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New Delhi: Online food delivery platform <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="83" meta.entityid="Zomato">Zomato</keyword> will acquire <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="83" meta.entityid="Paytm">Paytm</keyword>'s entertainment <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business for Rs 2,048 crore to strengthen its "going-out" segment in a deal that will help the troubled fintech firm to sharpen its focus on core payments and financial services distribution. Paytm's entertainment ticketing business covers movies, sports, and events (live performances). The boards of Zomato and One 97 Communications Ltd (OCL) have approved the all-cash deal. As part of this agreement, OCL's entertainment ticketing business will transfer business to its 100 per cent subsidiaries Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), followed by the sale of 100 per cent stake in these subsidiaries (which operate the TicketNew and Insider platforms) to Zomato. Subsequently, Zomato will spin off the new business into a new app called 'District'. Under the deal, Zomato will fully acquire Orbgen Technologies Pvt Ltd (OTPL), which is into movie ticketing, for Rs 1,264.6 crore and buy Wasteland Entertainment Pvt Ltd, which is into events ticketing for Rs 783.8 crore. The combined entertainment ticketing business has a scale of Rs 297 crore in revenue and Rs 29 crore in adjusted EBITDA in FY24. "The transfer will also include around 280 existing employees from the entertainment ticketing business," OCL said in a statement, adding that the transaction generates significant profits for Paytm and cash proceeds will further strengthen the balance sheet. Announcing the deal, Paytm said it allows the fintech to strengthen its focus on core payments and financial services distribution. Paytm said with its strong focus on long-term value creation, the company remains confident in substituting revenue from its entertainment ticketing business by expanding core business areas of payments and financial service distribution. "This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders," a Paytm spokesperson said. On the other hand, Zomato Managing Director and CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> in a letter to shareholders said, "The proposed acquisition helps us add more scale and offer newer use-cases (like movie and sports ticketing) to our customers in this segment". Zomato believes the deal makes it more relevant to its customers and gives an opportunity to spin off the business into a new app. "We are going to call it District, which could be a game changer for each of these use cases given the need for a single brand as a destination in this segment," Goyal added. Zomato is keen to position 'District' as the brand that consumers turn to when they are thinking of going out, he added. OTPL was incorporated on November 23, 2007, in India. It is in the business of listing and sale of movie tickets and other services. It had a turnover of Rs 13.14 crore in the fiscal ended March 31, 2024. WEPL was incorporated on December 21, 2015. It is in the business of listing and sale of event tickets and other services. Its turnover in the FY24 was Rs 236.03 crore. Paytm said the move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution. "In recent quarters, the company has also expanded its offerings in insurance, equity broking, and wealth distribution, with a significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player," Paytm said. During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners. Paytm said the deal underscores its success in building businesses and creating value for shareholders. Zomato's Goyal said the District app is expected to be launched anytime in the next few weeks. Post this acquisition, he said Zomato's going-out business would be spread across multiple different platforms. Its existing going-out business (dining-out + event ticketing) would continue to run on the Zomato app, and the acquired business -- movie, sports and event ticketing -- would continue to run on Paytm's main app for a transition period of up to 12 months, along with Insider and TicketNew apps. Both of these would get transferred to Zomato as part of the transaction. District app will duplicate the offerings above and over time, we will gradually nudge our customers to move from the Zomato, Paytm, Insider, and TicketNew apps to the District app. "Once most customers start transacting on the District app, we will remove the duplication and shut down this business on all the other apps. Eventually, there will just be a button to launch the District app on the Zomato app (like it is for Blinkit today) so that we continue to tap into the large customer base of Zomato," he added.

Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

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

<keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> is a pioneer of QR-based and mobile payments and the <keyword id="1736801" type="General" weightage="20" keywordseo="paytm-app" source="Orion">Paytm app</keyword> has become a one-stop-shop for all kinds of <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">payments</a> online over the years. The platform allows users to shop online, make payments using UPI, book tickets, recharge mobile phones and much more. The platform that began India’s fintech revolution is more than just a general payments app today, and one of its most useful functions is in managing and paying <keyword id="133020" type="General" weightage="20" keywordseo="credit-card-bills" source="Orion">credit card bills</keyword>. Paying credit card bills on Paytm is simple, easy and functional. It can remind you when it’s time to pay, and can be used to pay multiple bills at the same time. Here are some reasons you should use the Paytm application to pay <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">credit card bills</a>. <ul><li>The Paytm app makes credit card payments easy by allowing users to add multiple cards to the app and remember them.</li><li>By adding multiple cards, the app also allows users to pay for all the credit cards at the same time. The Paytm app allows you to pay your credit card bill for all banks across Visa, Mastercard, Rupay, American Express, and Diner card portfolios.</li><li>The app also provides rewards, cashback, and flexible payment methods for users to pay credit card bills.</li><li>While bank applications usually use NEFT or IMPS methods for bill payment, the Paytm app throws UPI into the mix.</li><li>The Paytm app also allows the user to set reminders for bill payments, so they don’t miss the due date.</li></ul>How to make payments using Paytm app If you don’t have a <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">Paytm </a>account, you need to download the app on your iOS or Android smartphone and create one. Once that is done, you can go to the ‘recharge &amp; bill payment’ section on the Paytm app and select the ‘<keyword id="1069333" type="General" weightage="20" keywordseo="credit-card-payment" source="Orion">credit card payment</keyword>’ option. The app will ask you to enter the credit card number when you make a payment the first time, but it can remember the card after that. With the Reserve Bank of India’s (RBI) new guidelines in place, the cards will be saved with Visa, Mastercard, or another card issuer, and Paytm won’t actually store the details on its own servers. Once the card number is entered, the user will need to click ‘proceed’, to allow the app to automatically detect the bill amount by contacting your bank. The next step is simply to select one of the payment modes — UPI, net banking, debit card, etc — and make the payment. A decade ago, people had to go to an ATM and drop a cheque to pay their credit card bills, but the Internet made that simpler. And now, apps like Paytm are making this process easier by bringing different cards and different payment methods to the same medium. Add features like late fee protection and reminders on top, and you have perhaps the best way to make credit card payments. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Paytm makes it easier to pay credit card bills – here are five reasons why you should be using it

<keyword id="10387" type="General" weightage="100" keywordseo="microsoft" source="Orion">Microsoft</keyword> on Tuesday onboarded governments open network for digital commerce (<keyword id="5862596" type="General" weightage="20" keywordseo="ondc" source="Orion">ONDC</keyword>), with an aim to introduce social e-eommerce via its app in the Indian market. The tech giant plans to launch a <keyword id="2532086" type="General" weightage="20" keywordseo="shopping-app" source="Orion">shopping app</keyword> for the <keyword id="471072" type="General" weightage="20" keywordseo="indian-consumers" source="Orion">Indian consumers</keyword>, along with their social circle, harnessing the ONDC network to discover the best pricing among retailers and sellers. "By utilising the strength of our open network users, Microsoft, too, can implement their creative ideas like social commerce swiftly, said T Koshy, MD and CEO, ONDC. By 2030, the Indian e-commerce industry is anticipated to reach a market size of $400 billion, increasing at a 19 per cent compound annual growth rate (CAGR). "Initiatives like ONDC can be a game changer amid this boom. Their UPI-like network for digital commerce is a win-win for both buyers and sellers as it will enable them to connect without dependency on any eCommerce solution, said a Microsoft spokesperson. With ONDC, a Unified Payments Interface (<keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword>)-type initiative of the <keyword id="6416832" type="General" weightage="50" keywordseo="ministry-of-commerce-and-industry" source="Orion">Ministry of Commerce and Industry</keyword> to promote open networks, the government is trying to create the largest interoperable open platform in a bid to break e-commerce monopolies and build a more democratised digital marketplace by bringing micro, small, and medium enterprise as well as small traders online. Companies like Dunzo for Business (D4B), Go Frugal, <keyword id="14675799" type="General" weightage="20" keywordseo="paytm-digit" source="Orion">Paytm, Digit</keyword>, PhonePe and Loadshare has joined the ONDC network. E-commerce platform Snapdeal is set to debut on ONDC this month. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/germany-confirms-first-monkeypox-case-in-a-child/articleshow/93451733.cms">Germany confirms first monkeypox case in a child</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/coinswitch-launches-10-million-web-3-discovery-fund-to-invest-in-early-stage-indian-startups/articleshow/93452169.cms">CoinSwitch launches $10 million Web 3 Discovery Fund to invest in early-stage Indian startups</a>

