Paytm Money — the mutual fund investment arm of Paytm has partnered with independent investment research firm Morningstar’s India subsidiary Morningstar Investment Adviser India to offer ‘Morningstar Investment Packs’ to its users on the Paytm Money app.
The offer brings a portfolio of five mutual funds, which are supported by Paytm Money’s ‘risk suitability assessment’, and customers (investors) are recommended right ‘pack’ based on their individual risk profiles, the company said in a statement.
Online retailer Amazon has invested Rs 450 crore in its digital payments arm Amazon Pay (India). The funding would help the Seattle-based company tap India's booming digital payments market and compete with Walmart-owned PhonePe, Alibaba-backed Paytm, and Google's mobile payment service Google Pay.
The funding came from Singapore-based Amazon Corporate and Mauritius-based entity Amazon.com, according to regulatory documents filed by Amazon, which were sourced from business intelligence platform Tofler.
Paytm Payments Bank has received a target of 501.16 crore digital transactions for the financial year 2019-20 from the Ministry of Electronics and Information Technology (MeitY), higher than the targets set for major banks including HDFC Bank, ICICI Bank and Punjab National Bank.
Vijay Shekhar Sharma founded Paytm now dominates online transactions with it having half of the share of the market among rival gateways. Driving its growth are leading brands which include Reliance Jio, Uber, Zomato, OYO, Dominoes and IRCTC, and others, as the majority of the digital transactions are done for these brands, Paytm said in a statement. Also, Paytm Payments Gateway (PG) has seen a three-fold jump in the number of transactions in the last year.
Paytm Payments Bank Limited (PPB) Thursday said it has turned profitable within its second year of operation, reporting a profit of Rs 19 crore for the financial year 2018-2019. PPBL claimed to lead mobile banking transactions with over 19 per cent market share as of March 2019.
“Nearly a third of the total mobile banking transactions in India are powered by PPB and it processes over Rs 3 lakh crore worth of digital transactions on an annualised basis,” the company said in a statement.
Paytm Mall has unearthed a fraud of up to Rs 10 crore following a probe into a large percentage of cashbacks earned by small merchants and de-listed hundreds of sellers from its platform apart from sacking many employees.
Regarding the feasibility of businesses providing freebies, Paytm's chairman and chief executive Vijay Shekhar Sharma said the cashback model is sustainable.
Paytm’s e-commerce platform Paytm Mall has entered into a partnership with Ernst and Young before its touted global release, Paytm Mall said in a statement. With this, the company looks to build a fraud prevention system for its customers and partners alike. The 2016 founded company “will undertake frequent audits to identify, analyse and monitor various in-built and outsourced processes to recommend global practices,” which will be deployed in building “Technology-driven Fraud Prevention System”.
E-commerce payment company Paytm today announced the launch of recurring payments service for online merchants to allow them to automate the collection of payments for subscription services they offer to their customers. The company claimed to process over 400 million monthly transactions through its payment gateway for merchants. Paytm Payment Gateway competes with PayU, Razorpay, JusPay, Instamojo, BillDesk, CCAvenue etc., in India.
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