Paytm Payments Bank has received a target of 501.16 crore digital transactions for the financial year 2019-20 from the Ministry of Electronics and Information Technology (MeitY), higher than the targets set for major banks including HDFC Bank, ICICI Bank and Punjab National Bank.
Vijay Shekhar Sharma founded Paytm now dominates online transactions with it having half of the share of the market among rival gateways. Driving its growth are leading brands which include Reliance Jio, Uber, Zomato, OYO, Dominoes and IRCTC, and others, as the majority of the digital transactions are done for these brands, Paytm said in a statement. Also, Paytm Payments Gateway (PG) has seen a three-fold jump in the number of transactions in the last year.
Paytm Payments Bank Limited (PPB) Thursday said it has turned profitable within its second year of operation, reporting a profit of Rs 19 crore for the financial year 2018-2019. PPBL claimed to lead mobile banking transactions with over 19 per cent market share as of March 2019.
“Nearly a third of the total mobile banking transactions in India are powered by PPB and it processes over Rs 3 lakh crore worth of digital transactions on an annualised basis,” the company said in a statement.
Paytm Mall has unearthed a fraud of up to Rs 10 crore following a probe into a large percentage of cashbacks earned by small merchants and de-listed hundreds of sellers from its platform apart from sacking many employees.
Regarding the feasibility of businesses providing freebies, Paytm's chairman and chief executive Vijay Shekhar Sharma said the cashback model is sustainable.
Paytm’s e-commerce platform Paytm Mall has entered into a partnership with Ernst and Young before its touted global release, Paytm Mall said in a statement. With this, the company looks to build a fraud prevention system for its customers and partners alike. The 2016 founded company “will undertake frequent audits to identify, analyse and monitor various in-built and outsourced processes to recommend global practices,” which will be deployed in building “Technology-driven Fraud Prevention System”.
E-commerce payment company Paytm today announced the launch of recurring payments service for online merchants to allow them to automate the collection of payments for subscription services they offer to their customers. The company claimed to process over 400 million monthly transactions through its payment gateway for merchants. Paytm Payment Gateway competes with PayU, Razorpay, JusPay, Instamojo, BillDesk, CCAvenue etc., in India.
Paytm Payments Bank’s market share in mobile-banking volumes slipped to 18% in February 2019 from 26% in February 2018 with Airtel Payments Bank entering the fray and incumbent HDFC Bank gaining some ground.
Data released by the Reserve Bank of India (RBI) show that Paytm recorded 133 million of a total 739 million mobile-banking transactions made during February 2019.
Digital payments company Paytm has now enabled users to check their credit scores on its mobile app. Users can access the service by clicking on ‘My Credit Score’ under their user profile section. Paytm-backer Alibaba’s financial services affiliate Ant Financial had launched a similar service called Sesame Credit in January 2015 for individual credit scores of customers and small business owners.
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