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India is rapidly becoming a digital economy, much ahead of many developed countries. The widespread adoption of digital payments in the country has set an example for the world. One company that has been instrumental in driving this transformation is Paytm. The journey of mobile payments in the country is synonymous with the journey of India’s leading fintech company. Through a wide range of payments and financial services offered by Paytm along with its cutting-edge products, have revolutionised the payments landscape in India. It was Paytm that brought the QR code to India, teaching ‘scan and pay’ to millions. While the launch of QR code changed the payments game entirely, the icing on the cake came with the launch of <keyword id="9418617" type="General" weightage="100" keywordseo="paytm-soundbox" source="Orion">Paytm Soundbox</keyword>, a first-of-its-kind device that provided audio confirmations on successful payments. Strengthening its leadership in in-store payments and taking its payment suffering a notch higher, the company recently launched an innovative device - <keyword id="18606921" type="General" weightage="20" keywordseo="paytm-pocket" source="Orion">Paytm Pocket</keyword> Soundbox. The lightweight portable device is designed for merchants on the move like auto drivers, electricians, delivery agents, cart vendors and several others. The ‘Made in India’ device fits right into the pocket like a small debit card. The company also launched <keyword id="18468098" type="General" weightage="20" keywordseo="paytm-music" source="Orion">Paytm Music</keyword> Soundbox to enable some music, listen to match commentary, news while also receiving payment notifications. Here’s how you can order Paytm Pocket Soundbox and Paytm Music Soundbox: <ol><li>Open the Paytm for Business app</li><li>Click on the soundbox banner or on 'Soundbox' icon on the homepage</li><li>You will be taken to the Soundbox device page where you can choose your preferred language</li><li>Post that, Click 'Buy Now' to place your order</li></ol>Paytm Soundbox, the iconic payments device has become omnipresent across the country. The sound of payment confirmation from Paytm Soundbox is like music to the merchant's ears and its impact can be seen with its ubiquitous presence everywhere from street vendors to grocery stores across the country. It would be safe to say that Paytm Soundbox has become the sound of merchant transactions in India. In fact, the global brokerage firm BofA after its offline primary checks stated that Paytm appears to dominate the Soundbox market in Mumbai. “In areas we visited, most of the devices were installed in small Kiranas, sweet shops, cigarette kiosks, salons, small mobile merchants' vs bigger shops. A common theme was these outlets had fast shopper intensity at a limited store size/area. During peak load hours, it became easy for shopkeepers to keep a tab on payments; Not many were savvy in using mobile phones and hence preferred this,” said BofA in a report released on June 29. The rapid adoption of Paytm Soundbox after its introduction in 2019 reflects growing trust in the tech innovator that ensures convenient and quick payment experience to all. The small portable device offers instant audio confirmation in 11 languages and provides a battery back-up of 7 days, the best in the industry. The highly durable device also comes in a 4G-enabled variant which provides stable connectivity for real time payments. In areas where the 4G network does not work, it automatically shifts to the 2G network for uninterrupted connectivity. What makes Paytm Soundbox stand out among others is that it is completely Made in India. Paytm has strengthened its leadership in in-store payment devices with a cumulative deployment of 82 lakh devices including Soundbox and Paytm Card Machines. So far till July 2023, the company has added more than 24 lakh merchants who are paying subscriptions for its devices. As India’s leading payments company, Paytm has been rapidly expanding its merchant base and helping them with a seamless transition to digital. The company’s technology-led innovations have made it the most preferred choice for merchants who want to scale their business. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

From teaching Indians to scan and pay to now a Soundbox that fits in your pocket — how Paytm rules in-store payments

