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<keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, the digital payments giant which pioneered the QR code revolution in India is making waves among not only Indian users but also NRIs visiting their home country. From a vegetable seller on the roadside to a jaggery seller on a bullock cart, Paytm is being used by small merchants across the country, making everyday transactions easy. Many users have taken to Twitter to highlight how the pioneer of mobile and QR payments has empowered Indians. A user took to the microblogging site to share his experience of using Paytm to pay for vegetables at a roadside vendor in Delhi. The user, Raghav Oberoi, who has been living in Germany for 11 years, was impressed by the convenience of the payment method and mentioned that he has not experienced such ease of payment in Germany. <div type="twitter" handle="oberoi_raghav27" handlename="Raghav Oberoi" image="http://pbs.twimg.com/profile_images/1382766892092391426/jBX7Z15G_normal.jpg" favoritecount="708" retweetcount="44" status="Just bought 1kg gobi and made the payment via #Paytm. I have been living in Germany for past 11 years, never have I… https://t.co/fnxEIxp16l" createdat="1670464360000" id="1600669660051308544"></div>Raghav Oberoi tweeted, “Just bought 1kg gobi and made the payment via #Paytm. I have been living in Germany for the past 11 years, never have I ever experienced such an ease of payment”. <div type="twitter" handle="oberoi_raghav27" handlename="Raghav Oberoi" image="http://pbs.twimg.com/profile_images/1382766892092391426/jBX7Z15G_normal.jpg" favoritecount="44" retweetcount="1" status="Perhaps there is a confusion, the picture is from a road side vendor in Delhi (I am currently here on vacation) and… https://t.co/rE1ldifUCH" createdat="1670574790000" id="1601132834470887429"></div>Paytm Founder Vijay Shekhar Sharma responded to the tweet, saying, “Absolutely! I miss #PaytmKaro in so many “developed” countries. 🚀” The President of the IT industry body Nasscom, Debjani Ghosh, also responded to the Twitter user's experience with Paytm. Ghosh wrote, "Welcome to Digital India," highlighting the growing popularity of <keyword id="1399736" type="General" weightage="20" keywordseo="digital-payment" source="Orion">digital payment</keyword> methods in the country and the government's push for a cashless economy. <div type="twitter" handle="debjani_ghosh_" handlename="debjani ghosh" image="http://pbs.twimg.com/profile_images/1600119665967386625/RojJihav_normal.jpg" favoritecount="11" retweetcount="0" status="Welcome to Digital India 😊😊❤❤ https://t.co/k7sBJajH4t" createdat="1670583234000" id="1601168254667755521"></div>Paytm has become a go-to payment option for millions of Indians, with “Paytm Karo’ evolving into a verb. <div type="twitter" handle="pantlp" handlename="LP Pant" image="http://pbs.twimg.com/profile_images/1532011067085189120/cZRpIuBq_normal.jpg" favoritecount="1634" retweetcount="114" status="देश बदल रहा है… https://t.co/fmtzSinuXp" createdat="1670923622000" id="1602595942947258368"></div>In a video shared by a Twitter user, a jaggery seller on a bullock cart in Jaipur was seen sporting three Paytm QR codes for customers to pay with. It was aptly captioned, “Desh badal raha hai. (The country is changing)” The convenience of accepting payments through the platform has made Paytm a favourite even among small vendors. <div type="twitter" handle="junoesque" handlename="🇮🇳 Riitu Chugh ऋतू चुघ" image="http://pbs.twimg.com/profile_images/1554370804283936770/tK7xO3p4_normal.jpg" favoritecount="1" retweetcount="1" status="My local fruit wallah is delighted with the #UPI experience since he doesn't have to chase people for small payment… https://t.co/1Ll2eKttdB" createdat="1670657189000" id="1601478443677667329"></div>Another Twitter user, Riitu Chugh, tweeted that her local fruit seller is particularly delighted with the UPI experience offered by Paytm. She noted that the seller no longer has to chase people for small payments. “This innovation ticks all the success boxes,” she said, tagging Paytm Founder Vijay Shekhar Sharma. India has made significant strides in the digital payments space and one of the key factors contributing to this success is the growth of mobile payment platforms like Paytm. Incidentally, German Foreign Minister Annalena Baerbock, who was on a two-day official visit to India recently, used Paytm while shopping at Delhi’s Chandni Chowk. <div type="twitter" handle="vijayshekhar" handlename="Vijay Shekhar Sharma" image="http://pbs.twimg.com/profile_images/1567558193429217281/e6JbIoQ3_normal.jpg" favoritecount="224" retweetcount="13" status="Welcome all #G20 delegates and foreign dignitaries India and experience India's world class digital payment infrast… https://t.co/oetHTWpjqi" createdat="1670299460000" id="1599978018826780672"></div>American philanthropist Melinda French Gates, the Co-founder and Co-Chair of the Bill &amp; Melinda Gates Foundation, also used Paytm to pay for a water bottle at a kirana store in the national capital earlier this week. <div type="twitter" handle="BMGFIndia" handlename="Gates Foundation India" image="http://pbs.twimg.com/profile_images/1576900035245395969/C0VGe-Id_normal.jpg" favoritecount="90" retweetcount="24" status=".@melindagates visited Garhi Village in New Delhi and witnessed how India's #digital public infrastructure is enabl… https://t.co/Dn7us1cQwt" createdat="1670418434000" id="1600477033628241920"></div>“Melinda French Gates visited Garhi Village in New Delhi and witnessed how India's digital public infrastructure is enabling financial inclusion,” the foundation tweeted. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

