Menu

Paytm

1t1f_jER_400x400

Paytm Payments Bank Appoints Surinder Chawla As MD And CEO

, , ,

The term for the appointment is three years

Paytm Payments Bank Limited (PPBL) on Sunday received approval from the Reserve Bank of India (RBI) for the appointment of veteran banker Surinder Chawla as its new Managing Director (MD) and Chief Executive Officer (CEO). The term for the appointment is three years. 

Chawla’s appointment comes as part of PPBL’s ongoing efforts to strengthen its leadership team, enhance its technology capabilities and drive financial inclusion in the country. Chawla brings with him experience in Retail Banking spanning over 28 years across marquee institutions such as HDFC Bank, RBL Bank, ABN Amro Bank and Standard Chartered Bank.

He is a merit-listed Chartered Accountant, who joins PPBL from RBL Bank, where he served as Head – Branch Banking and focused on expanding the CASA base, fee revenue, and cross-selling across channels. Prior to joining RBL Bank in 2013, Chawla spent about 12 years in key senior management positions at HDFC Bank, culminating in his role as Head of the Retail Liabilities Product Group. As Senior Executive Vice President at HDFC Bank, Mr. Chawla also worked as the head for the Southern, Eastern and Northern regions at different points in his career.

The appointment will become effective upon the completion of the requisite regulatory formalities, PPBL said in its BSE filing.

In a statement, Vijay Shekhar Sharma, Chairman of Paytm Payments Bank Board, said, “I am pleased to welcome Surinder to Paytm Payments Bank to drive our unwavering commitment to deepening financial inclusion and offering an exceptional mobile-first banking experience in India. His rich experience in banking and deep understanding of the Indian financial landscape will bring the necessary expertise to further empower Paytm Payments Bank’s mission.”

1t1f_jER_400x400

Paytm Loan Disbursements Witness 357% Growth YoY In Q3 FY23

, , ,

As a result, total disbursements for three months ended December 2022 was Rs 9,958 crore

As a result, total disbursements for three months ended December 2022 was Rs 9,958 crore.

Paytm on Monday said that it continued to see an accelerated growth with disbursements through its platform at Rs 3,665 crore in the month of December, growing 330 per cent year-on-year (YoY).

As a result, total disbursements for three months ended December 2022 was Rs 9,958 crore, a growth of 357 per cent YoY, the company said.

The number of loans grew 117 per cent YoY to 3.7 million for the month of December, and 137 per cent YoY to 10.5 million cumulative loans for the three months ended December 2022.

Meanwhile, Paytm’s total merchant GMV processed through its platform for the quarter ended December 2022 aggregated to Rs 3.46 Lakh crore (USD 42 billion), marking a YoY growth of 38 per cent.

Paytm in its BSE filing said that its Super App continued to see growing consumer engagement with the average MTU for the quarter ended December 2022 at 85 million, registering a growth of 32 per cent YoY.

The payments company also revealed that its offline presence strengthened in the Q3. “Number of merchants paying subscription for payment devices has reached 5.8 million as of December 2022, an addition of 1 million devices in the quarter ended December 2022,” the company said in its filing.

law

RBI Directs Paytm Payments Services Not To Onboard Online Merchants

, , , , , ,

The central bank has asked the company to take necessary approval for past downward investments from Paytm to the company in order to comply with FDI guidelines, through a letter. the company said that they may continue to onboard new offline merchants and offer them payment services along with All-in-One QR, Soundbox, Card Machines, etc

Indian digital payments and financial services company, Paytm notified the stock exchanges that the Reserve Bank of India (RBI) directed its subsidiary, Paytm Payment Services Ltd (PPSL) not to onboard new online merchants, on 26 November.

The company had filed an application for a payment aggregators license, to which it has now response.

The central bank has asked the company to take necessary approval for past downward investments from Paytm to the company in order to comply with FDI (Foreign Direct Investments) guidelines, through a letter.

By complying the two steps prescribed by the regulator, PPSL is eligible to apply for a payment aggregators license in coming 120 days.

Paytm in the exchange notification, said “This has no material impact on our business and revenues, since the communication from RBI is applicable only to onboarding of new online merchants.”

Also, the company said that they may continue to onboard new offline merchants and offer them payment services along with All-in-One QR, Soundbox, Card Machines, etc.

At the same time, PPSL may still continue to do business with existing online merchants, for whom the services will remain unaffected.

