Saturday, June 03, 2023
Outlook India
Outlook Business

One97 Communications

The digital payments unicorn has its work cut out if it wants to convince investors that it is on a sustainable profitability track, which warrants its valuation

In an exchange filing, the company said that Gupta will be responsible for leading the unicorn's verticals of lending, insurance, payments

Paytm's average monthly transacting users (MTU) increased by 27 per cent to 9 crore during the March 2023 quarter from the 7.1 crore it registered in the year-ago period

The new appointment is routine for listed companies and is in accordance with the Companies Act

Paytm requires a permit to operate its payment gateway business through which it facilitates payments to various merchants

The company said the new platform can handle 10 times more payments traffic compared to its older platform

The transaction includes availing of services of up to Rs 1,550 crore from the Paytm Payments Bank and rendering of services of up to Rs 1,700 crore to the bank

According to the report, a Paytm user has made transactions in 106 cities across 20 states

While increasing regulation can be a cause of uncertainty, there are several ways in which the fintech can leverage its existing merchant base

The Japanese conglomerate had invested $1.6 billion in Paytm and had sold stakes worth $220 billion to $250 billion last year