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Paytm’s Market Value Drops After RBI Orders Halt on New Customer Onboarding

Anubhav — Thu, 01 Feb 2024 16:03:06 +0000

Paytm, a leading Indian digital payments firm, recently encountered a significant regulatory challenge that led to a sharp decline in its market value. The Reserve Bank of India (RBI) has directed Paytm Payments Bank to stop onboarding new customers and halt accepting fresh deposits, sparking concerns over the company’s future profitability and its expansive app ecosystem.

Paytm’s stock price dipped by a whopping 20% after this news

This move by the RBI, which follows a history of non-compliance issues including customer due diligence and technology infrastructure, has cast a shadow over Paytm’s operations. The immediate effect was a 20% plummet in Paytm’s stock price, wiping out approximately $1.2 billion in market value and bringing the shares to a six-week low. This drastic drop indicates the general gravity of regulatory challenges and their impact on investor confidence. When it happens, there’s a big blow to the companies involved.

Paytm’s response to the situation has been one of cautious optimism. CEO Vijay Shekhar Sharma described the RBI’s order as a temporary setback and outlined plans to forge new banking partnerships to ensure the continuity of its services. This strategic pivot aims to mitigate the repercussions on Paytm’s wallet accounts, essential to its payment and financial services ecosystem.

The broader implications of the RBI’s scrutiny are significant. Analysts speculate on the potential hesitancy of banking and financial partners to engage with Paytm, given the regulatory concerns. This situation places additional pressure on Paytm to address compliance issues swiftly and effectively to restore trust among its partners and customers.

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Paytm launches “Card Soundbox” to make card payments easier for merchants

Rajesh — Tue, 05 Sep 2023 07:29:28 +0000

Paytm has introduced a new Soundbox that allows users to pay for their purchases at shops using either UPI or tap-and-pay cards. It accepts payments from both UPI and all the major debit and credit cards, including Visa, Mastercard, American Express, and RuPay. This will make it more convenient for users to make payments, and it will also help merchants to accept a wider range of payment methods.

The Card Soundbox is a small, portable that can be easily set up by merchants. It combines the functionality of a POS unit, a UPI QR code reader, and a soundbox. It lets merchants accept card payments and receive instant audio alerts for all transactions, so both parties can confirm that their transactions have been successful.

The device has a 4W speaker for clear payment alerts and a long battery life of 5 days. It offers alerts in 11 languages that can be changed by merchants through the Paytm for Business app. Alongside audio alerts, the Soundbox also shows visual payment confirmations through an LCD display.

The Card Soundbox uses NFC technology to accept contactless debit and credit card payments. NFC-enabled smartphone users can also pay through their phones using the tap feature.

Paytm says the device is a Made in India device that allows merchants to accept card payments of up to Rs 5,000. It is powered by a 4G network connection and ensures instant payment alerts after the transaction is initiated. These alerts can be customized by the merchant using the Paytm for Business app.

Paytm was the first company to launch audio-based confirmations with Paytm Soundbox, which revolutionized in-store payments in India. The company is the market leader in in-store payments, with over 82 lakh devices deployed. In addition to Paytm Card Soundbox, the company also offers other soundbox devices, such as Paytm Pocket Soundbox and Paytm Music Soundbox.

Google Pay Is Releasing a Paytm-like Soundpod for Merchants in India

Sean — Thu, 19 Jan 2023 08:07:31 +0000

Google is apparently offering a new product that is strictly for merchants in India. The company’s Google Pay brand is introducing a Soundpod device that is similar to the ones offered by other brands like Paytm and PhonePe.

For those unaware, Google Pay, Paytm, and PhonePe are popular UPI payment apps in India. Apart from the Search Engine giant, the two other firms offered a Soundpod to merchant that helped offer audio feedback of payments being received on their accounts. Now, it appears that Google Pay is also working on such a device that features an in built speaker as well as an LCD panel to notify users that payments have been successful.

This device will support different languages as well. As of right now, the company has reportedly offered this gadget to a select group of merchants at no extra cost. In other words, the device is still being tested in a small scale, with merchants getting the new soundboxes for free. Alternative platforms like Paytm, PhonePe, and BharatPe already offer such devices, so it is no surprise that Google Pay is also working on its own version of this soundpod.

As per sources close to the matter, Google has already started distributing the new devices across sellers in North India, including the capital region of New Delhi. Apart from just offering audio announcement for successful payments, the LCD panel will display the payment amount, battery, network status, and manual controls.

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Paytm Transit card launched in India for metro, bus, and other daily expenses

Pranav Sawant — Mon, 29 Nov 2021 18:38:27 +0000

Paytm on Monday launched its first-ever stand-alone transit card called the Paytm Transit Card for metro travels, bus and rail rides in India. The card empowers the “OneNation, One Card” aim by offering a single card for all types of transit expenses.