<ul><li>More than 74.05 billion transactions worth ₹126 lakh crore were processed through <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> in 2022. </li><li>The increase in the usage of QR codes has led to a rise in UPI transactions, with the number of transactions via QR codes reaching 237 million in December 2022. </li><li>Debit card transactions have shown a consistent decline throughout 2022, likely due to the increasing popularity of UPI transactions.</li></ul>Indians are increasingly choosing to pay digitally with transactions via debit, credit, prepaid cards and UPI amounting to ₹149.5 lakh crore in value and 88 billion in volume in 2022, as per a Worldline report. A lion’s share of these transactions occurred via UPI (Unified Payments Interface) – accounting for ₹126 lakh crore, over 74.05 billion transactions in 2022. UPI transactions grew 91% in volume and rose 76% in value over the year before. “I am amazed every day to see the incredible progress we have made in the <keyword id="6358577" type="General" weightage="20" keywordseo="digital-payments" source="Orion">digital payments</keyword> ecosystem over the past few years. The adoption of multiple payment solutions is a boon in our journey to realise the dream of a less-cash India,” said Ramesh Narasimhan, CEO, Worldline India. The growth in UPI transactions was aided by growth in the ecosystem. The number of transactions via QR codes reached 237 million in December 2022 as compared to 152 million in January 2022. Other payment options,like FASTag, <keyword id="6718634" type="General" weightage="50" keywordseo="bharat-bill-pay" source="Orion">Bharat Bill Pay</keyword> and Aadhaar-enabled Payment System (AePS) also picked up in 2022, said the report named ‘India Digital Payments Annual Report'. <cmsannotation type="cmsannotation" annotationid="Debit down, credit up" comment="subhead" text="Debit down, credit up">Debit down, credit up</cmsannotation> The number of outstanding debit cards increased by a mere 0.2% to 939.4 million in 2022, as compared to the year before. “Debit card transactions have shown a consistent decline throughout the year, likely due to the increasing popularity of UPI transactions,” the report said. On the other hand, banks have increased the number of credit cards by 18% indicating an increased appetite for higher-ticket transactions. “The volume and value of transactions done on credit cards has seen a steady uptick through the year. Credit card transactions in 2023 could benefit majorly as credit cards are now eligible for doing UPI transactions,” the report said. <cmsannotation type="cmsannotation" annotationid="Small &amp; big transactions via UPI" comment="subhead" text="Small &amp; big transactions via UPI">Small &amp; big transactions via UPI</cmsannotation> At the end of 2022, 54% of UPI transactions volume was P2M (person-to- merchant transactions) whereas in terms of value it was 23%. By December 2022, the average ticket size (ATS) for UPI person-to-person (P2P) transactions was ₹2,753, while the ATS for UPI person-to-merchant (P2M) transactions was ₹687. “This signals the deep entrenchments of UPI P2M transactions; it is being used for large as well as very small transactions, the latter being the most difficult to move away from cash,” the report said. <keyword id="6357886" type="General" weightage="50" keywordseo="phonepe" source="Orion">PhonePe</keyword>, Google Pay, <keyword id="14300323" type="General" weightage="50" keywordseo="paytm-payments-bank-app" source="Orion">Paytm Payments Bank App</keyword>, Amazon Pay, and Axis Bank were the top 5 UPI apps in 2022, based on both transaction volume and value. <cmsannotation type="cmsannotation" annotationid="FASTag, Bharat Bill Pay &amp; AePS payments on the rise" comment="subhead" text="FASTag, Bharat Bill Pay &amp; AePS payments on the rise">FASTag, Bharat Bill Pay &amp; AePS payments on the rise</cmsannotation> By the end of 2022, National Electronic Toll Collection (NETC) processed a total of 3.25 billion transactions worth ₹50,911 crore, representing a 31% increase in volume and a 37% increase in value over 2021. As of December 2022, a total of 36 banks were live with NETC FASTag. In 2022, the Bharat Bill Payment Central Unit (BBPCU) processed a total of 985.7 million transactions with a total value of ₹1.70 lakh crore. This represents a growth rate of 75% in volume and 83% in value compared to the year 2021. Also in 2022, the AePS recorded a significant volume of over 2.63 billion transactions with a total value of ₹3.42 lakh crore. This represents a growth rate of approximately 24% in volume and 20% in value compared to the year 2021. AePS is a bank-led model that enables online interoperable financial inclusion transactions at point of sale (microATM) through the business correspondent of any bank using Aadhaar authentication.

