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Tag: Paytm

SBI, Paytm Payments Bank, PhonePe lead in UPI transactions in Feb

SBI, Paytm Payments Bank, PhonePe lead in UPI transactions in Feb

Finance
was the top remitter on the UPI platform in February, while Paytm Payments Bank led the chart in the beneficiary segment, as per data published by the National Payments Corporation of India. PhonePe topped the app category on the UPI platform in terms of volume and amount involved in the transactions that it facilitated. According to the data published by NPCI, State Bank of India (SBI) recorded 656.92 million remittance transactions in February, that is money was sent out from the bank using the UPI platform. It was followed by HDFC Bank with 207.27 million remittance transactions, Axis Bank (164.27 million), Paytm Payments Bank (149.32 million) and ICICI Bank (148.98 million). Paytm Payments Bank led the UPI beneficiary category with 389.24 million transactions, which means money was...
Paytm logs 400 million transactions a month

Paytm logs 400 million transactions a month

Finance
BENGALURU: The digital payments and payments gateway business are picking up steam. Paytm, the largest digital payments company in India, said it was processing more than 400 million transactions every month. Paytm also claimed it was five times bigger than its closest competitor. It has seen threefold growth in the number of transactions over the last one year, Paytm told ET. The payments firm, backed by Soft-Bank and Alibaba, is pushing hard on the payments processing business as well, which is not much of a consumer-facing sector but works closely with ecommerce companies to help them accept payments remotely. “We continue to witness impressive growth in transactions through the Paytm Payment Gateway across fast-growing categories such as transportation, food delivery, gaming as well as...
Paytm launches credit card in partnership with Citigroup

Paytm launches credit card in partnership with Citigroup

Finance
MUMBAI: India's top digital payments firm Paytm on Tuesday launched a credit card with Citigroup, widening its financial product base while giving its banking partner an opportunity to vastly expand its credit card customer base in the country. The new card should help Paytm stay a step ahead of rivals in the fiercely competitive digital payments market in India where companies from Alphabet Inc-owned Google to Walmart-owned PhonePe, are all scrambling to grab a piece of the digital payments pie that is projected to grow to $ 500 billion by 2020, according to the Boston Consulting Group. For Citi, it is a big opportunity to extend its retail presence in India. Even if only 1% of Paytm's over 300 million customers use the new credit card, that's a huge number, Stephen Bird, Chief Executive,...
After Paytm, Amazon starts physical KYC verification

After Paytm, Amazon starts physical KYC verification

Finance
BENGALURU: Deep-pocketed financial technology players are setting up physical infrastructure to provide know-your-customer (KYC) services for users, following the Supreme Court verdict restricting Aadhaar usage by private entities. Paytm has done it: It put a number of executives on-ground to nudge users to complete their KYC process after the verdict. Now, Amazon has started rolling out doorstep KYC services for its e-wallet users. Verifying user credentials physically is costly, but after the SC verdict, these companies have few options left to safeguard their existing user-base and add new ones. With Aadhaar, it was a simple matter of swiping a finger on a fingerprint reader. Physical verification involves submitting physical documents and having people verifying the authenticity of th...