fintech giant has finally received the go-ahead to onboard new UPI users.
This comes as some much-needed relief for Paytm, especially after the Reserve Bank of India's restrictions earlier this year on Paytm Payments Bank Limited or PPBL that blocked the onboarding of new UPI users.
Now, with this approval by NPCI, could it be the boost Paytm needs to reclaim its lost UPI market share?
Well, the market seems to think so &mdash; Paytm&rsquo;s shares surged by over 10% to 756 rupees apiece on 23rd October on the back of this development.
After PPBL faced major setbacks due to those tough restrictions from the banking regulator back in January.
Paytm's share of the UPI market fell from 13%to around 7% by September.
Also Watch: <a href="https://www.editorji.com/business-news/zomato-orders-just-got-more-expensive-here-s-why-1729671530993">Zomato Orders Just Got More Expensive, Here's Why</a>

The brokerage has upgraded Paytm from 'Reduce' to 'Add.' It has also doubled the target price from ₹375 to ₹750 per share

Thumbs Up For Paytm: Emkay Global Upgrades Fintech Stock To 'Add', Doubles Target Price

The brokerage has upgraded Paytm from 'Reduce' to 'Add.' It has also doubled the target price from ₹375 to ₹750 per share

Indian brokerage firm Emkay Global has changed it's take on fintech major Paytm. Analysts at the brokerage believe that the Vijay Shekhar Sharma led company is poised for a turnaround. Therefore, the brokerage has upgraded Paytm from 'Reduce' to 'Add.' It has also doubled the target price from ₹375 to ₹750 per share.
Emkay mentioned that Paytm's broking and insurance distribution business is gaining scale and has already turned profitable. "It has sold its operationally heavy entertainment business in Q2, which should boost cash buffers as well as reduce net loss in FY25E; it remains open to offload any other non-core business. Factoring in the higher cost optimization, we expect Paytm to again turn operating EBITDA (ex-ESOP and UPI incentive) positive by Q4 FY25E, when gradual business acceleration/reduction in ESOP costs should help it turn overall EBITDA/PAT positive by FY26E/FY27E (earlier FY27E/FY28E)," it added.&nbsp;
"Currently, Paytm trades at a premium (EV/TTM operating revenue: 4x) to profitable global paytech peers like PayPal/Paysafe (2.3x), given India's growth premium, as well as due to its differentiated loan distribution business; however, it is still at a discount to profitable BNPL players like Affirm (4.9x). Paytm&rsquo;s further rerating will be contingent on faster recouping of lost consumer MTU, strong bounce-back in the lending business as partner/attrition issues ease, and no further regulatory disruption," Emkay further stated.
Also Watch: <a href="https://www.editorji.com/business-news/sebi-bombshell-f-o-traders-lose-75-000-crore-in-single-year-1727162433535">SEBI Bombshell: F&amp;O Traders Lose ₹75,000 Crore in Single Year</a>

Paytm's 'Paytm Health Saathi' offers affordable healthcare and income protection to merchant partners, including teleconsultation, doctor visits, and income protection. Launched on the 'Paytm for Business' app, the plan saw 3,000+ sign-ups in pilot phase

Paytm launches Paytm Health Saathi plan at Rs 35 per month subscription

<h2>Paytm's 'Paytm Health Saathi' offers affordable healthcare and income protection to merchant partners, including teleconsultation, doctor visits, and income protection. Launched on the 'Paytm for Business' app, the plan saw 3,000+ sign-ups in pilot phase</h2>

