E-commerce player Paytm Mall has raised about Rs 29 billion from SoftBank Investment Holdings and Alibaba.com Singapore in a deal valuing Paytm’s online shopping venture at $2 billion.

According to a regulatory filing by Paytm Mall, an aggregate amount of $400 million (about Rs 26 billion) has come from SB Investment Holdings (UK) and its affiliates, including SoftBank Vision Fund.

Leading payment gateway Paytm has revamped its app with updates which personalise the user’s experience and makes money transfer simpler and faster. It is offering instant transfers to Paytm Payments Bank, Paytm wallet and any bank account for a charge of zero per cent.

Paytm has moved from being a wallet to a full stack payments provider by offering multi-source and multi destination solutions. Combined with its reach to seven million offline merchants, it has achieved a billion transactions per quarter, the company claimed.

All public sector banks have verified LoUs issued by them, and there are no other unauthorised authority letters except for those issued by Punjab National Bank, a senior SBI official said here today.

Billionaire jeweller designer Nirav Modi and his uncle Mehul Choksi in connivance with certain bank officials allegedly cheated the PNB of Rs 12,968 crore through fraudulent Letters of Undertaking (LoUs).

Bengaluru: Mobile application based financial services platform Paytm has announced the launch of two new services—Gold Gifting and Gold Savings Plan as part of its wealth management offering, Paytm Gold.

The company said the customers can now send 24K 999.9 purity gold to each other instantly - offering them a convenient gifting solution. It said that more than 60% of Paytm Gold purchases are from tier two and three cities with millennial constituting the majority.

Mobile-first fintech major Paytm is planning a major push in the financial services sector. In the next few months, the Vijay Shekhar Sharma-led company is planning to launch services including mutual funds, general insurance, life insurance and a number of banking services via its payments bank.

The firm, owned by One97 Communications, is also providing the option to transact offline with a physical debit card.

With digital transactions on the rise, Paytm recently announced that it is providing food wallet solution to over 550 companies across the country. Paytm food wallet which was launched somewhere around April last year is now serving companies like L’Oreal, Hero Motocorp, Quess Corp, KPIT, Allsource Technologies, Shoppers Stop, GAP, Big Basket and OML among others.

A week after Vijay Shekhar Sharma-led Paytm staked claim to being the country’s largest Unified Payments Interface (UPI) platform, Flipkart’s digital payments arm PhonePe has hit back saying that Paytm’s claim of being the leader is "uni-dimensional and misleading".

In a blog post published on Thursday, PhonePe said that while Paytm had a larger volume of transactions on UPI, the average value per transaction on Paytm was paltry in comparison to its own.

BENGALURU: Having received the approval of the Securities and Exchange Board of India (Sebi) last week, Paytm Money is all set to commence operations in the next six to eight weeks along with a dozen or so asset management companies (AMCs).

BENGALURU: Consumers can still load money into a Paytm wallet even if they haven’t completed their Know-Your-Consumer (KYC) formalities. Paytm appears to be working around the latest directive of the RBI for mandatory KYC, where users can load money into their accounts through gift vouchers on the platform.

But these gift vouchers won’t let you send money to others or send it back to your bank accounts.

Digital payment major Paytm announced that it has registered 68 million Unified Payments Interface (UPI) transactions in February, 2018, thus emerging as the largest contributor to the overall volume of UPI transactions.

In December last year Paytm had contributed 33 million to the overall transaction volume for UPI, which rose to 51 million in January 2018 and 68 million in February.

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