Paytm Said to Seek RBI Licence to Start Money Market Fund

Paytm has applied for a licence to set up a money market mutual fund that will enable the company to expand its financial offerings to consumers.

According to sources, Paytm has applied to the Reserve Bank of India (RBI) to start the fund in the coming months, a move that will enable the company to increase revenues from financial services.

When contacted, Paytm declined to comment.

The primary objective of a money market fund is to invest in short-term securities.

The Alibaba and SoftBank-backed company had, last month, started its payments bank operations in the country and aims to garner 500 million customers by 2020.

Paytm Said to Seek RBI Licence to Start Money Market Fund

The company has earmarked an initial investment of Rs. 400 crores to build its banking network over two years.

 

Also, it launched ‘Digital Gold’ in April this year to allow its over 200 million users to buy and sell gold through its platform.

At the time of launch, Paytm founder and CEO Vijay Shekhar Sharma had said it was “the first step in Paytm’s journey in wealth management”.

Paytm seems to be drawing inspiration from its investor, Alipay that set up Yu’e Bao in 2013 that allows Alipay customers to convert the money in their accounts into units of a money market fund, offering them higher interest rates.

According to reports, Yu’e Bao had over $165 billion (roughly Rs. 1,06,565 crores) under management, making it one of the biggest money market funds in the world.

Paytm Payments Bank Integrates UPI to Simplify Transactions

Paytm has announced that the Paytm Payments Bank will adopt the Unified Payments Interface (UPI) to simplify transactions. The Paytm Payments Bank account holders will be able to send and receive money using an @paytmbank virtual payment address. Merchants that support UPI will also be able to accept payments from Paytm Payments Bank customers via this mechanism.

The company has not stated when this will be enabled, but it’s a somewhat moot point, as the bank is still only available via invitation – most people will not have an account as of now. Unlike the wallet, the Paytm Payments Bank can offer interest – and is in fact offering 4 percent interest on deposits – and can also issue debit cards, which can also be used for cash withdrawal from ATMs.

Wallet customers are not being automatically onboarded as bank customers. Paytm’s wallet does allow you to reload money using the UPI. When you go to the add money page, along with common options such as debit and credit cards, and netbanking, there is also a UPI option where you can enter your existing VPA, to send a cash request.

The Paytm Payments Bank on the other hand will allow you to create a new VPA, linked to that account or any other bank account that supports UPI, and allow you to send and receive money using your VPA.

Paytm Payments Bank Integrates UPI to Simplify Transactions
Airtel launched the first payments bank in India earlier this year, which offers 7.25 percent interest but does not have a debit card, so you can only cash out at certain Airtel retail stores. The company also stated that it plans to integrate with UPI, but has not so far.

“We will soon enable seamless creation of UPI IDs on our platform so that users can send and receive money to each other, and for merchant payments,” says Renu Satti, CEO, Paytm Payments Bank. “It will be one of the most important components of our payments platform and enable us to bring cost-efficient digital payment services to every Indian. Our significant consumer base makes us well-positioned to become a large issuer of UPI handles, driving its adoption in the country.”

 

Paytm Pre-GST Sale Offers: iPhone 7 and Other Great Deals

Paytm Mall is hosting a three-day long Pre-GST Sale, with cashback offers on products such as smartphones, televisions, laptops, cameras, and more. The Paytm Pre-GST Sale comes with cashback of up to Rs. 20,000 on select products such as DSLRs, up to Rs. 15,000 on laptops, and up to Rs. 10,000 on LED TVs. The Paytm sale started June 13 and will end on Thursday, and is an effort to push products before they become more expensive when GST kicks in.

Paytm Pre-GST Sale Offers: iPhone 7 and Other Great Deals

Paytm Pre-GST Sale offers on phones
Those looking for Paytm sale deals on phones will get flat 15 percent cashback offer on Vivo and Oppo phones with 5-inch or bigger displays, as well as those with 12-megapixel or above camera resolution. Similarly, there’s a flat 15 percent cashback on Gionee and Intex 4G phones, as well as Micromax and Gionee phones with battery capacity of 3000mAh or more. Spending Rs. 1,000 or above in the Paytm sale automatically makes the user eligible to win an iPhone 7 as part of a contest. The effective price of Google Pixel 32GB comes down to Rs. 34,339 in the Paytm sale courtesy the Rs. 6,060 cashback applicable on it.