From vegetables to kirana stores, Paytm has become the go-to payment option for many

<keyword id="6357120" type="General" weightage="80" keywordseo="paytm" source="Orion">Paytm</keyword> Founder <keyword id="914589" type="General" weightage="50" keywordseo="vijay-shekhar" source="Orion">Vijay Shekhar</keyword> Sharma has said it will be "humbling to see Japan's Paytm-powered PayPay to soon be enabled for our home users" after Japan's Minister for Digital Transformation Taro Kono said that the island country is "seriously thinking about joining the Indian <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> payments system". India's mobile payments revolution has been making waves globally and has become a model for other countries as they take steps towards digitisation. After Singapore's integration in the UPI network, Japan is also considering a similar move. In an interview, Japan's Minister for Digital Transformation has said that Japan is "seriously thinking about joining the Indian UPI payments system". Pioneer of India's mobile and quick response (QR)-based payments, Paytm's Vijay Shekhar Sharma on Saturday welcomed this news and expressed his delight and pride over this. Paytm founder on Saturday took to the micro-blogging site, Twitter, and, said that with Japan working on integration of UPI, it will be "humbling to see Paytm powered Japan's largest mobile payment system" @PayPayOfficial enabled for our home users". The Fintech giant launched PayPay in 2018 with SoftBank and <keyword id="378763" type="General" weightage="50" keywordseo="yahoo-japan" source="Orion">Yahoo Japan</keyword>, empowering the country with cashless transactions. PayPay leverages Paytm's technology to drive mobile payments in Japan and has in fact seen immense popularity. Vijay Shekhar Sharma tweeted: "Very proud to see Japan working to integrate with India's global pride @UPI_NPCI system ! It will be humbling to see Paytm powered Japan's largest mobile payment system @PayPayOfficial enabled for our home users. Thank you @AshwiniVaishnaw sir @konotarogomame " India and Singapore on February 21 linked their respective online payments systems -- Unified Payments Interface (UPI) of India and PayNow of Singapore -- for seamless cross-border transactions between the two countries. The virtual launch function was attended by Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong. The linkage of these two payment systems of both countries would enable residents of both countries to the faster and more cost-efficient transfer of cross-border remittances. People in both the countries will be able to send money real-time via QR-code based or simply by entering mobile numbers linked to the bank account. Paytm has been instrumental in India's digital transformation through its innovative solutions like QR-code and Soundbox. The company has taken UPI to every nook and corner of India. Paytm Soundbox is an audio-assisted smart device which provides instant notifications when you receive a payment. It is a small portable speaker for your daily payment alerts which comes with a SIM-based connectivity. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/here-are-the-star-batsmen-of-ipl-2023/slidelist/100414800.cms">Virat Kohli to Rinku Singh, here are the best batsmen of IPL 2023</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a2-plus-vs-realme-narzo-n53-mobile-comparison-phone-comes-under-10000/slidelist/100418931.cms">Redmi A2 Plus vs Realme Narzo N53 – Which of these sub-₹10,000 phones should you buy?</a> <a href="https://www.businessinsider.in/finance/news/2000-note-withdrawal-how-to-exchange-notes-is-it-a-legal-tender-and-other-questions-answered/articleshow/100412941.cms">₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered</a>

Seriously thinking about joining the Indian UPI payments system says Japanese official

<keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>’s parent company <keyword id="4546857" type="UNKNOWN" weightage="20" keywordseo="one97communications-limited">One97Communications Limited</keyword> just received $1.4 billion funding from Japan’s leading Internet and telecom major <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword>. This is the largest round from a single investor in India. Paytm said the investment will help it grow its leadership in the online payment system. “It will also complement our plan to invest Rs 10,000 Cr (approx $1.6 Bn) over the next three to five years towards our commitment to enable half a billion Indians to join the mainstream economy,” Paytm stated in a blog. Paytm said it will continue to innovate and expand into new online and offline use-cases. Meanwhile, <keyword id="3236791" type="UNKNOWN" weightage="20" keywordseo="Paytm-payments-bank">Paytm Payments Bank</keyword> is also becoming operational from next week and will be headed by CEO Renu Satti. Meanwhile, Paytm founder <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> will hold the majority share in Paytm Payments Bank, with the rest being held by One97 Communications.