The parent company of Paytm, One97 Communications has launched 'Paytm Health Saathi', an exclusive health and income protection plan for its merchant partners. This is available on the &lsquo;Paytm for Business&rsquo; app.
<h3>Paytm Health Saathi plan</h3>
This comes as part of Paytm's ongoing efforts to support its vast network of merchant partners by providing them with affordable, comprehensive healthcare benefits. Paytm aims to safeguard the well-being of its merchants, ensuring their health and business continuity.
The introduction of Paytm Health Saathi underscores our unwavering dedication to the well-being of our merchant partners. This initiative is crucial to our mission to provide them with comprehensive and affordable coverage that aids their ongoing operations. Through customized solutions that meet their specific needs, we strive to enhance the robust support system we offer to our community of business owners", Paytm's Spokesperson said.
Paytm Health Saathi that starts at just Rs 35 per month offers a range of services that include unlimited doctor teleconsultation and in-person doctor visits (OPD) within its partner network. The plan also included income protection cover in the event of business interruptions due to accidents or natural calamities such as floods, fires, or strikes.
Along with the doctor teleconsultation, additional benefits including discounts at &nbsp;leading pharmacies and on diagnostic tests are provided. Meanwhile, the claim process is also streamlined and is made easy in the App.&nbsp;
The Paytm Health Saathi plan's pilot was launched in May and has seen over 3,000 merchant partners avail the plan. Following this initial success, the firm has rolled out this plan to all its merchants in the month.
Also watch: <a href="https://www.editorji.com/business-news/paytm-s-key-lenders-may-have-invoked-loan-guarantees-report-1715153928972">Paytm's key lenders may have invoked loan guarantees: Report</a>

Zomato&nbsp;in an exchange filing&nbsp;confirmed that it is in talks with Paytm to acquire its movies and events business, but no binding decision has been finalized yet

Paytm, Zomato shares rise amid talks on movie ticketing business

Zomato&nbsp;in an exchange filing&nbsp;confirmed that it is in talks with Paytm to acquire its movies and events business, but no binding decision has been finalized yet

Shares of Paytm and Zomato increased in early trade on Tuesday amid discussions between the two companies over Paytm's movie ticketing business. Zomato in an exchange filing confirmed that it is in talks with Paytm to acquire its movies and events business, but no binding decision has been finalized yet. Paytm's shares rose by 4 per cent to a high of 442 rupees, while Zomato's shares climbed 1.5 per cent to a high of 189 rupees. Also read/watch - <a title="Gold, Silver Price Today June 18, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru" href="https://www.editorji.com/business-news/personal-finance/gold-silver-price-today-june-18-2024-check-latest-rates-in-mumbai-delhi-chennai-bengaluru-1718686490791">Gold, Silver Price Today June 18, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru</a> Zomato to acquire Paytm's movies &amp; events business
Online food delivery platform Zomato said on Sunday that it is in talks with Paytm to acquire the financial technology company's movies and events business.
In a regulatory filing, Zomato said while it is in discussions with Paytm, no binding decision has been taken yet.
"We acknowledge that we are in discussions with Paytm for the aforementioned transaction, however, no binding decision has been taken at this stage that would warrant a board approval and subsequent disclosure in accordance with applicable law," Zomato said.
The company's filing was clarifying on reports that it was in talks to acquire Paytm's movies and ticketing business.
"The above discussion is being undertaken with an intent to further strengthen our going-out business and is in line with our stated position of focusing only on our four key businesses currently," it said.&nbsp;

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

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

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

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.
Also read/watch - <a title="Sensex, Nifty reach new record highs in early trade" href="https://www.editorji.com/business-news/sensex-nifty-reach-new-record-highs-in-early-trade-1718258307351">Sensex, Nifty reach new record highs in early trade</a> &nbsp; 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.

Paytm is restructuring with layoffs due to RBI restrictions on Paytm Payments Bank, providing outplacement support and bonuses. The company is also experiencing a notable stock surge, recovering from recent lows

Paytm Layoffs: Paytm to cut jobs in restructuring efforts; offers outplacement support and bonuses for laid off staff

Paytm to cut jobs in restructuring efforts; offers outplacement support and bonuses for laid off staff

<h2>Paytm is restructuring with layoffs due to RBI restrictions on Paytm Payments Bank, providing outplacement support and bonuses. The company is also experiencing a notable stock surge, recovering from recent lows</h2>

