The Paytm and SBI Card partnership, which began in 2020, is now expanding with the addition of National Payments Corporation of India’s RuPay, as all three home-grown brands join forces to further drive the growth of inclusive, digital-first financial services in the country.
Paytm’s executives said that India is at the cusp of the next payments revolution where credit will become the mainstream payment choice.
In January 2023, Paytm has gotten approval from the Reserve Bank of India (RBI) to operate as a Bharat Bill Payment Operating Unit (BBPOU). So far, Paytm has been undertaking this activity under in-principle authorisation from RBI.
Under Bharat Bill Payment System (BBPS), a BBPOU is allowed to facilitate bill payment services of electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill, and municipal taxes. BBPS is owned by the National Payments Corporation of India.
Company officials said that PPBL has got the final approval from RBI to operate as Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007. As an entity under Bharat Bill Payment System (BBPS), PPBL has got the final authorisation to conduct bill payment and aggregation business as a BBPOU.
Alibaba has sold a 3.1% stake in India-based digital payments company Paytm worth USD 125 million through a block deal. The deal has reportedly taken place on 12 January 2023 and shares of the company fell as much as 8.8% to USD 6.38 in afternoon trading, and was last down 5.8%, as stated by Reuters.
Paytm, formally known as One97 Communications, listed in 2021 following a mega USD 2.5 billion initial public offer (IPO). From that point onward, the stock had plunged approximately 75% from its IPO offer following investors’ questioning of the company’s monetisation plans amid worries regarding exceedingly high valuations of tech companies and fears of a global economic recession.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now