With transactions worth ₹126 lakh crore, UPI rules digital payments in 2022: Worldline report

<ul><li>Three banks would be most impacted by the move as their capital ratios would be affected by 30-85 basis points.</li><li>Capital buffers will have to be further strengthened by banks if they want to lend to consumers for unsecured loans.</li><li>Borrowers with more than five personal loans rose from 1% in 2018 to 7.7% in March 2023, as per a report.</li></ul> Shares of <keyword id="116253" type="General" weightage="50" keywordseo="sbi-cards" source="Orion">SBI Cards</keyword>, RBL Bank, <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and <keyword id="6653" type="General" weightage="50" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> are expected to come under pressure after the Reserve Bank of India asked lenders on Thursday to set aside more capital for consumer loans. This move is expected to impact the capital buffers of these banks. According to analysts, these banks would be most impacted by the move as their capital ratios would be affected by 30-85 basis points. For banks the first line of defense against bad loans is CET Tier 1 capital or Common Equity Tier 1 capital (CET1), which is the highest quality of regulatory capital, as it absorbs losses immediately when they occur. According to Motilal Oswal Financial Services, the CET 1 impact would be maximum for RBL/HDFC Bank/ICICI Bank at 84 basis points/72 basis points/64 basis points. Among non banks, SBI Cards would be the most vulnerable with a 416bp impact on capital ratios. Capital buffers will have to be further strengthened by banks if they want to lend to consumers for unsecured loans. If a bank had to set aside say ₹20 for loans, it will now have to set aside 25% more for every unsecured loan it issues. Not just this the banks will have to set aside more capital if they want to lend to shadow banks or non banking financial institutions as well. When cost of capital increases, so will lending rates. In the years after the pandemic broke, unsecured personal loans to retail borrowers have been on a steady rise. Not just banks but even non banks have been merrily issuing such loans to borrowers, and in many cases these borrowers have multiple such loans used for consumption. From 12-14% these loans are now growing at 30% rate. The central bank has cracked down on some non banks for not adhering to norms while underwriting such small ticket loans. The red flags have been flying high for a while now. According to proprietary research done by UBS, borrowers with more than five personal loans rose from 1% in 2018 to 7.7% in March 2023. New disbursement of personal loans to borrowers with weaker credit profiles accounted for 22% of disbursements. Of all banks, UBS was of the view that state-owned banks and non banking financial companies had a much higher share of weak borrowers compared to private banks. Analysts believe that pressure on net interest margins and higher credit costs to impact earnings of banks and shadow banks over FY24 and FY25. Paytm, a fintech company, has recently built a large loan portfolio which is mostly comprised of personal loans. With the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> cracking down on these loans, the loan growth will be impacted for Paytm too. Deepak Shenoy, CEO of Capital Mind, took to social media to explain the impact, “See how it affects SBI cards: SBI Cards had credit card receivables of ₹ 45,000 crore with 23% capital adequacy ratio (CAR). So ₹10,500 cr in capital (23% of ₹45Kcr). Increase risk weight to 125% means ₹45K cr=₹56K cr risk weighted assets.” Shenoy explains that if “SBI Cards wants to grow, and keep high CARs (min is 15% I think?) they’ll need to raise capital and dilute. Which means for the same profit = higher capital. Means lower ROEs.” ALSO READ: <a href="https://www.businessinsider.in/stock-market/markets/news/foreign-investors-continue-to-bet-big-on-banks-and-nibbling-on-small-and-mid-cap-stocks/articleshow/104462273.cms" data-type="tilCustomLink" target="_blank">Borrowers with multiple personal loans a big risk to profitability of banks and NBFCs</a>

RBI tightens norms on personal loans for banks and NBFCs; stocks to be under pressure