Fintech firm One97 Communications, the parent company of Paytm, is undergoing a significant restructuring, leading to layoffs of an undisclosed number of employees. However, the company is offering outplacement support to ensure a smooth transition for affected staff, according to a company statement.
<h3>Paytm Layoffs 2024</h3>
In the March 2024 quarter, Paytm's sales employee headcount dropped by approximately 3,500 to 36,521 personnel, primarily due to the Reserve Bank of India's (RBI) ban on certain services of Paytm Payments Bank.
The RBI had barred Paytm Payments Bank Limited (PPBL), an associate of Paytm, from accepting deposits, credit transactions, or top-ups in any customer accounts, wallets, and FASTags from March 15 onwards, citing customer interests, including those of merchants.
One97 Communications Limited (OCL) announced that it is providing comprehensive outplacement support to employees affected by the restructuring. The company's human resource teams are actively collaborating with over 30 companies that are currently hiring, facilitating immediate job placements for employees who have opted to share their information. Additionally, Paytm is disbursing due bonuses to ensure fairness and transparency in the process.
The impact of the RBI's restrictions has been significant. Paytm reported a widening loss of Rs 550 crore for the January-March 2024 period, a sharp increase from the Rs 167.5 crore loss recorded in the same period the previous year. This financial strain has accelerated the company's restructuring efforts.
In its FY24 earnings release, One97 Communications highlighted its strategy to prune non-core business lines and maintain a leaner organizational structure through AI-led interventions. The company reiterated its commitment to driving profitability, aligning with its strategic guidance.
This restructuring is part of Paytm's broader effort to navigate regulatory challenges and financial losses while positioning itself for sustainable growth in the future. The company's proactive measures aim to support displaced employees and streamline operations for enhanced efficiency.
<h3>Paytm shares rally</h3>
Meanwhile, the shares of One97 Communications extended its winning streak for the third consecutive session on Monday. During the early trade, the shares surged as much as 8.6% crossing the Rs 400 mark for the first time in 8 weeks to reach Rs 414.
This rally has also propelled the stock to gain 33.54% from its all-time low of Rs 310, touched in the second week of May. During Friday's trading session, the company's shares hit the 10% upper circuit limit, following a 2% gain in the previous session.
Also watch: <a href="https://www.editorji.com/business-news/paytm-s-upi-market-share-declines-for-4th-consecutive-month-1717746888301#google_vignette">Paytm's UPI market share declines for 4th consecutive month</a>

Paytm's UPI market share declines for 4th consecutive month

The RBI barred PPBL from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from Mar 15 onwards&nbsp;

Paytm's share in India's unified payments interface or UPI market has declined for the fourth month in a row, struggling to recover from a significant regulatory setback.
According to data from the National Payments Corporation of India, Paytm's share of total UPI transactions fell to 8.1% in May, down from 13% in January.
The decline follows a January order from the Reserve Bank of India for Paytm Payments Bank, a banking affiliate, to cease operations. Also read/watch - <a title="RBI MPC decision: Need to monitor food Inflation; expects normal monsoon" href="https://www.editorji.com/business-news/economy/rbi-mpc-decision-need-to-monitor-food-inflation-expects-normal-monsoon-1717741589654">RBI MPC decision: Need to monitor food Inflation; expects normal monsoon</a>
Since the order, Paytm's shares have dropped by approximately 55%. Although PPBL is not controlled by Paytm, it is part of the fintech empire led by founder and CEO Vijay Shekhar Sharma. RBI's crackdown on Paytm Since shutting its banking unit after falling foul to regulations, Paytm has lost about half of its market value and there have been consistent speculation about it being a potential takeover target.&nbsp;
The RBI barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.
The company during the reported quarter wrote off Rs 227 crore investment for a 39 per cent stake in PPBL, following future uncertainties associated with the bank's business operations including the uncertainty of any other regulatory development etc

In February, it was reported to be in talks with billionaire Mukesh Ambani's Jio Financial Services but both entities had denied the same

Paytm denies report of stake sale deal with Adani Group

In February, it was reported to be in talks with billionaire Mukesh Ambani's Jio Financial Services but both entities had denied the same

One97 Communications Limited, the parent company of Paytm, has categorically denied being in any discussions with the Adani Group regarding a potential stake sale.
This statement comes after a report suggesting that billionaire Gautam Adani was negotiating with Paytm CEO Vijay Shekhar Sharma to acquire a stake in the digital payments firm. Also read/watch - <a title="Reliance Industries prepares to enter quick commerce market: Report" href="https://www.editorji.com/business-news/reliance-industries-prepares-to-enter-quick-commerce-market-report-1716967084966">Reliance Industries prepares to enter quick commerce market: Report</a> "With reference to the captioned subject, we hereby clarify that the above mentioned news item is speculative and the company is not engaged in any discussions in this regard," Paytm said in a regulatory filing.
Despite the company's denial, Paytm's shares jumped 5%, while Adani Enterprises, the flagship company of the Adani Group, saw its shares dip 0.4%. The RBI barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.