Microsoft onboards ONDC to launch shopping app for Indian consumers

<ul><li>The <keyword id="1736801" type="PERSON" weightage="20" keywordseo="Paytm-app">Paytm app</keyword> has been removed from the <keyword id="6369511" type="UNKNOWN" weightage="20" keywordseo="google-play-store">Google Play Store</keyword> for violating policies related to unregulated gambling apps.</li><li>Users who already have the app on their phone will not be affected by this.</li><li>Smartphone makers like Xiaomi, Samsung and Oppo offer their own app store on their devices.</li><li>The Paytm app can be downloaded using these app stores. </li></ul>Google has removed popular payments and wallet app Paytm from the Play Store, claiming that the app has violated the search giant’s gambling policies. The reason reported for the removal of the app is that Google doesn’t allow ‘unregulated gambling apps that facilitate sports betting’. Paytm in a <a href="https://twitter.com/Paytm/status/1306885530697830400">statement</a> has said that the user’s money is safe and those who already have the app on their device will be able to use the app without any issues. However, if you are looking to install the app, there’s still a way for you to do so. In addition to the Play Store, some smartphone makers like Samsung, Xiaomi and Oppo also offer their own app store, allowing you to download apps and games. How to install Paytm on Xiaomi and Poco phones <ul><li>Open GetApps on your Xiaomi or Poco smartphone. </li><li>Now, click on ‘Search’ and enter ‘Paytm’. </li><li>Now, click on install. </li></ul>How to install Paytm on Samsung phones <ul><li>Open the Galaxy Store on your Samsung device. </li><li>Now, click on ‘Search Apps’ at the top and search ‘Paytm’. </li><li>Then, click on install. </li></ul>How to install Paytm on Oppo phones <ul><li>On your Oppo phone, open App Market. </li><li>Now, click on the search bar and enter ‘Paytm’. </li><li>Now, click on install. </li></ul>How to install Paytm on Vivo phones <ul><li>On your Vivo phone, open Vivo App Store. </li><li>Now, click on the search bar and enter ‘Paytm’. </li><li>Now, click on install. </li></ul>SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/paytm-app-removed-from-google-play-store/articleshow/78184750.cms">Paytm app removed from the Google Play Store – big blow to Paytm First Games ahead of the IPL starting tomorrow</a> <a href="https://www.businessinsider.in/business/startups/news/paytm-says-your-money-is-safe-and-the-app-will-be-back-soon-on-play-store/articleshow/78185321.cms">Paytm says your money is safe and the app will be back soon on Play Store</a>