<ul><li>Unified Payments Interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>) has emerged as one of the most popular modes of payments in India.</li><li>Some new changes have been announced to UPI from January 1, 2024.</li><li>Here are the new rules and features of UPI that you need to be aware about.</li></ul> The year 2024 has begun and with this, there have been some changes in the financial sector. Unified Payments Interface (UPI), the country’s fastest growing mode of payment has some new rules that you need to keep in mind. To improve UPI and improve user experience, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have formulated some new rules and regulations that have come into effect from January 1, 2024. In this post, we look at the five new changes in UPI that you need to be aware about – <cmsannotation type="cmsannotation" annotationid="Inactive UPI IDs" comment="subhead" text="Inactive UPI IDs">Inactive UPI IDs</cmsannotation> As per guidelines by the NPCI, payment apps such as PhonePe, Google Pay, PayTM and more are required to verify and maintain active UPI IDs. UPI IDs that haven’t been used for a year will be deactivated. So, if you have a UPI ID that hasn't been used in a long time, it is important to at least make one payment soon to avoid deactivation of that ID. <cmsannotation type="cmsannotation" annotationid="Fraud prevention" comment="subhead" text="Fraud prevention">Fraud prevention</cmsannotation> In a bid to reduce the increasing financial frauds, the central bank has reportedly proposed a 4-hour window for users making a first payment of ₹2,000 or more to a new recipient. During this window, the users will be able to modify or reverse the transaction, if they haven’t transacted with the person before. <cmsannotation type="cmsannotation" annotationid="Increased transaction limit" comment="subhead" text="Increased transaction limit">Increased transaction limit</cmsannotation> To help users making large transactions to hospitals and educational institutions, the transaction limit for such institutions has been increased from the existing INR 1 lakh to INR 5 lakh. This will make it easier for those paying large amounts to such institutions to complete their payment. <cmsannotation type="cmsannotation" annotationid="UPI ATMs" comment="subhead" text="UPI ATMs">UPI ATMs</cmsannotation> In a bid to make it easier for users to withdraw cash, NPCI in collaboration with Hitachi Payment Services has started rolling out UPI ATMs, which allow users to withdraw cash using UPI apps, without having to carry a debit card. The first ATM has already been launched and more ATMs will be rolled out across the country. <cmsannotation type="cmsannotation" annotationid="UPI for secondary market" comment="subhead" text="UPI for secondary market">UPI for secondary market</cmsannotation> NPCI’s UPI for secondary market project has entered the beta phase, allowing selected users to block funds post-trade confirmation in the secondary market. This enabled settling of funds on T 1 basis via clearing corporations. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s24-pre-reservation-starts-how-to-pre-book-benefits-and-more/articleshow/106505615.cms">Samsung Galaxy S24 pre-reservation starts – How to pre-book, benefits and more</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/new-upcoming-smartphones-in-india-in-2024-apple-samsung-google-mobiles-in-the-list/slidelist/106489936.cms">Apple to Samsung and many more – smartphones set for launch in 2024</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-hyundai-sales-rise-maruti-suzuki-reports-a-decline-in-december-2023/articleshow/106474205.cms">Mixed December – While Tata Motors, Hyundai sales rise, Maruti Suzuki reports in the slow lane</a>

