The board of Paytm Payments Bank is independent and capable of addressing regulatory concerns, the chief executive officer of digital payments firm Paytm, formally known as One97 Communications Ltd, (OCL) said on Monday. I, personally or anyone from OCL, have no connection with the payments bank, Vijay Shekhar Sharma said at a webinar. There is an independent board taking care of everything and we have full faith in their capability. The Reserve Bank of India (RBI) in late January had...
The regulatory action on Paytm Payments Bank has brought the mobile wallet business of the entity, one of its most popular offerings, to a grinding halt. While it cannot add new customers as per the Reserve Bank of India diktat, transactions on the platform have fallen drastically over the last three months as consumers slowly move out of Paytm Payments Bank’s wallet ecosystem.According to data released by the RBI, Paytm Payments Bank reported 7.4 million fund transfer transactions in its...
The Judo Bank is now forecasting the Reserve Bank will raise interest rates three times in 2024. This would see borrowers paying the highest rates in almost 16 years.
Razorpay has launched its own Unified Payments Interface (UPI) infrastructure in partnership with Airtel Payments Bank. The new infrastructure, UPI Switch, boost success rates by 4% to 5%; handles up to 10,000 transactions per second at any given time; and enables five times faster access to UPI innovations for business, Razorpay said in a Wednesday (April 24) press release. “This […]
Digital payments company Paytm, which is owned by One 97 Communications, has completed its integration with four banks for Unified Payments Interface-based payment services, the company informed the stock exchanges on Wednesday.These four banks are State Bank of India, Yes Bank, HDFC Bank and Axis Bank. On March 14, National Payments Corporation of India, which manages UPI, had allowed Paytm to migrate into a third-party payment (TPAP) model with these four banks. Now the backend integration is...
According to RazorPay, UPI Switch is able to solve a lot of the currently faced by currently existing UPI infrastructure, as well as added capacity such as being able to handle 10,000 transactions per second, and resolving disputes within 24 hours as opposed to the industry standard of 7 days.
Iveco Group Chief Executive Gerrit Marx is leaving the Italian bus and truck maker to take the position of CEO of farm and construction machinery group CNH Industrial from July 1, the companies said on Sunday. Marx will replace Scott Wine who is leaving to pursue other interests, according to the company. Olof Persson will succeed Marx as Iveco chief, the company said. Iveco said last month it plans to focus on new and deeper partnerships for future growth, unveiling a five-year business plan...
Swiggy has confidentially filed its draft IPO papers with the capital markets regulator. Details on this and more in today’s ETtech Top 5.Also in this letter:■ Lenskart’s revenue jumps in FY23■ HCLTech, Mphasis Q4 results■ Capria closes India Opportunity FundSwiggy confidentially files draft papers for $1.25 billion IPO 109628842Sriharsha Majety, MD & group CEO, SwiggyFood and grocery delivery company Swiggy has taken the confidential route to file draft papers for an initial...
Happy Monday! The country’s central bank has asked payment companies to flag high-value suspicious transactions amid the ongoing general elections. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ Zomato hikes platform fee■ IT cos see employee wage cost rise■ Dhruva Space raises Rs 78 crore Track fishy transactions, RBI tells payment firms amid ongoing elections 109485600The Reserve Bank of India (RBI) has asked payment system operators (PSOs) to step up their checks on...
One97 communications, parent to Paytm, said it has “started transitioning ‘@paytm’ handles to the new Payment System Provider (PSP) banks.
Just three months after joining the ride-hailing firm, Ola Cabs CEO Hemant Bakshi has called it quits. Details on this and more in today’s ETtech Top 5.Also in the letter:■ Govt’s ONDC push on ecommerce sites■ HCLTech shares fall 6% post Q4 results■ ETtech Done DealsOla Cabs CEO Hemant Bakshi resigns; firm to lay off 200 employees 109697809Hemant Bakshi, outgoing CEO, Ola CabsOla Cabs’ chief executive Hemant Bakshi is quitting after just three months in the job, even as the ride-hailing...
Visa is seeing continued momentum in Tap to Pay and digital credential issuance, as consumers continue to spend on their debit and credit cards. CEO Ryan McInerney said on the call that overall payments volume in the second fiscal quarter was up 8% year over year (YoY), while U.S. payments volume was 6% higher YoY. International […]