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A cybercriminal group with the alias ‘John Wick on Thursday said in a tweet that it did not hack <keyword id="4225623" type="PERSON" weightage="20" keywordseo="Paytm-Mall">Paytm Mall</keyword>, even as the group claimed responsibility for briefly hacking the Twitter account linked to Prime Minister Narendra Modi's personal website. <div type="Article" hostid="261" msid="77902203" title="Twitter account of PM Modi's personal website hacked — asks followers for Bitcoin and Ethereum donations" mstype="2" mssubtype="0"></div> "This account is hacked by John Wick (hckindia@tutanota.com), We have not hacked Paytm Mall," John Wick posted after taking over the Twitter account. The authenticity of the claims could not be immediately verified. The development comes after cyber-risk intelligence firm Cyble on August 30 wrote in a blog post that "John Wick" was able to upload a backdoor/Adminer on Paytm Mall application/website. The group gained unrestricted access to the entire databases of Paytm Mall, Cyble said in the blog post. "According to the messages forwarded to us by the source, the perpetrator claimed the hack happened due to an insider at Paytm Mall. The claims, however, are unverified, but possible," Cyble said. Paytm Mall said that the claims are "absolutely false". "We would like to assure that all users, as well as company data, is completely safe and secure. We invest heavily in our data security, as you would expect," a Paytm Mall spokesperson said in a statement. "We have been investigating the claims of a possible hack and data breach, and haven't found any security lapses yet. "We also have a Bug Bounty programme, under which we reward responsible disclosure of any security risks. We extensively work with the security research community and safely resolve security anomalies," the spokesperson said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/pm-modi-twitter-account-hacked-heres-what-the-hacker-had-tweeted/articleshow/77902203.cms">Twitter account of PM Modi's personal website hacked — asks followers for Bitcoin and Ethereum donations</a> <a href="https://www.businessinsider.in/tech/enterprise/news/rise-in-work-from-anywhere-will-lead-to-more-outsourcing-thats-an-opportunity-for-tcs-infosys-and-hcl-tech/articleshow/77864248.cms">TCS, Infosys and HCL Tech have the most to gain from post COVID wave of outsourcing</a> <a href="https://www.businessinsider.in/tech/apps/news/india-bans-pubg-wechat-and-118-other-mobile-applications/articleshow/77890776.cms">India bans PUBG, Ludo World, and 116 other Chinese mobile applications</a>

'John Wick' hacked PM Modi's Twitter handle to say they didn't hack Paytm Mall

Digital payments and services app <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> is working and will continue to work as usual even after February 29, its CEO <keyword id="20004114" type="General" weightage="100" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword> said on Friday. The founder and CEO of One97 Communications Ltd (OCL), which owns Paytm brand, on social media platform X said the company is committed to serving the nation in full compliance. "To every Paytmer, Your favourite app is working, will keep working beyond 29 February as usual," Sharma said. RBI has barred Paytm Payments Bank Ltd (PPBL) from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024. OCL holds a 49% stake in PPBL but classifies it as an associate of the company and not as a subsidiary. "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. India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it," Sharma said. The Paytm top management during an earning call on Thursday said they are working on a migration plan for PPBL, wallet, FASTag etc users with other banks. The company sees the RBI order to have an impact of Rs 300-500 crore on its annual operational profit as its customers will not be able to add money to their wallets, FASTag etc. Separately, the company informed that its offline merchants network offering and device business like Paytm Soundbox, EDC, QR are not impacted by the Reserve Bank of India's (RBI) direction to its associate bank. The fintech company will also continue onboarding merchants to its platform. "The Paytm Payment Gateway business (online merchants) will continue to offer payment solutions to its existing merchants. Other financial services such as loan distribution, insurance distribution and equity broking, are also not in any way related to Paytm's associate bank and are expected to be unaffected by this direction," the company said. Paytm said that the RBI order also does not impact user deposits in their savings accounts, wallets, FASTags and NCMC (National Common Mobility Card) accounts, and they can continue to use the existing balances. RBI has ordered PPBL to settle all pipeline transactions and nodal accounts (in respect of all transactions initiated on or before February 29, 2024) by March 15, 2024 and no further transactions would be permitted thereafter. Sharma during the call had said that RBI order is a "big speed bump" and shared that he could not understand the trigger for the move and he was not aware of the exact nuance that triggered the order. "On behalf of Paytm I can say it is more of a big speed bump but it is something that we believe that with partnership of other banks and capabilities that we have already developed, we will be able to see through in the next few days or quarters as the case will be," he had said.