One97 Communications aims to cut 15-20% workforce, saving Rs 400-500 crore. Employee costs rose 34%, averaging Rs 10.6 lakh in FY24. Q4 net loss Rs 550 crore, impacted by RBI restrictions

Paytm Layoffs: Fintech may cut up to 6,300 employees

One97 Communications aims to cut 15-20% workforce, saving Rs 400-500 crore. Employee costs rose 34%, averaging Rs 10.6 lakh in FY24. Q4 net loss Rs 550 crore, impacted by RBI restrictions

One97 Communications, the parent company of fintech firm Paytm is likely to cut a significant number of jobs amid increasing losses. As per Financial Express, the firm may reduce its workforce by 15-20%. The company is aiming to save Rs 400-500 crore by cutting costs, said Paytm founder Vijay Shekhar Sharma in a letter to shareholders.
<h3>Layoffs by One97 Communication</h3>
In FY23, the average cost per employee was at Rs 7.87 lakh and the company had an average of 32,798 employees on payroll, with 29,503 actively working. The total employee cost increased by 34% YOY &nbsp;to Rs 3,124 crore, raising the average cost per employee to Rs 10.6 lakh in FY24.
As per Financial Express, the reduction process has already begun, with over 1,000 employees terminated in December to streamline operations and cut costs. The company in an investor presentation noted that employee costs have risen due to investments in technology, merchant sales, and financial services. It further announced that the company will continue to invest in these areas while it plans to cut costs in other departments.
The firm is aiming to optimise its cost structure by leveraging artificial intelligence, focusing on core business areas, and rewarding high-performing employees by promoting them to leadership roles.
<h3>Paytm's Performance&nbsp;</h3>
In the January-March quarter, the company reported a net loss of Rs 550 crore as against Rs 168 crore the previous year. The revenue from operations also fell by 3% year-on-yearto Rs 2,267 crore in the March quarter.
On January 31, the Reserve Bank of India imposed restrictions on Paytm Payments Bank, preventing it from accepting new deposits and conducting credit transactions. These restrictions significantly impacted the company&rsquo;s fourth-quarter results.
Also watch: <a href="https://www.editorji.com/business-news/paytm-crisis-job-cuts-likely-amid-widening-losses-here-s-what-vijay-shekhar-sharma-told-shareholders-1716373548834">Paytm Crisis: Job cuts likely amid widening losses; here's what Vijay Shekhar Sharma told shareholders</a>

On January 31st, RBI had asked PPBL to stop offering banking services beginning March 15th. This was due to concerns over non-compliance to regulatory guidelines

Paytm Crisis: Job cuts likely amid widening losses; here's what Vijay Shekhar Sharma told shareholders

On January 31st, RBI had asked PPBL to stop offering banking services beginning March 15th. This was due to concerns over non-compliance to regulatory guidelines

Fintech company Paytm has warned of potential job cuts after reporting weak earnings. One97 Communications, which runs Paytm, reported a net loss of 550 crore rupees in Q4 of FY24, which is three times higher than Q4 FY23.
The company's revenues were down 20% and margins also took a hit due to RBI's ban on Paytm Payments Bank on Jan 31st. In a letter to shareholders, Paytm founder and CEO Vijay Shekhar Sharma highlighted the near-term financial impact on revenue and profitability due to disruptions faced in Q4 following the RBI's ban on PPBL.
The letter also mentioned the company's focus on significant cost efficiencies, including a leaner organizational structure, driven by Artificial Intelligence capabilities and a focus on core business.
While investments will continue, the firm will also take steps to cut employee costs, Sharma said, adding that these measures could save up to Rs 400-500 crore annually. On January 31st, RBI had asked PPBL to stop offering banking services beginning March 15th. This was due to concerns over non-compliance to regulatory guidelines.