1t1f_jER_400x400

Paytm Q2 Loss Widens To Rs 571 Cr, Revenue Jumps 76%

, , ,

Their net payments margin stood at ₹443 Cr, increasing 15 per cent QoQ and was up 428 per cent YoY

One 97 communications, the parent company of Paytm payments services has come out with its Q2 results. Their revenue grew 56 per cent YoY and our their payment margin grew by over 400 per cent, on the back of platform expansion. However, their revenue loss stood at INR 571.5 crore for the quarter ending FY23, up from INR 473.5 crore the previous year. Their loss has narrowed from INR 645.4 crore in Q1FY23. 

Their payments business witnessed revenue growth of 56 per cent YoY (and 9 per cent QoQ) on account of continued platform expansion across MTU, merchant base, subscription merchants and GMV, continued growth in subscription (and MDR) revenues from our offline merchants, led by ramp-up of devices business, and higher GMV from online merchants in our payment gateway business revenue in payment services to consumers business was ₹549 Cr, increasing 55 per cent YoY, while that in payment services to merchants was ₹624 Cr, increasing 56 per cent YoY.

There was no UPI incentive recorded in this quarter, similar to Q1 FY 20231. Their net payments margin stood at ₹443 Cr, increasing 15 per cent QoQ and was up 428 per cent YoY. This was driven by improved monetization and continued improvements in payment processing charges. We are expanding our monetization base with the growth of users and merchants. Merchant subscriptions are an attractive profit pool for us, driving higher payment volumes, subscription revenues as well as merchant loan distribution.

1t1f_jER_400x400

Paytm ARR Witness 17% Surge To Nearly Rs 34,000 Cr In Sep

, , , , , , , , ,

Growth in Paytm’s total number of loans disbursals is nearly three times to about 9.2 million in the September 2022 quarter end. The figures from corresponding period from a year ago stood at 2.8 million

One97 Communications, a digital financial services firm, recorded nearly 17 per cent surge in annualised run rate (ARR) of loan disbursals, on 10 October. It’s ARR of loan disbursals stood at Rs 29,000 crore in August which rose nearly to Rs 34,000 crore in September. The digital financial services firm operates under the Paytm brand name.

The company during regulatory filing said, “Our loan distribution business (in partnership with top lenders) continues to witness accelerated growth with disbursements through our platform now at an annualised run rate of Rs 34,000 crore in September.”

Growth in Paytm’s total number of loans disbursals is nearly three times to about 9.2 million in the September 2022 quarter end. The figures from corresponding period from a year ago stood at 2.8 million.

Also, the loans disbursed through Paytm grew nearly six times to worth Rs 7,313 crore, from Rs 1,257 crore in the September 2021 quarter end.

The company also witnessed an increase of 39 per cent in its average monthly transaction user (MTU) to 7.97 crore on a year-on-year basis, for the September 2022 quarter end.

Also, according to the filing, the total merchant gross merchandise value (GMV), grew by 63 per cent to an aggregating to Rs 3.18 lakh crore on a year-on-year basis during the September 2022 quarter end. GMV is the total payments volume processed by the merchants.

20220315_094347

Investors Have No Access To Payments Bank Data: Paytm CEO

, , , , ,

Paytm Payments Bank, which facilitates transactions on mobile commerce platform Paytm, has over 300 million wallets and 60 million bank accounts, according to its website

Investors in India’s Paytm (PAYT.NS) do not have access to customer data of its payments bank, CEO Vijay Shekhar Sharma told Reuters in an interview on Monday, seeking to allay concerns over reports of user data being leaked to Chinese firms.

Paytm is backed by China’s Alibaba Group Holding (9988.HK) and its affiliate Ant Group.

The Reserve Bank of India last week barred Paytm Payments Bank from taking on new customers and ordered a comprehensive audit of its IT systems, citing “material” supervisory concerns observed in the bank, without elaborating further.

Paytm has denied a news report from Bloomberg that said earlier on Monday RBI found Paytm Payments Bank’s servers were sharing information with China-based entities that indirectly own a stake in the firm.

In an interview to Reuters, Sharma said no investor had access to the company’s customer data, and the country’s central bank had raised no concerns related to data storage or access.

“There is no access of any bank customer data to any person, of any nationality … RBI has (in its observations) not mentioned anything in relation to investors,” Sharma said.

Paytm Payments Bank, which facilitates transactions on mobile commerce platform Paytm, has over 300 million wallets and 60 million bank accounts, according to its website. Paytm is one of India’s most popular digital payments service.

Shares of Paytm slumped 13% on Monday after RBI’s move, with Macquarie Research analysts saying they expect a significant impact on Paytm’s brand and customer loyalty. read more

The RBI action is the latest setback for Paytm, which had a flop stock market debut of its $2.5 bln IPO in November. Its shares are down almost 70% from the issue price.

