Paytm has refuted reports claiming an investigation by the Enforcement Directorate on the company, saying that the federal agency is neither investigating One97 Communications, owner of the Paytm brand, nor its founder and CEO, Vijay Shekhar Sharma, for money laundering.
In light of recent discussions surrounding inquiries by the Enforcement Directorate, a spokesperson for Paytm Payments Bank today provided clarity on the matter. The spokesperson affirmed, "One 97 Communications Ltd and Paytm Payments Bank operate with the highest ethical standards. We can c
Paytm, the pioneer of QR and mobile payments in India, has said that its app is working and will continue to work after February 29 as well, adding that the directive issued by the Reserve Bank of India (RBI) will affect only its associate bank and not the fintech company.
"I with every Paytm team member, salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance," Sharma said in a X post.
Vijay Shekhar Sharma, founder and CEO of Paytm has said that the company will continue to decline and decrease the dependency on its associate bank and will see through by accelerating its partnership with other banks.
Paytm Payments Bank Limited ("PPBL"), an associate of OCL (One 97 Communications Limited), has received RBI directions. Paytm Payments Bank is set to expand its existing relationships with leading third-party banks to distribute payments and financial services products
No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime.
This was to allow customers to checkout as a guest without saving sensitive card details on an e-commerce or merchant website for a transaction, the fintech firm said in a release.
Registering a robust growth in its consumer base, the company has reported the average monthly transacting users (MTU) at 9.4 crore for the quarter to date (average for July and August 2023), up 20 per cent on a year-on-year basis.
One97 Communications Limited on Monday informed the exchanges that its wholly-owned subsidiary Paytm Payments Services has appointed S.R. Batliboi & Associates as its auditor.
The company has achieved a new milestone in merchant payments with 79 Lakh devices deployed while the Gross Merchandise Value (GMV) for the quarter (for three months ended June 2023) stood at Rs 4.05 lakh crore, a growth of 37 per cent year-on-year (YoY).