While Paytm's market share within the UPI applications’ ecosystem contracted for the third consecutive month to 8.4% in April, the combined market share of PhonePe and Google Pay stood at 86.6%

Paytm UPI transactions slump for third consecutive month; volumes down 9% in April

<h2>While Paytm's market share within the UPI applications&rsquo; ecosystem contracted for the third consecutive month to 8.4% in April, the combined market share of PhonePe and Google Pay stood at 86.6%</h2>

Fintech company Paytm has once again witnessed a slump in its UPI transactions for the third consecutive month in April 2024. As per National Payments Corporation of India (NPCI), Paytm saw a 9% downturn in UPI volume for the month, recording 1,117.13 million transactions in April, compared to 1,230.04 million transactions in March this year
<h3>Paytm's market share</h3>
Likewise, as per Business Standard, Paytm's market share within the UPI applications&rsquo; ecosystem contracted for the third consecutive month &mdash; to 8.4% in April, down from 10.8% in February and 9.13% in March.
However, Paytm remains the third largest player in the UPI ecosystem. It was followed by CRED which processed 138.46 million transactions in April, a fraction of Paytm's volume.
PhonePe tops the list that has processed 6,500 million transactions and Google Pay comes second with 5,027.3 million transactions. Both PhonePe's and Google Pay's combined share in overall transactions stood at 86.6%.
As per Business Standard, PhonePe's share rose from 47.3% to 48.8%, while Google Pay's increased from 36.7% to 37.8% between February and April. This gain by both PhonePe and Google Pay comes after the Reserve Bank of India's regulatory actions against Paytm Payments Bank.&nbsp;
Paytm users migrated to new payment service provider (PSP) bank handles with State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank.
Also Watch: <a href="https://www.editorji.com/business-news/paytm-s-key-lenders-may-have-invoked-loan-guarantees-report-1715153928972">Paytm's key lenders may have invoked loan guarantees: Report</a>

Following RBI's restrictions on Paytm Payments Bank, its key lenders including Aditya Birla Finance, Piramal Finance and Clix Capital may have invoked Paytm's loan guarantees

Paytm's key lenders may have invoked loan guarantees: Report

<h2>Following RBI's restrictions on Paytm Payments Bank, its key lenders including Aditya Birla Finance, Piramal Finance and Clix Capital may have invoked Paytm's loan guarantees</h2>

Aditya Birla Finance may have invoked the loan guarantees which fintech firm Paytm had provided to the lender in lieu of repayment defaults from customers, reported The Economic Times. Aditya Birla Finance is one of the key lending partners for One 97 Communications-owned Paytm.
<h3>Paytm loan guarantees invoked</h3>
Other lenders like Piramal Finance and Clix Capital have also retracted their partnership with Paytm. This comes after the Reserve Bank of India imposed restrictions on the Paytm Payments Banks putting pressure over the firms' lending business.&nbsp;
The Economic Times, quoted a person with the knowledge of the matter and said that this move by the lenders will have a severe impact on the company&rsquo;s financials amid a wider clampdown by the central bank on the sector.
As per RBI's digital lending rules unregulated entities like Paytm are allowed to offer around 5% DLG (default loss guarantee) cover to the non-banking finance companies (NBFCs) they partner with. By this, Paytm had given a similar guarantee to Aditya Birla Finance. According to The Economic Times, these guarantees are structured through collection commitments for loans sourced by the platform which are not repaid on time and ABFL is deducting funds from pay-outs.
Meanwhile responding to The Economic Times' queries a Paytm Spokesperson said that Paytm does not provide a First Loss Default Guarantee (FLDG) to lenders.
"We categorically reject all speculations concerning our lending business. We have resumed lending services with a select few partners and are actively engaged in discussions to expand with the remaining lending partners. Paytm does not provide a First Loss Default Guarantee (FLDG) to lenders; our role is strictly that of a distributor", Paytm Spokesperson told The Economic Times.
<h3>Arrangement between fintechs &amp; lenders</h3>
The arrangements are often registered in the books of the lenders and the repayments are also sent directly to them. The fintech firm receives a commission. In December, Paytm said that it makes 2.5-3.5% of loan value upfront on disbursement and on collection it fetches another 0.5-1.5%.
In November, RBI increased the risk weightage on unsecured consumer lending. This pushed the NBFCs to set aside a higher amount of capital against such loans.
&ldquo;Overall, we have become cautious about unsecured consumer lending and are focusing on business loans and housing loans. With regards to fintechs, we have slowed down even more given they cater to riskier segments of our customers,&rdquo; a senior executive at a NBFC told The Economic Times.&nbsp;
Paytm currently offers, consumer and merchant loans as well as buy-now-pay-later short-term credit to users. In the December quarter last year, it disbursed Rs 15,535 crore of loans, up 56% from Rs 9,958 crore a year earlier. In terms of revenue, Paytm generated Rs 607 crore from its financial services business in the quarter, accounting for 21% of its total operational revenue of Rs 2,850 crore.
Also Watch: <a href="https://www.editorji.com/business-news/amid-rbi-s-regulatory-action-paytm-s-upi-transactions-fall-in-february-1709706823985">Amid RBI's regulatory action, Paytm's UPI transactions fall in February</a>