The Paytm Pre-GST Sale page doesn’t ‘officially’ include deals on iPhones, but the company is providing cashback offers on iPhone 7, iPhone 7 Plus, iPhone 6s, iPhone 6s Plus, and iPhone 5s. Those buying iPhone 7 32GB will get Rs. 5,450 cashback, bringing down the effective to Rs. 40,733 from the listed Rs. 46.183. The 128GB iPhone 7 model gets Rs. 6,400 cashback, resulting in effective price tag of Rs. 46,788 instead of the Rs. 52,713; the 256GB iPhone 7 on Paytm comes with Rs. 7,000 cashback, meaning effective price of Rs. 50,900. All three variants of iPhone 7 Plus come with Rs. 7,000 cashback, meaning best price of Rs. 51,499 for 32GB, Rs. 58,799 for 128GB, and Rs. 72,698 for 256GB.

iPhone 6s 32GB carries cashback of Rs. 4,250, resulting in price tag of Rs. 32,416, while the 128GB iPhone 6s has 12 percent cashback on price tag of Rs. 54,999, meaning Rs. 48,400 effective price. iPhone 5s is available at effective price of Rs. 15,001 on Paytm with the Rs. 1,800 cashback available on the phone.

Paytm Pre-GST Sale offers on other products
As for Paytm sale deals on tablets, there’s up to Rs. 7,000 cashback on iPad models, and up to Rs. 1,500 cashback on iBall and Micromax tablets. Kindle e-readers also carry up to 15 percent cashback in the Paytm Pre-GST Sale.

The sale also has discounts on ACs (up to Rs. 8,000 cashback), and refrigerators (up to Rs. 10,000). Paytm’s Pre-GST Sale also has discounts on televisions from brands like LG, Samsung, and Sony. You can also get deals on Apple, Dell, and Lenovo and laptops. Additionally, other products such as Bluetooth speakers, footwear, and accessories are being sold at up to 50 percent off with additional 25 percent cashback. There’s 70 percent discount on offer on power banks (with up to 25 percent cashback) and up to Rs. 6,000 cashback on gaming consoles.

 

Paytm Pre-GST Sale Offers: iPhone 7 and Other Great Deals

Paytm Mall is hosting a three-day long Pre-GST Sale, with cashback offers on products such as smartphones, televisions, laptops, cameras, and more. The Paytm Pre-GST Sale comes with cashback of up to Rs. 20,000 on select products such as DSLRs, up to Rs. 15,000 on laptops, and up to Rs. 10,000 on LED TVs. The Paytm sale started June 13 and will end on Thursday, and is an effort to push products before they become more expensive when GST kicks in.

Paytm Pre-GST Sale offers on phones
Those looking for Paytm sale deals on phones will get flat 15 percent cashback offer on Vivo and Oppo phones with 5-inch or bigger displays, as well as those with 12-megapixel or above camera resolution. Similarly, there’s a flat 15 percent cashback on Gionee and Intex 4G phones, as well as Micromax and Gionee phones with battery capacity of 3000mAh or more. Spending Rs. 1,000 or above in the Paytm sale automatically makes the user eligible to win an iPhone 7 as part of a contest. The effective price of Google Pixel 32GB comes down to Rs. 34,339 in the Paytm sale courtesy the Rs. 6,060 cashback applicable on it.

Paytm Pre-GST Sale Offers: iPhone 7 and Other Great Deals

The Paytm Pre-GST Sale page doesn’t ‘officially’ include deals on iPhones, but the company is providing cashback offers on iPhone 7, iPhone 7 Plus, iPhone 6s, iPhone 6s Plus, and iPhone 5s. Those buying iPhone 7 32GB will get Rs. 5,450 cashback, bringing down the effective to Rs. 40,733 from the listed Rs. 46.183. The 128GB iPhone 7 model gets Rs. 6,400 cashback, resulting in effective price tag of Rs. 46,788 instead of the Rs. 52,713; the 256GB iPhone 7 on Paytm comes with Rs. 7,000 cashback, meaning effective price of Rs. 50,900. All three variants of iPhone 7 Plus come with Rs. 7,000 cashback, meaning best price of Rs. 51,499 for 32GB, Rs. 58,799 for 128GB, and Rs. 72,698 for 256GB.

iPhone 6s 32GB carries cashback of Rs. 4,250, resulting in price tag of Rs. 32,416, while the 128GB iPhone 6s has 12 percent cashback on price tag of Rs. 54,999, meaning Rs. 48,400 effective price. iPhone 5s is available at effective price of Rs. 15,001 on Paytm with the Rs. 1,800 cashback available on the phone.

Paytm Pre-GST Sale offers on other products
As for Paytm sale deals on tablets, there’s up to Rs. 7,000 cashback on iPad models, and up to Rs. 1,500 cashback on iBall and Micromax tablets. Kindle e-readers also carry up to 15 percent cashback in the Paytm Pre-GST Sale.

