New Delhi/Mumbai: Paytm Payments Bank has stopped enrolment of new customers on its platform following observations made by the Reserve Bank of India, four people with knowledge of the matter said. Paytm stopped enrolling new customers on 20 June following an audit by RBI

While anecdotal and empirical evidence both confirm online shopping is becoming more popular, e-commerce businesses continue to bleed because consumers need to be pampered with discounts, report Anushree Bhattacharyya in New Delhi. The many rounds of sales that e-retailers launch during the year are a sign it is not easy to convince consumers to buy.

Paytm is on a major global expansion drive. After launching its wallet in Japan, sources said Paytm is planning to make an entry into Europe. However, things are at a nascent stage and plans of entering Europe might not kick off before next year. After gaining 300 million mobile wallet users in India, the firm has now expanded operations to Japan via PayPay Corporation, a joint venture established by SoftBank Corp and Yahoo Japan Corporation.

SoftBank Group Corp today said it will launch a digital payments service in Japan, and has partnered Paytm for the service. The service PayPay will be launched by SoftBank’s joint venture PayPay Corporation (with Yahoo Japan) in fall this year, SoftBank said in a statement. “PayPay Corporation will team up with India’s largest digital payments company Paytm, a SoftBank Vision Fund portfolio company, to utilise Paytm’s technology and expertise in mobile payments,” it added.

Major e-commerce and retail players, including Paytm, Future Group and Flipkart, are set to invest close to $100 million in procuring and incorporating entertainment content, in a bid to take on Amazon India.

According to sources, Paytm, which recently announced a host of new features in ‘Inbox’, its in-app messaging service, including live TV, news, cricket, entertainment videos and games, is planning to invest close to $30 million in this sector.

Major e-commerce and retail players, including Paytm, Future Group and Flipkart, are set to invest close to $100 million in procuring and incorporating entertainment content, in a bid to take on Amazon India.

According to sources, Paytm, which recently announced a host of new features in ‘Inbox’, its in-app messaging service, including live TV, news, cricket, entertainment videos and games, is planning to invest close to $30 million in this sector.

One97 Communications, which runs Paytm, has appointed former RBI Deputy Governor Rama Subramaniam Gandhi as an advisor. Gandhi will bring his years of knowledge and experience on payment systems, regulations, compliance and corporate governance, the company said in a statement. Gandhi was a member of the first Monetary Policy Committee.

Bengaluru: One97 Communications Ltd which owns payments app Paytm on Tuesday announced the acquisition of New Delhi-based technology start-up Cube26. The transaction size was not disclosed.

A Paytm statement said the acquisition will help the company upgrade user experience over its mobile platform.

BENGALURU: Digital payments major Paytm is all set to enter the physical point-of-sales terminal business and is planning to roll out PoS machines at merchant outlets across the country, according to two people in the know of the matter.

The payments player, which was using QR codes to ramp up offline digital payments, is now opening card payments at merchant locations as well.

Digital payments major Paytm today said it has crossed an annual gross transaction run-rate of USD 29 billion, driven by growth across mobile payments and bank transfers through its platform. A Paytm spokesperson said the company is witnessing strong growth in both mobile payments usage as well as transactions through bank transfers, which has been recently introduced. “We are already seeing a GTV (gross transaction value) run rate of USD 29 billion.

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