Paytm, facing regulatory constraints, witnessed a decline in its UPI market share, dropping to 9% in March, as per NPCI data. The transition to a third-party application provider model has contributed to this decline

Paytm's UPI market share drops to 9%, lowest in 4 years

Paytm, facing regulatory constraints, witnessed a decline in its UPI market share, dropping to 9% in March, as per NPCI data. The transition to a third-party application provider model has contributed to this decline

Paytm has witnessed a significant downturn in its unified payments interface market share, dropping to a mere 9% in March, as per data released by the National Payments Corporation of India, reported by Moneycontrol.
This slump marks Paytm's lowest market share in the past four years, reflecting a continuous decline since February when it stood at 11%. The decrease in February was attributed to regulatory constraints imposed on its affiliate, Paytm Payments Bank Limited, by the Reserve Bank of India.
NPCI began disclosing UPI app transaction volume and value in April 2020, with March 2024 recording Paytm's lowest market share yet.
The impact of regulatory measures is evident in the decline of Paytm's transaction value market share, which now rests at 6.7%, hitting its lowest point in recent years. Throughout 2023, Paytm's market share in terms of value hovered around 9%.
In contrast, PhonePe has emerged as the dominant player in the market, with its market share exceeding 50% for the past two months. Google Pay, holding the second position, has experienced a slight increase in its market share over the last year.
The decline in Paytm's market share is a stark contrast to its performance in 2018 and 2019 when the company boasted a substantial market share, hovering around 40%.
Since March 15, Paytm has transitioned to operate as a third-party application provider (TPAP), similar to competitors like PhonePe and Google Pay. This move has likely contributed to the decrease in market share.
To facilitate this transition, Paytm has partnered with Axis Bank, Yes Bank, SBI, and HDFC Bank as its payment service providers (PSP) for the TPAP service, replacing PPBL, which fulfilled this role until recently.

Chawla's resignation comes amidst Paytm Payments Bank facing prohibitory action from banking regulator RBI

Paytm Payments Bank's MD and CEO, Surinder Chawla, steps down

<h2>Chawla's resignation comes amidst Paytm Payments Bank facing prohibitory action from banking regulator RBI</h2>

Beleaguered Paytm Payments Bank's managing director and CEO Surinder Chawla has resigned from the company, a regulatory filing said on Tuesday.
Chawla's resignation comes amidst Paytm Payments Bank facing prohibitory action from banking regulator RBI.
"Surinder Chawla, Managing Director and CEO of PPBL, has tendered his resignation on April 8, 2024, on account of personal reasons and to explore better career prospects. He will be relieved from PPBL w.e.f. close of business hours on June 26, 2024, unless changed by mutual consent," One97 Communications, Paytm brand owner, said in a regulatory filing.
Chawla joined PPBL in January last year after the payments bank received approval from the Reserve Bank of India.
In a major action against Paytm Payments Bank (PPBL), RBI, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. Subsequently, the deadline was extended to March 15.
The direction follows persistent non-compliance and continued material supervisory concerns, the central bank had said in a statement.
On March 11, 2022, the RBI barred PPBL from onboarding new customers with immediate effect.
Following regulatory actions, promoter Vijay Shekhar Sharma last month stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited, and the board of the bank has been reconstituted.
Former Central Bank of India chairman Srinivasan Sridhar, former Bank of Baroda Executive Director Ashok Kumar Garg, and two retired Indian Administrative Service (IAS) officers were inducted on the board of the bank.
One97 Communications Limited (OCL) holds a 49 per cent stake in PPBL.
Paytm said nearly all agreements between the company and PPBL have been terminated as per a disclosure on March 1, 2024, and the board of PPBL has been reconstituted with five independent directors including an independent chairperson, and no nominees from the company, as per its disclosure on February 26, 2024.