UPI in 2024 – Five rule changes that you need to know

<ul><li>The Department of Telecommunications (DoT) is set to enforce new <keyword id="6427652" type="General" weightage="20" keywordseo="SIM" source="Orion">SIM</keyword> rules in the country.</li><li>The new SIM rules come into effect from December 1, 2023.</li><li>Here’s everything you need to know about the new <keyword id="12120183" type="General" weightage="100" keywordseo="SIM-card-rules" source="Orion">SIM card rules</keyword> in India.</li></ul>India’s Department of Telecommunications (DoT) is all set to enforce new rules for SIM cards, starting from December 1, 2023. The rules were announced on August 1, 2023 and were scheduled to come into effect from October 1, 2023. However, this was delayed by two months and is now coming into effect. The new SIM card rules are aimed at dealing with frauds such as the<a href="https://www.businessinsider.in/tech/news/delhi-woman-loses-50-lakh-in-sim-swap-scam-heres-how-you-can-stay-safe/articleshow/104745898.cms"> SIM swap scam</a>, fake SIMs and other online frauds. The new SIM card rules have been framed around issuance of new SIM cards. Here’s everything you need to know about the new SIM card rules: <cmsannotation type="cmsannotation" annotationid="E-KYC" comment="subhead" text="E-KYC">E-KYC</cmsannotation> E-KYC or digital KYC has been made mandatory, for both new SIM cards and for those looking to get a SIM of their existing number. This means that you can no longer just give a copy of your ID proof to get a SIM card. <cmsannotation type="cmsannotation" annotationid="Bulk SIM cards" comment="subhead" text="Bulk SIM cards">Bulk SIM cards</cmsannotation> The new rules also impose restrictions on the issuance of bulk SIM cards. While individuals with businesses will still be able to procure bulk SIMs, regular users will be restricted to getting up to nine SIMs on a single ID. <cmsannotation type="cmsannotation" annotationid="Re-issuance of inactive SIM" comment="subhead" text="Re-issuance of inactive SIM">Re-issuance of inactive SIM</cmsannotation> SIM cards that have been deactivated cannot be re-issued for a period of 90 days, allowing ample time for users to get them re-activated, without having to worry about the SIM being issued to someone else. This is very important at present when a mobile number is connected to multiple services, which can be used just with OTP numbers. <cmsannotation type="cmsannotation" annotationid="SIM dealer verification" comment="subhead" text="SIM dealer verification">SIM dealer verification</cmsannotation> Starting from December 1, 2023, only authorised dealers will be able to issue SIM cards to customers. To ensure this, individuals must undergo a comprehensive verification process. Telecom operators will be required to register franchisees, distributors and point-of-sale (PoS) agents to prevent issuance of SIM cards to suspicious individuals. Individuals engaging in issuance of SIM cards without registration may face a penalty of up to ₹10 lakh. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/car-and-suv-prices-set-to-rise-in-january-2024-should-you-buy-one-in-december/articleshow/105556415.cms">Car prices set to rise in January – Should you buy one in December?</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-december-2023/slidelist/105611827.cms">From Redmi to Vivo – Smartphones set to hit the Indian market in December</a> <a href="https://www.businessinsider.in/business/webstories/fpi-boost-adani-power-idfc-first-bank-paytm-see-the-highest-increase-in-sept-holdings/slidelist/105592840.cms">FPI boost: Adani Power, IDFC First Bank, Paytm see the highest increase in Sept holdings</a>

New SIM card rules from Dec 1 include bulk purchase restrictions – All you need to know