Paytm app will continue to work beyond Feb 29 as usual: CEO Vijay Shekhar Sharma

In India, as of 2011, only 35% Indians had bank accounts. As of this month, Indian government’s effort under <keyword id="2493931" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojna">Pradhan Mantri Jan Dhan Yojna</keyword> led to 306 million JDY accounts opening since its launch in 2014. The mission to provide no-frills, no-minimum-balance bank accounts to every adult including the ones below the poverty line has been remarkably successful, to say the least. The premise of PMJDY was to lower bank transactions costs so that millions of Indians who lacked access to financial services could finally be financially included. The launch of another new service coupled with the increase in mobile data usage could prove to be a highway to not only get more Indians financially secure but also encourage savings and digital adoption. The watershed moment? <keyword id="3236791" type="ORGANIZATION" weightage="60" keywordseo="Paytm-payments-bank">Paytm Payments bank</keyword> has finally launched as India’s mobile-first bank with zero charges on all online transactions and no minimum balance requirement. <keyword id="6357120" type="PERSON" weightage="20" keywordseo="PayTM">Paytm</keyword> <keyword id="2324069" type="ORGANIZATION" weightage="20" keywordseo="Payments-Bank">Payments bank</keyword> will be a part of the popular Paytm wallet app. <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, CEO, Paytm said during the launch that the entire wallet business is currently contribution positive and by financial year 2018 he expects the Payments Bank business to facilitate one lakh transactions. Sharma still owns majority stake in the new bank, and the remaining share is owned by One97 Communications Ltd. Business Insider spoke to <keyword id="2807104" type="PERSON" weightage="60" keywordseo="Renu-Satti">Renu Satti</keyword>, CEO, Paytm Payments Bank who reaffirmed the company’s commitment to serving the large un-served and under-served population “We are committed to offering the most transparent, safe and trusted banking to masses and aim at onboarding 500 million people on the platform in the next three years." How does it compare Paytm Payments Bank has planned an investment of $500 million in KYC (Know Your Customer) operations and is setting up KYC centers across India to complete KYC for customers and make them eligible for a Payments Bank account. The bank will have 31 branches all over India by the end of this year. The bank also plans on opening ATM branches and 'people' branches for cash disbursements. The Payments bank is offering benefits like zero-balance account, free IMPS, NEFT, RTGS, and <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="UPI">UPI</keyword> transactions. Paytm Payments Bank account holders will also be eligible to earn an interest of 4 per cent on savings every month and offered a free insurance cover of up to Rs 2 lakh in case of death or permanent disability according to the company’s terms and conditions.The account holders of Paytm Payments Bank will get a free digital debit card after signing up but they can also ask for a physical Rupay card, which will cost Rs 100 excluding delivery charges. It also has some limitations like it can't offer financial products of their own as a business entity, but it can act as a business correspondent and partner with other financial institutions and banks to offer loans, fixed deposits, insurances and mutual funds. Paytm Payments bank is also providing customers with a physical cheque book and Passbook on request but <keyword id="2939236" type="PERSON" weightage="20" keywordseo="Satti">Satti</keyword> says that they will always be digital-first, “We have created a customer-centric product which will be easy to adopt on mobile. While we don’t want to limit our customers, we will ensure everything is available on the app itself.” Satti maintains that the bank will be soon start lending to create better access to easy loans and the Paytm Payments Bank aims to be EBITDA profitable in the next two years. “A great product should be easily adoptable and we want to make banking easy for the masses. We will also be launching loyalty programs to onboard the people who are already a part of the formal banking system," she signs off. Here are the charges the new digital bank will levy: ATM Transactions Non-metro Locations: 5 free every month; post that Rs 20/transaction Balance check: Rs 5/transaction Metro Locations: 3 free every month; post that: Rs 20/transaction Mini statement, Balance check: Rs 5/transaction Annual subscription for physical RuPay Debit Card: Rs 100 annually Cheque book (10 leaves): Rs 100 and delivery charges Charges on Paytm Wallet Paytm Wallet to <keyword id="6024275" type="ORGANIZATION" weightage="20" keywordseo="bank-transfer">Bank Transfer</keyword> - Basic Customer 3 per cent Paytm Wallet to Bank Transfer - KYC Customer 3 per cent

India’s first mobile bank with zero-fee online transactions and no minimum balance is on your Paytm app

Post demonetisation, the whole nation has understood that all you need to survive is your smartphone. You can literally buy candies and also transfer money with your smartphones and it’s also timesaving. 
 
"In the near term, wallets will do well as they are more popular,” Niren Shah, MD of Norwest Venture Partners, told ET. 
 So far, people have grabbed whatever is easily available to pay for coffee, bills, movie tickets, cab rides and just about anything, and here, m-wallet <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> has scored over others. 
 