Paytm introduces a seamless solution for FASTag recharges through its app, enabling users to avoid long queues and delays at toll plazas. 

Recharge your FASTag on Paytm app now through these 5 simple steps

Paytm introduces a seamless solution for FASTag recharges through its app, enabling users to avoid long queues and delays at toll plazas.&nbsp;

In response to recent regulatory restrictions imposed by the Reserve Bank of India (RBI) on Paytm Payments Bank Limited (PPBL), Paytm has introduced a seamless solution for FASTag recharges directly through its app. This development aims to provide users with a hassle-free experience, enabling them to recharge their FASTags conveniently and swiftly.
FASTags have become mandatory for all four-wheeler vehicles, utilizing radio-frequency identification technology (RFID) for a reusable tag affixed to the vehicle's windscreen. This technology facilitates instant automatic deduction of toll charges, streamlining the toll payment process for motorists.
To recharge FASTag on Paytm, users can follow these simple steps:
1. Tap on the &lsquo;FASTag Recharge&rsquo; option located under the &lsquo;Bill Payments&rsquo; section within the Paytm app. 2. Select the issuing bank of your FASTag. 3. Enter the vehicle number linked to your FASTag and proceed. 4. Confirm the details and enter the desired recharge amount. 5. Complete the transaction by clicking on &lsquo;Proceed to Pay&rsquo;.
Upon successful completion of the recharge process, the amount will be instantly updated to the user's FASTag, ensuring uninterrupted usage for toll payments. With this user-friendly feature, Paytm continues to enhance its offerings, further cementing its position as a leading digital payment platform in India.

Paytm UPI transaction decline to persist until new customer addition

<h2>Reserve Bank of India had directed Paytm to transition existing users to a new handle following the directive for Paytm Payments Bank to halt transactions after March 15</h2>

Paytm is expected to experience a continued decline in transaction volume on the Unified Payments Interface or UPI in the coming weeks as it is unable to onboard new users until existing ones are migrated to a new handle, according to sources to Business Standard. The Reserve Bank of India had directed Paytm to transition existing users to a new handle following the directive for Paytm Payments Bank to halt transactions after March 15. In February, the volume of Paytm Payments Bank transactions on UPI declined by 10.4% to 1.40 billion from 1.56 billion in January. The banking regulator initially instructed Paytm Payments Bank to cease operations from March 1, a deadline later extended to March 16. Paytm users to get all services as before except for PPBL's wallet, Fastag
Paytm app users will continue to use all services like mobile and DTH recharges except for Paytm Payments Bank's offerings including wallet funds, Fastag and bank accounts, according to the company hit by RBI restrictions.
Paytm Payments Bank users will not be able to add any funds to their wallet and bank accounts but will be able to use the balance until it is exhausted, according to the RBI order.&nbsp;

This surge in share price can be attributed largely to the recent approval granted by the National Payments Corporation of India&nbsp; or NPCI for Paytm to provide UPI payment services as a third party app

Paytm shares gain for third session in a row; find out why

<h2>This surge in share price can be attributed largely to the recent approval granted by the National Payments Corporation of India&nbsp; or NPCI for Paytm to provide UPI payment services as a third party app</h2>

Shares of One97 Communications, the parent company of Paytm, continued their upward trajectory for the third consecutive session on Tuesday, reaching a day's high of 409 rupees on the NSE. This surge in share price can be attributed largely to the recent approval granted by the National Payments Corporation of India &nbsp;or NPCI for Paytm to provide UPI payment services as a third party app. Following this development, the stock has received thumbs up from brokerages such as Morgan Stanley and Yes Securities. Paytm gets five handles to continue UPI transactions, existing one to continue
Fintech firm One97 Communications, owner of the Paytm brand, has got five handles in partnership with four banks to continue UPI transactions, as per an update on the NPCI website.
The company's existing handle @paytm is among the five handles that users can continue using without the need to make any changes at their end.
National Payments Corporation of India (NPCI) has approved @paytm and a closed user group UPI handle @ptyes for Paytm in partnership with Yes Bank.
NPCI has also approved @pthdfc with HDFC bank and @ptsbi with State Bank of India as a partner. However, these two handles are not active immediately.
Paytm spokesperson said users can continue to use @paytm handle seamlessly without the need to make any changes at their end.
On March 14, NPCI approved a third party application (TPAP) provider permit for Paytm in collaboration with SBI, Axis Bank, Yes Bank and HDFC bank for continuity of UPI transactions for the company's users.
Paytm's UPI transactions were earlier being carried out through Paytm Payments Bank (PPBL) that has been barred by the Reserve Bank of India from accepting deposits, credit transactions, or top-ups in any customer accounts after March 15.
One97 Communications Limited (OCL) holds a 49 per cent stake in PPBL, while company's Founder and CEO Vijay Shekhar Sharma holds 51 per cent stake in the beleaguered bank.