According to Paytm, the Paytm Transit Card eliminates the need of having multiple physical cards for various travel mediums. With the Paytm Transit card, a person can take care of all the travel expenses including Metro and Bus rides, Parking expenses, food or fuel, and online shopping expenses. The card will be directly linked to the Paytm Payments Bank and wallet for easier transactions and top-ups.

As of now, the transit card is currently available in Hyderabad Metro Rail and its application process has started. Paytm has also partnered with Ahmedabad Metro and Delhi Airport Express Line. The application process for transit cards is completely digital and once processed you will receive the physical card at your doorstep.

The transit card can now be purchased in Hyderabad and it can be used by simply displaying the Automatic Fare Collection. Once it is scanned, the amount in the card will be debited and the journey will begin. Similarly, the card can also be used as a wallet for other daily expenses like food and petrol.

[UPDATE] Google removes rival payment app Paytm from Play Store for “repeat policy violations”

Jed John Ikoba — Fri, 18 Sep 2020 10:41:36 +0000

UPDATE: September 18, 2020 (11:30 AM ET): Google has now restored the main Paytm payments app on the Play Store. However, the Paytm First Games app is yet to be restored. The original story continues below.

Earlier this year, the Indian government announced a new payment method dubbed Unified Payment Interface (UPI) to provide rapid and safe money transfers. UPI is primarily available for use via smartphone apps and it has received an overwhelming response from the users due to its easy availability and stress-free banking. Among the top three operators are Walmart’s PhonePe, Paytm and Google Pay.

In a recent development, Google has decimated Paytm’s ability to provide payment services for new customer by removing the popular Indian financial services app from the Play Store. The removal is as a result of the violation of Google’s gambling policies.

Google reiterated that the Play Store prohibits online casinos and other unregulated gambling apps that facilitate sports betting in India. But Paytm is deemed to have violated that policy by promoting fantasy sports service within its marquee app. Paytm’s fantasy sports service, called Paytm First Games, was also available as a standalone app and it has been pulled, too, from the Play Store.

Google maintains similar guidelines around gambling in most other markets and have directed that if an app leads consumers to an external website that allows them to participate in paid tournaments to win real money or cash prizes, it will also be deemed in violation of its Play Store policies. This is where Paytm may have violated the Play Store’s policy.

In a recent blog post on this subject matter, Suzanne Frey, Vice President, Product, Android Security and Privacy stated; “We have these policies to protect users from potential harm. When an app violates these policies, we notify the developer of the violation and remove the app from Google Play until the developer brings the app into compliance.”

“And in the case where there are repeated policy violations, we may take more serious action which may include terminating Google Play Developer accounts. Our policies are applied and enforced on all developers consistently,” she added.

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Google Tez UPI-Based Mobile Payments App Launched with Easy to Use Interface

Anvinraj Valiyathara — Mon, 18 Sep 2017 08:57:55 +0000

Tez is the new mobile payments solution from Google. The Tez app has a simple design and has been made to make payments and funds transfer easily through it. The Google Tez app is available for both iOS and Android devices.

Google Tez relies on Unified Payments Interface (UPI) payment system developed by the Indian government that makes it convenient to carry out money transfer on a smartphone between two bank account holders. Hence, Tez can be used with all the major banks that support UPI in India. Apart from English, Tez supports Indian languages such as Hindi, Marathi, Gujarati, Bengali, Kannada, Tamil and Telegu.

One should be aware of the fact that It is not a mobile wallet like PayTM where users can store money on the app. Google Tez allows users to make transactions through the phone by deducting payments from the linked bank account.

Tez can be used for making online payments on any site that supports UPI payments. Currently, websites of Red Bus, PVR Cinema, Domino’s Pizza, Dish TV and Jet Airways support payments through Google Tez. Google is providing a cash reward of Rs. 51 to the sender and recipient on making first transaction.

How to Use Google Tez

After launching the app, users are required to enter the mobile number that is linked with their bank account. After registering, users need to select a Google account. An OTP (One Time Password) will be sent to the registered number. The registration process will complete after entering the OTP.

The next step is to secure Google Tez app with Google PIN and fingerprint scanning. Each time the app is opened, users will have to either enter PIN or scan their fingerprint in order to use it.. Next step requires users to add a UPI-supported bank account to the app. After entering the UPI code, users can start transferring money.

A feature called Cash Mode allows users to instantly transfer money to a nearby Tez user without sharing any sensitive information such as bank account or contact number. Funds can be also transfer using phone number, QR account and bank account number. The history of the transactions can be viewed through “All Transactions” tab. It also features Tez for Business for online sellers.

In a day, users can perform up to 20 transfers on Google Tez with a maximum transaction limit of Rs. 1,00,000. Google Tez moniker has been trademarked for countries like Indonesia and Philippines which indicates that the service would be available in Asian markets soon.

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