How to install the Paytm app on Xiaomi, Samsung and other phones

<ul> <li>Demat account, trading application and UPI ID are mandatory if you are applying for an initial public offering (IPO).</li><li>Upcoming IPO of Zomato can also be applied before its IPO opening date.</li><li>There is already a lot of buzz around Zomato's ₹9,375 crore IPO.</li></ul>2021 seems to be a year of the initial public offerings (IPOs) with back to back listings happening almost every week. So far this year, 32 IPOs have been listed, according to BSE data. Presently, the upcoming IPO that has created a lot of buzz is Zomato, a food delivery startup that is currently valued at around $8.1 billion. Many of you may want to subscribe to Zomato’s IPO for one common reason that most of us have seen its growth journey very closely over the years. <div type="Article" hostid="261" msid="78290664" title="Best inverters for home use in India" mstype="2" mssubtype="0"></div> An IPO is the first sale of shares by a private company looking to raise capital from investors and turn itself into a public company. To invest in an IPO, you need to apply to buy a ‘lot of shares’ from the market. The bidding for these IPOs is usually open for three days particularly during market hours. Now, let us understand how to invest in IPOs. A Demat account, a trading application like Zerodha, Angel Broking etc and UPI ID on BHIM app are necessary if you want to invest conveniently in an IPO. Unified payment interface (UPI) is a banking system for money transfers on payment apps like Google Pay, PhonePe and so on. One of the simplest ways to track IPOs and invest in them is through trading platforms. Here’s how you can do it through Zerodha’s Kite application, which is meant for trading stocks and commodities. <ul><li>Login to the mobile app and select the IPO option under console. If you’re logging in through desktop, then go to console -- portfolio -- IPO.</li><li>You will find a list of IPOs that are open for investment. Select the IPO you want to invest in.</li><li>Enter your UPI ID from the BHIM app. Ensure your UPI ID is mapped to your personal bank account. </li><li>Select investor type for your application. </li><li>Enter the lot size (number of shares required to buy in one lot) announced by the company.</li><li>Tick on the cut off price for more chances of allotment of shares as it indicates investor’s willingness to subscribe to shares at any price discovered within the price band. Cut off price is the issue price.</li><li>Retail investors can bid for three lots. </li><li>After this step, click on the check box to confirm and submit.</li><li>The last step is to accept the mandate request for proceeding with IPO on your BHIM UPI app. Once you accept the mandate, the amount of funds for IPO will be blocked till the allotment. </li><li>Now wait till the allotment date of shares to see if you have received the lot size you bid for.</li></ul>Meanwhile you can also invest in Zomato’s pre application offer through Paytm Money Paytm Money has for the first time allowed users to apply for an IPO before the actual IPO opening. This feature is built to help a large proportion of investors who do not trade actively and may miss out during market hours. Basically, a retail investor can plan an IPO order 24x7 on days when a pre-open IPO is enabled. Pre-IPO feature is currently live on Paytm Money’s mobile app. The process to apply in a pre IPO is similar to that of other trading platforms. You just need to fill your investor details, lot size and accept the mandate on BHIM app. Another way to invest is through your bank. This option is generally available between 5 a.m. and 11 a.m. on the bank’s website. Here’s how to do it: <ul><li>Log in to your bank’s net banking account. </li><li>Go to the investment section and select the IPO option.</li><li>Fill your investment and bank account details to complete the verification process.</li><li>Later select the IPO you want to apply.</li><li>Enter the number of shares and bid price.</li><li>Read and accept ‘terms and conditions’ documents. </li><li>Submit your application.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-raises-3-6-billion-at-a-valuation-of-over-37-billion/articleshow/84338594.cms">Flipkart raises $3.6 billion at a valuation of over $37 billion (businessinsider.in)</a> <a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms">Payments firm MobiKwik files for ₹1,900 crore IPO, reportedly to seek $1 billion valuation | Business Insider India</a><a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms"></a><a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms"></a><a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms"></a><a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms"></a><a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms"></a><a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a><a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms"></a>

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Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

PTI

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

PTI

Paytm makes it easier to pay credit card bills – here are five reasons why you should be using it

Insider Studios

Microsoft onboards ONDC to launch shopping app for Indian consumers

IANS

How to install the Paytm app on Xiaomi, Samsung and other phones

Rounak Jain

Zomato IPO: Here’s how to apply via banks and apps like Zerodha, Paytm Money

Bhakti Makwana

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