Paytm's stock soared by 5% following NPCI's approval for continued UPI transactions through major banks

Paytm surges 5% to hit upper circuit on UPI approval from NPCI; Morgan Stanley forecasts 57% upside

From lower circuits on consecutive trading sessions, to hitting an upper circuit... here's what has cheered Paytm's investors

<h2>Paytm's stock soared by 5% following NPCI's approval for continued UPI transactions through major banks</h2>

Shares of Paytm's parent company, One99 Communications, have surged 5% in Friday's tarde, hitting the upper circuit. The rise in stock prices&nbsp; follows the National Payments Corporation of India's approval for Paytm to continue as a third-party UPI app.
Third party UPI app
Paytm is now tying up with four prominent banks to facilitate UPI transactions on its platform. These banks are SBI, Axis Bank, HDFC Bank, and YES Bank. In fact, Yes Bank and Axis Bank are already live on Paytm's platform. This means that a customer can continue to make UPI ayments using the Paytm app.
Paytm Payments Bank's closure
The NPCI approval arrives just ahead of the Reserve Bank's deadline, set for March 15, which leads to the shutting down of Paytm Payments Bank (PPBL). The decision however ensures uninterrupted payment operations for Paytm users, in the form of a third party payments app.
This nod has sparked optimism among investors, propelling Paytm's shares to ₹370.90 on the BSE and ₹370.70 on the NSE.
Morgan Stanley's Thumbs Up
Meanwhile, brokerage house Morgan Stanley has issued an 'equal-weight' call on Paytm's shares. It has set a target price of ₹555, indicating of a 57% potential upside from the current valuation.&nbsp;
Analysts at Morgan Stanley view the NPCI nod positively, aligning with their expectations. They anticipate further updates on the impact of these developments on Paytm's businesses, particularly concerning the transition of PPBL's operations to alternative banking partners, as per Money Control
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Four banks to partner Paytm for UPI payments; NPCI approval expected this week: Report

<h2>Yes Bank, Axis Bank, HDFC Bank, and State Bank of India - are likely to collaborate with Paytm for its consumer-facing UPI payments</h2>

The National Payments Corporation of India or NPCI, the body which runs digital payments platform UPI, is likely to approve a third-party application provider or TPAP licence for Paytm, formally known as One 97 Communications, by March 15. This licence will enable Paytm to provide UPI payment service in partnership with other banks.
Paytm, third-party payment app
According to an Economic Times report, the NPCI, which runs the Unified Payments Interface or UPI, is working to certify Paytm&rsquo;s application to become a third-party payment app.&nbsp;
Paytm to partner with four banks
It further added that four major banks - Yes Bank, Axis Bank, HDFC Bank, and State Bank of India - are likely to collaborate with Paytm for its consumer-facing UPI payments. This will allow Paytm to operate as a payments service provider, even as Paytm Payments Bank stops to operate on March 15. RBI's crackdown on Paytm
In February 2024, the Reserve Bank of India (RBI) had asked Paytm Payments Bank to cease operations by February 29, 2024. However, the deadline was later extended to March 15. The shutting down of Paytm Payments Bank means that it cannot take new deposits, nor top up Paytm wallets. However, customers can use their existing balance for top-up, till they exhaust it.&nbsp;
"Shift account to other banks"
The Reserve Bank of India (RBI) had also advised customers as well as merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by March 15.
NHAI adviosry on Paytm FASTag&nbsp;
Yesterday, NHAI also advised Paytm FASTag users to shift to other banks. NHAI also said that cutomers should reach out to their respective banks or refer to the FAQs provided on the IHMCL (Indian Highway Management Company Limited) website.

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