Users comfortable with mobile wallets today could shift to an easier digital platform. 
 "Frictionless payments are the future,” R Venkatachalam, managing director for India &amp; <keyword id="52011" type="CITY" weightage="20" keywordseo="South-Asia">South Asia</keyword> at FIS Global, a global provider of financial services technology. That is, any payment mechanism which is effortless, without requiring users to remember too many passwords, PINs etc, perhaps biometrics-enabled, told ET. 
 
There's more to providing a smooth digital payment experience than aspects such as security and ability to attract customers who are used to transacting in cash and are reluctant to change. 
 
"Three things are important for any payment option - access, interoperability and financial sustainability of the operator,” said Anant Bhagwati, partner, Bain &amp; Company. 
 People are using mobile wallets as they offer the least hurdles to complete a payment. Paytm alone has 173 million users but they have limitations. They are not interoperable and transferring money requires sender and receiver to have the same company's account - it's Paytm to Paytm, <keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">MobiKwik</keyword> to MobiKwik and <keyword id="6377963" type="UNKNOWN" weightage="20" keywordseo="Freecharge">Freecharge</keyword> to Freecharge. 
 
And furthermore, the money transferred to a wallet does not earn interest. Small merchants such as owners of corner shops and neighbourhood kirana stores can't draw more than Rs 25,000 a month from a digital wallet, which affects cash flow. Even the founders of some mobile wallet companies are not so optimistic about their future if challenges like interoperability persist. 
 "That's why we don't call it a Paytm wallet - it's a Paytm account that people have with us,” <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, founder of Paytm, told ET. 
 The account could be a digital wallet, <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword> or anything else that is permitted. 
 
"The fight is about owning consumers and merchants - protocols can change,”, Sharma said. 
 
At present, wallet companies are not allowed to enable users to access UPI, which enables funds to be transferred from one bank account to another. By the end of 2017, it's quite possible that people could be ditching their digital wallets and opting for UPI or even voice commands to digital avatars to complete payments. 
 
"Wallets need to mature, evolve into something else and be interoperable to be relevant,” Bipin Preet Singh, founder of MobiKwik, a wallet company with 45 million users, told ET. 
 
In India, 27% of the more than 1 billion mobile phone users have smartphones - compared with 70% in China - and the rest use feature phones. Affordability, among other factors, has hindered the faster adoption of smartphones. The digital payment option for feature phones is USSD, or Unstructured Supplementary Service Data, which transmits data over GSM networks and is popular in Kenya, Bangladesh, Cambodia and Zimbabwe with their respective services, mPesa, bKash, Wing and EcoCash. 
 
Plastic Lacks Reach; UPI Fills Void If mobile wallets face multiple headwinds, one of the oldest cashless options - credit and debit cards - have limited reach. About 800 million people carry plastic (mostly debit cards, less than 10% are credit cards) and they are generally used to withdraw cash from ATMs. 
 
Today, digital wallets are popular. Tomorrow, direct payment systems will score over intermediaries such as mobile wallet and plastic money companies.

Mobile wallets will lose their popularity with time, here’s why

Next time you recharge your<a href="http://www.businessinsider.in/searchresult.cms?query=paytm&amp;sortorder=effectivedate"> Paytm</a> wallet through credit card, be ready for a 2% fee. The <a href="http://www.businessinsider.in/searchresult.cms?query=digital+wallets&amp;sortorder=effectivedate">digital wallet</a> will levy a 2% charge for adding money in the <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> wallet using credit cards but it will also give a <a href="http://www.businessinsider.in/searchresult.cms?query=cashback&amp;sortorder=effectivedate">cashback</a> of the equivalent amount. 
 
Paytm announced this in a bid to check users who were using Paytm to get free credit by using credit cards to top up their digital wallets and transferring the money back to their bank accounts at zero transaction cost. 
 
If you are adding money to the Paytm wallet through <a href="http://www.businessinsider.in/searchresult.cms?query=netbanking&amp;sortorder=effectivedate">netbanking</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=debit+card&amp;sortorder=effectivedate">debit cards</a>, no charges will be levied. 
 
"Paytm pays hefty charges when you use your credit card at card networks and issuing banks. If a user simply adds money and takes it to the bank, we lose money,” stated Paytm in a blog. 
 
Credit card users transacting on the Paytm marketplace, booking tickets and paying utility bills on the platform will not be charged any fee.

You Searched For "paytm account" and got 5 results

'John Wick' hacked PM Modi's Twitter handle to say they didn't hack Paytm Mall

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India’s first mobile bank with zero-fee online transactions and no minimum balance is on your Paytm app

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Mobile wallets will lose their popularity with time, here’s why

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Paytm levies 2% fee on adding money via credit cards. This is how it is compensating

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