Paytm has received NPCI approval to onboard new UPI users, following regulatory guidelines, after RBI restrictions halted the process earlier. One97 Communications also reported a Rs 928.3 crore net profit.
One97 Communications, parent of Paytm, posted a net profit of Rs 928.3 crore for the quarter ending September 2024. The profit was bolstered by the sale of its entertainment ticketing business to Zomato. The company’s revenue from operations dropped 34.1 percent year on year. However, the revenue for payments and financial services showed sequential growth.
Paytm reported a consolidated profit of Rs 928.3 crore for the quarter ended September 2024, largely due to a one-time gain in its ticketing business with Zomato. The company aims to revive its customer base, expand merchant payment innovations, and increase financial services revenue while adopting a compliance-first approach after RBI action earlier this year.
The Indian government collaborates with fintech companies to develop a new AML system targeting local financial frauds. This initiative involves geotagging transactions, forming a suspicious registry, and quicker fraud recovery, complementing existing mechanisms like CFCFRMS and involving new regulatory and cybersecurity measures.
The company is leveraging diversified revenue streams, process automation, and cost efficiencies to solidify its market leadership and maintain profitability, according to its annual report for 2024.
Fintech major PhonePe on Monday said it is committed to transparency and accountability while showcasing its approach to delivering innovative financial solutions for the Indian market.
The business, which will be operated by its subsidiary PB Financial Account Aggregator, will assist Paisabazaar access the financial data of customers to help it make informed decisions.
PhonePe has reduced customer support staff by 60% in five years, leveraging AI-driven chatbots to resolve over 90% of issues, amidst a 40-fold transaction increase. Despite challenges like the zero MDR law and the COVID-19 pandemic, this automation helped PhonePe achieve profitability.
Maldives President Mohamed Muizzu has established a consortium to introduce India’s Unified Payments Interface (UPI) in the Maldives, aiming to enhance financial inclusion, transaction efficiency, and digital infrastructure. This initiative follows recommendations from the Cabinet and agreements made during External Affairs Minister S. Jaishankar’s visit to the country.
One97 Communications, which runs Paytm, is set to see increased revenue growth in the second quarter of 2024. However, its losses are likely to widen to Rs 660 crore. Despite this, losses should decrease from the previous quarter due to growth in payment services to merchants and financial services.
