News stories featuring Paytm:
March 22nd, 2017
Samsung Pay has launched in India with support from Visa, Mastercard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Cards and Standard Chartered Bank, with Citibank India support expected “shortly”. The service has also integrated India’s leading mobile wallet Paytm and comes with support for peer-to-peer money transfers through the Indian government’s Unified Payments Interface platform.
March 21st, 2017
Indian mobile wallet provider Paytm has added an insurance feature to its service that covers users for fraudulent transactions of up to Rs 20,000 (US$306) due to loss of device or unauthorised access to the service. “All Paytm users with balance in their wallets would be automatically covered under this scheme at no additional cost and the lost money would be refunded to their Paytm Wallets,” the company writes in a blog post. Indian mobile wallet FreeCharge also added insurance to its service in December 2015.
March 17th, 2017
Indian mobile wallet provider Paytm has launched in Canada, marking the service’s first expansion outside India. The Paytm Canada app allows consumers to make bill payments and will “soon expand” to add a “full line-up of new use cases”, Paytm says. The company is currently targeting 10m merchants to accept its QR code-based service for in-store payments in India and aims to set up its own payments bank.
March 2nd, 2017
Samsung has begun inviting Galaxy phone owners in India to register for early access to Samsung Pay. Customers can opt to pre-register Axis Bank, HDFC Bank, ICICI Bank and Standard Chartered Bank debit or credit cards and SBI Cards credit cards today with support for American Express and Citibank to follow. Paytm’s market leading mobile wallet will also be supported by the service.
February 21st, 2017
Indian consumers can now make QR code-based mobile payments using BharatQR, a “low cost, interoperable mobile acceptance solution” backed by the Indian government and developed by Mastercard, Visa and National Payments Corporation of India (NPCI)….
February 17th, 2017
Indian mobile wallet Paytm “expects to lose 20-30%” of customers making offline payments using QR codes, OTP or mobile-to-mobile transfers when the Reserve Bank of India removes cash withdrawal limits on March 13, The Financial Express reports. “We [will] still have a larger offline than online category, and that’s where the business is for us,” says Paytm founder Vijay Shekhar Sharma.
February 13th, 2017
Indian mobile wallet provider Paytm wants to increase the number of stores where its QR code-based service is available from 3.5m to 10m. “The number of offline merchants in November was close to 1 lakh (100,000) and the company had hired 10,000 field-force to ramp up the number of offline users post demonetisation,” Economic Times reports.
January 4th, 2017
Indian mobile payments provider Paytm has been granted permission from the Reserve Bank of India to formally launch a payments bank. “Our aim is to build a new business model in the banking industry, focussed on bringing financial services to hundreds of millions of unserved or underserved Indians,” the company says.
January 3rd, 2017
State Bank of India has stopped its customers from transferring money into Paytm mobile wallets, instead encouraging them to make use of its own State Bank Buddy service. The move was announced via Twitter in response to a customer complaint. The move follows the government’s withdrawal of Rs 500 (US$7) and Rs 1,000 ($14) notes in India in November last year. Paytm processed 1bn transactions in 2016, the mobile payment provider reveals in a blog post.
December 7th, 2016
The Andhra Pradesh Government has launched the AP Purse mobile payment app, an Android service tying up 15 mobile wallets and payment gateway apps, including Paytm, MobiKwik and Freecharge, Live Mint reports. “The app provides access to install any of the 15 payment apps available on the platform,” the publication says.
November 25th, 2016
Indian mobile payment provider Paytm has suspended a new feature in its mobile app two days after its launch, citing the need to “add additional certifications and features” before making it available again. App POS was launched to allow Paytm merchants to accept all debit and credit cards using their mobile phone. “We will re-launch this product as soon as we have updated the product,” Paytm writes in a blog post. App POS was unveiled in the wake of withdrawal of Rs 500 (US$7) and Rs 1,000 ($14) notes.
November 23rd, 2016
The Reserve Bank of India (RBI) has increased the limit of money that can be kept in a mobile wallet to Rs 20,000 (US$291) from Rs 10,000 (US$145.5) following the withdrawal of Rs 500 (US$7) and Rs 1,000 ($14) notes. “The total value of reloads during any given month shall also not exceed Rs 20,000,” RBI says in a circular. The measures will be applicable until 30 December 2016, subject to review. One97 Communications, owner of mobile payment platform Paytm, asked RBI to increase the limit to Rs 25,000 (US$364) in July this year.
November 17th, 2016
Commuters on the Mumbai Metro service will soon be able to pay for journeys using mobile payments platform Paytm. “Commuters can install and recharge the Paytm app on their mobiles, switch it on, scan the QR code for identifying Mumbai Metro as the payee and pay the correct amount of fare,” Business Standard reports. “A unique transaction ID will be displayed on the Paytm app and the mobile phone with the ticketing officer at the counter will receive an SMS with the same transaction ID.”
November 15th, 2016
Mobile payment transaction volume in India is expected to grow more than 90% each year over the next five years, with digital payments becoming the “de-facto payment mode” in the country, in the wake of…
May 4th, 2016
Indian mobile payments provider Paytm has partnered with IT services company Wipro for the launch of its payments bank, which is expected in the first quarter of this fiscal year. “Wipro will implement core-banking solutions for Paytm and also the programme to manage the integration of other key systems,” says The Economic Times. The company plans to double its in-store merchant acceptance to four million locations this year.
March 14th, 2016
Indian mobile payments platform Paytm plans to double its in-store merchant acceptance to four million locations this year, the company’s CEO has told Economic Times. “This year, we will be present offline in every nook and corner,” Vijay Shekhar Sharma said. “Our offline payments will become as big as our online payments.” Paytm users can complete in-store transactions by scanning a code with their mobile phone.The company is also currently trialling sound-based payments.
March 14th, 2016
Paytm is the most popular mobile payment app among Android smartphone owners in urban India, research from Nielsen reveals, with 39% of users with an internet connection making use of the service for an average duration of 70 minutes a month.
January 15th, 2016
Indian mobile payment platform Paytm is trialling a Sound Pay feature that will enable users of its mobile app to make in-store payments via ultrasonic sound waves which transmit data — including payment amount and customer credentials — to the point of sale. “Once the consumer’s app transmits data, the seller’s app checks whether there is enough money in the Paytm wallet before the transaction is completed,” Economic Times reports.
January 7th, 2016
Alibaba affiliate Ant Financial, owner of mobile payment platform Alipay, is seeking an investment of at least 10bn yuan (US$1.5bn) ahead of a planned initial public offering, Bloomberg reports. “Ant Financial may use money from the current fundraising for acquisitions,” the publication says. Ant Financial made a strategic investment in Indian mobile payment platform Paytm in September 2015 after closing a Series A financing round that valued Ant Financial at more than US$45bn.
November 12th, 2015
Indian mobile wallet provider Paytm is to hire 3,000 people to roll out its payments bank services by the first quarter of next year. “The structure of the executive committee for the payments bank is being given shape, while Paytm awaits a final nod from the Reserve Bank of India,” The Times of India reports. The company agreed a “strategic investment” from Alibaba and its affiliate Ant Financial in September.
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