Paytm gets $1.4 billion funding from SoftBank; largest round from a single investor in India

The RBI on Friday asked <keyword id="3236791" type="General" weightage="20" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword> to stop opening new accounts amid “material supervisory concerns” observed in the bank. “Reserve Bank of India has today, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> Payments Bank Ltd to stop, with immediate effect, onboarding of new customers,” the central bank said in a statement. The bank has also been directed to appoint an IT audit firm to conduct a comprehensive system audit of its IT system. “Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing report of the IT auditors. This action is based on certain material supervisory concerns observed in the bank,” it said. Paytm Payments Bank was incorporated in August 2016 and formally began its operations in May 2017 from a branch in Noida. In December 2020, the RBI had barred HDFC Bank from launching any new digital products or services and issuing new credit cards till the lender resolved recurring tech issues. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/info-edges-latest-acquisition-aisle-explains-why-it-was-difficult-for-them-to-raise-funds/articleshow/90145724.cms">INTERVIEW: Info Edge’s latest acquisition Aisle’s founder explains why it was difficult for him to raise funds</a> <a href="https://www.businessinsider.in/business/startups/news/boat-has-rejigged-its-entire-upper-management-in-the-run-up-to-the-ipo/articleshow/90140785.cms">BoAt has rejigged its entire upper management in the run up to the IPO</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-colgate-lupin-among-hot-stocks-to-watch-out-for-on-march-11/slidelist/90139884.cms">Wipro, Colgate, Lupin among hot stocks to watch out for on March 11</a>

RBI stops Paytm Payments Bank from opening new accounts

<ul><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> hit $50 billion through 5.5 billion transactions in the financial year 2018-19.</li><li>Paytm Payments Bank turned profitable within two years.</li><li>The company’s year was denoted by two big frauds – both internal. </li></ul>It has been an interesting year for Paytm. The nine-year old digital payments company which made its mark in the industry – especially after demonetization and turned into a household name – has had quite a year. In the financial year 2018-19, the company clocked in billions from its digital payments arm, and its payments bank turned profitable. But, it was also hit by two major scandals. The Billions Paytm released its results for the financial year 2018-19 and the digital payments company continues to score big in India. Paytm has clocked in a gross transaction value of $50 billion through 5.5 billion transactions. It also set a target of 12 billion transactions by FY20. The company stated that the fast growth came was due to the wide adoption of Paytm’s digital payments solutions across sectors like retail payments, fees, utility payments, travel booking, entertainment, games and more. Holding over 50% of the market share in the payment gateway industry, the company said that its 400 million transactions per month; is five times more than its next competitor. The Profits The Paytm Payments Bank which received its approval from the RBI in 2015 had gained a lot of attention as it was the first in the space to gain a bank licence. But, this side of the business had a <a href="https://www.asianage.com/business/companies/291018/two-years-on-but-payment-banks-yet-to-find-traction.html">sleepy start</a>. It run into multiple problems too – with the RBI asking it to stop adding new customers due to KYC (Know Your Customer) normal. It also had to remove its CEO to handling a<a href="https://www.livemint.com/companies/news/pil-against-the-operations-of-the-paytm-post-paid-wallet-filed-in-delhi-hc-1558960295703.html"> PIL</a> objecting to its postpaid wallet. Amidst all this, the company turned profitable – it <a href="https://www.businesstoday.in/sectors/banks/paytm-payments-bank-profit-of-rs-19-cr-in-fy19/story/349320.html">reported</a> a profit of ₹190 million for the said financial year. Reports also say that the Paytm Payments Bank holds 19% of <a href="https://yourstory.com/2019/05/paytm-payments-bank-profit-marketshare">all </a>mobile banking transactions, while also accounting for 32% of UPI transactions in India. The Frauds Paytm also has had a dark year with two big scandals. The first one hit them in October 2018, when the company’s Chief Communications Officer Sonia Dhawan said to be the founder <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>’s close aide, was arrested for an extortion case of ₹200 million. Meanwhile, Paytm Mall too unearthed a fraud that could have cost the company ₹50-100 million. As a result, Paytm Mall fired about 10 employees and delisted over 100 vendors from its platform. The company also roped in Ernst &amp; Young for an audit. It also partnered with E&amp;Y to build a technology-driven fraud prevention system. See Also: <a href="https://www.businessinsider.in/paytm-mall-cashback-fraud-was-about-10-crore-says-vijay-shekhar-sharma/articleshow/69331017.cms">Paytm Mall fires 10 employees and 100 vendors after a million-dollar cashback fraud</a> <a href="https://www.businessinsider.in/paytm-is-reportedly-looking-to-acquire-coverfox-to-enter-insurance-market/articleshow/69629482.cms">Paytm could be spending big money for its insurance debut</a>

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From vegetables to kirana stores, Paytm has become the go-to payment option for many

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Paytm gets $1.4 billion funding from SoftBank; largest round from a single investor in India

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