What To Know About Paytm’s New UPI Gateway
The shares of One97 Communications, the parent company of Paytm, rose over 12% intraday Wednesday after it announced that the NPCI has given clearance to re-commence onboarding new customers for the Unified Payments Interface service.
Shares of the company fell by 5.3% on Tuesday when it released its results for the second quarter. On Wednesday, the shares surged 8.4% to Rs 745 on the BSE, having touched Rs 771.25, the highest during the day. In a letter dated Tuesday to Paytm founder and CEO Vijay Shekhar Sharma, NPCI-which manages the UPI platform-said it has allowed Paytm to sign up new users for the payment service after it looked at the company’s application received on August 1. Paytm included the letter in its late-night regulatory filing on Tuesday.
NCPI’s approval will enable Paytm to start adding new customers through its partner lenders HDFC Bank, State Bank of India , Yes Bank, and Axis Bank. This may finally help Paytm get back on track in the consumer payments business and expand market share.
NPCI said Paytm must follow the Reserve Bank of India’s rules on digital payments, the NPCI rules for UPI payments, and also stick to the agreements it has made with its partner lenders.
Sharma also said he would focus on splurging money on promotions and cashbacks to get the users to begin using UPI with the Pay
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