The sale also has discounts on ACs (up to Rs. 8,000 cashback), and refrigerators (up to Rs. 10,000). Paytm’s Pre-GST Sale also has discounts on televisions from brands like LG, Samsung, and Sony. You can also get deals on Apple, Dell, and Lenovo and laptops. Additionally, other products such as Bluetooth speakers, footwear, and accessories are being sold at up to 50 percent off with additional 25 percent cashback. There’s 70 percent discount on offer on power banks (with up to 25 percent cashback) and up to Rs. 6,000 cashback on gaming consoles.

 

Dial Toll Free Number to Use Paytm Without Internet, Smartphone

Paytm on Wednesday announced a new feature that will allow anyone to make payments using a Paytm wallet without Internet or smartphone. You will still need a smartphone (or access to a PC) in order to create your Paytm account, and link it to your phone number – and of course to load funds into the wallet. However, you will have the option to use Paytm without Internet or smartphone to make payments on a day to day basis. All you require is working phone – even if it is a feature phone.

Dial Toll Free Number to Use Paytm Without Internet, SmartphoneHow to use Paytm without Internet or smartphone?

To do this, Paytm has launched a toll free phone number – 1800 1800 1234 – you will have to call it from your registered mobile number in order to set your PIN. You’ll hear a voice message letting you know that you’ll get a call back to set the PIN.

After that, you can make payments using Paytm without Internet and smartphone by calling this number, typing in the phone number of the recipient, then the amount, and finally typing in your PIN for confirmation.

Where can this Paytm toll free number be used?

Although it’s not the easiest method for making payments, there could be a number of situations where this feature of using Paytm without Internet or smartphones is useful. For example, several of us have older relatives who still prefer to use feature phones for the simplicity of use. For such users, who are now forced to transact digitally owing to the demonetisation of Rs. 500 and Rs. 1000 notes, Paytm’s toll free number would be helpful. On the other hand, for people who are still using feature phones because they don’t have a smartphone, this number, along with a visit to a cyber cafe, could be very empowering. And of course, there are also people who might prefer to use this method rather than tap through multiple screens on an app.

However we have to point out that our first several attempts at getting through to Paytm to set a PIN were unsuccessful as the number was routinely busy. It took half an hour of trying before we were able to sign up for the service, and after that, payments were again a problem because the number was busy on the next few tries.

This might just be because of the initial rush for signups for the option to use Paytm without Internet and smartphone, but it paints a worrying picture – if someone is trying to make a payment using this method, they might not have access to other forms of online payments, and so if the system fails due to the number being busy, it would be a huge problem.

Paytm CEO Vijay Shekhar Sharma: We’re as Indian as Maruti

Image result for Paytm CEO Vijay Shekhar Sharma: We're as Indian as MarutiFacing criticism over significant Chinese ownership, Paytmfounder and chief executive Vijay Shekhar Sharma has asserted that the payments and e-commerce platform is “as Indian as Maruti” and prides itself on being a representative of the “India story”.

“We are as Indian as Maruti is…we are ‘India story’ in every sense whatsoever,” Sharma told .

The once-government controlled Maruti is now majority owned by Japanese carmaker Suzuki Motor Corp with a 56.21% stake as its sole promoter.

Paytm had hailed the ongoing demonetisation drive with advertisements displaying Prime Minister Narendra Modi’s picture, leading many critics to point out that its single largest shareholder is Chinese giant Alibaba, the world’s largest e-commerce player.

Sharma said Paytm goes out into the world as an Indian company that is of “pride” to India.

Paytm gets Rs 150 crore in offline transactions

“What matters to us is our customers, what matters to us is the law of land, regulator,” he said.

Alibaba Group and its affiliate Ant Financial pumped in $680 million into Paytm’s parent One97 Communications last year, taking its total shareholding to over 40% in the country’s largest mobile wallet operator with close to 160 million customers.

The criticism over ownership, circulated widely through instant messaging apps, sought to pick up on sentiment of banning Chinese products.

Sharma, however, appeared unfazed by the criticism, saying, “Everybody else has a way to say whatever they want to say. We don’t come to that level and reply.”

Paytm racks up Rs 120 crore in daily transactions after demonetization move

 

A recent report also said Chinese investors are looking to raise their stake to 70% in the company, which is at the cusp of launching a payments bank.

 

Reserve Bank guidelines say foreign shareholding in payments banks would be as per the prevailing FDI policies for private sector banks, which currently stands at 74%.