Sharma told Reuters “we are confident” of addressing RBI’s concerns at the earliest. The RBI has ordered a comprehensive audit of Paytm Payment Bank’s IT systems.

In a separate statement, a Paytm spokesperson said its payments bank data resides within the country.

The RBI did not immediately respond to a Reuters request for comment.

(Reuters)

20220215_101758

Paytm Gross Merchandise Value Doubles To Rs 83,481 Cr In January

, , ,

Digital payments and financial service firm Paytm on Monday said gross merchandise value (GMV) processed through its platform more than doubled to Rs 83,481 crore in January

Digital payments and financial service firm Paytm on Monday said gross merchandise value (GMV) processed through its platform more than doubled to Rs 83,481 crore in January.

Paytm’s GMV in January 2021 stood at Rs 41,000 crore, the company said in a regulatory filing.

The company disbursed 19 lakh loans amounting to Rs 921 crore in January, which was over threefold higher compared with four lakh loans worth Rs 212 crore that the company disbursed in January 2021.

The average monthly transacting users grew 40 percent to 6.89 crores in January, from 4.93 crores a year ago.

Shares of the company on Monday touched an all-time low of 860 apiece before finally closing at Rs 864 per share.

(PTI)

Rbi cfo

Paytm Payments Bank Gets RBI’s Nod For Scheduled Bank Status

, , , ,

As a scheduled payments bank, Paytm Payments can participate in government and companies’ request for proposals, fixed-rate and variable rate repos

Paytm Payments Bank has gained Reserve Bank of India’s (RBI) approval to function as a scheduled payments bank, it said on Thursday, helping it to expand its financial services operations.

As a scheduled payments bank, Paytm Payments can participate in government and companies’ requests for proposals, primary auctions, fixed-rate and variable rate repos, and reverse repos, along with participation in Marginal Standing Facility.

It will also be eligible to be a partner in government-run financial inclusion schemes.

Shares in One 97 Communications ended 2.6 percent higher in a broader Mumbai market that was up 0.3 percent.

Paytm founder and billionaire Vijay Shekhar Sharma owns 51 percent of Paytm Payments Bank, while the rest is held by One 97 Communications Limited.

Paytm Payments Bank, a niche bank aimed at widening financial inclusion, still cannot lend or issue credit cards on its own.

It had more than 64 million savings accounts and over Rs 5,200 crore deposits, including savings accounts, current accounts, and fixed deposits with partner banks at the end of March this year.

(Reuters)

20211122_141142

LEAD Ropes In Rohit Thakur As CHRO

, , , ,

Rohit, the former CHRO at India’s leading fintech firm Paytm, will play a pivotal role in taking forward LEAD’s vision of transforming the arc of education for 1.5 million schools and 260 million school-going children in India.

India’s premier SchoolEdTech major LEAD today announced the appointment of Rohit Thakur as Chief Human Resource Officer (CHRO).

Rohit, the former CHRO at India’s leading fintech firm Paytm, will play a pivotal role in taking forward LEAD’s vision of transforming the arc of education for 1.5 million schools and 260 million school-going children in India.

At LEAD, Rohit will also be responsible for spearheading employee engagement, talent management and development, stakeholder engagement, internal communication, compliance, and health and safety environment.

Welcoming Rohit to the core leadership team, LEAD Co-founder and CEO Sumeet Mehta said, “We are building a culture where people learn a lot, grow a lot, make a massive impact on this world and build lifelong relationships while doing all this. Rohit is a well-respected and principled leader who has built teams and organization culture in both large multinationals and start-ups. Both Smita and I are thrilled to have Rohit partner with us in making LEAD a great place to be in!”

On his new role, Rohit Thakur said, “I am thrilled to join LEAD, which has been at the forefront of transforming conventional schooling in India. It has brought several industry-first innovations since its inception. I am passionate about building a thriving company culture at LEAD and look forward to begin working in this new capacity and contributing to the company’s growth journey.”

Rohit has headed HR functions for various organisations. Besides Paytm, he has worked with Microsoft India, where he served as head of human resource. He spent 11 years at General Electric in various HR leadership roles across multiple businesses such as energy, capital, engineering, corporate and aviation, both in India and the US. He was also associated with Eicher Tractors, Cadence Design Systems and Bausch & Lomb.

An MBA from XLRI, Rohit’s appointment is yet another step in strengthening LEAD’s core team.

Load More