<ul><li>RBI’s new e-mandate for recurring payments will introduce new changes from October 1 onwards.</li><li>Subscription for service or bills that have recurring payments will be affected.</li><li>Here’s how <keyword id="6354427" type="General" weightage="80" keywordseo="apple" source="Orion">Apple</keyword> and <keyword id="10296" type="General" weightage="100" keywordseo="zoom" source="Orion">Zoom</keyword> plan to deal with the changes.</li></ul>The <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>’s (RBI) guidelines for <a href="https://www.businessinsider.in/business/ecommerce/news/from-netflix-and-hotstar-to-airtel-to-jio-bills-brace-for-surprises-as-rbis-guidelines-on-auto-debit-transactions-kick-in-from-october-1/articleshow/86642500.cms">auto-debit transactions</a> will be effective from October 1 onwards. Under the new mandate, any subscription service or bills that have recurring payments via cards will be affected. This applies to subscriptions for services, phone bills, utility bills and more. While the details are still scarce on how different sectors that operate in auto-debit transactions are going to take on the hurdles coming in the way, Apple and Zoom seem to be reaching out to their customers to address their queries. Apple offers subscription-based services like Apple Music and <keyword id="9752937" type="General" weightage="20" keywordseo="apple-one" source="Orion">Apple One</keyword>, and also hosts third-party services through the <keyword id="115504" type="General" weightage="20" keywordseo="app-store" source="Orion">App Store</keyword>. Apple is advising clients to introduce a grace period for customers so that they have a few days to authenticate the payment, a source told Business Insider. The grace period option is available in the App Store. Another option is to add money to one’s Apple ID just like we do on <keyword id="6404433" type="General" weightage="20" keywordseo="ewallets" source="Orion">eWallets</keyword> like <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> and use that to pay for subscriptions without needing to go through the process manually to renew services or recurring payments. Zoom has started informing customers about the new RBI e-mandate saying that customers may need to pay their invoice using the PayNow link or verify their card details. Zoom has a <a href="https://support.zoom.us/hc/en-us/articles/4410288203149#h_01FGSRTXRZ8BDC84R4JW48XWFQ">dedicated site</a> with FAQs about the new e-mandate where it will update with more information on verifying the payment information. Under the new mandate, subscriptions for any service that is below ₹5,000 will require customers to re-authenticate their payment details that include banking, card or unified payments interface (UPI), and validate it with a one-time password (OTP). Customers will also be informed 24 hours prior to the auto-debit along with an option to cancel the recurring payment. As for recurring payments above ₹5,000, an additional authentication for the payment will be required. For this customers will have to approve the auto-debit which will arrive 24 hours prior to the deadline. Since this affects multiple services that use recurring payments, the changes are expected to affect customers around the country. Customers are already being notified by their respective banks about the new changes. But there might still be confusion around how companies are planning to implement the new changes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/twitter-new-feature-for-nft-crypto-authentication-preview/articleshow/86647563.cms">Twitter teases new feature allowing users to brag about their NFT and crypto holdings on social media</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/instagram-launches-education-programme-for-creators-in-india-to-learn-earn-and-build-communities/articleshow/86642903.cms">Instagram launches education programme for creators in India to learn, earn and build communities</a>

Grace periods and wallet payments ⁠— Apple and Zoom are reaching out to their customers ahead of the new rules for auto debit for online payments

Aviation regulator DGCA on Monday directed crisis-hit Go First to immediately stop bookings and sale of tickets directly or indirectly till further orders, according to a source. Besides, the watchdog has issued a show cause notice to the budget carrier under the relevant provisions of the <keyword id="414172" type="General" weightage="80" keywordseo="aircraft-rules" source="Orion">Aircraft Rules</keyword>, 1937, for its failure to continue the operation of the service in a safe, efficient and reliable manner, the source said. Earlier, the airline had suspended the sale of tickets till May 15 and has cancelled flights till May 12. The carrier has filed a plea for voluntary insolvency resolution proceedings before the <keyword id="6354457" type="General" weightage="80" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> (<keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword>), which has reserved its order. The source said the airline has been directed to stop the booking and sale of tickets directly or indirectly, with immediate effect and until further orders. The airline has been asked to submit its reply within 15 days of the receipt of the show cause notice, and further, a decision on the continuation of its <keyword id="16044429" type="General" weightage="80" keywordseo="air-operators-certificate" source="Orion">Air Operators Certificate</keyword> (<keyword id="212097" type="General" weightage="80" keywordseo="aoc" source="Orion">AOC</keyword>) will be taken on the basis of the reply submitted by it, the source added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tcns-to-merge-with-aditya-birla-fashion-and-retail-limited-abfrl/articleshow/100070020.cms">TCNS to merge with Aditya Birla Fashion and Retail Limited (ABFRL)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-brokerages-looking-up-to-59-growth-in-one97-communications/articleshow/100070477.cms">Paytm shares surge 5% on sustained Q4 growth, brokerages see up to 59% upside</a>

DGCA issues show cause notice to Go First, asks airline to immediately stop sale of tickets

<keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> has been at the forefront of the digital payments revolution in India, furthering the government’s <keyword id="2674514" type="General" weightage="20" keywordseo="digital-india-vision" source="Orion">Digital India vision</keyword>. And the widespread use of Paytm in India shows that many are embracing the convenience and ease of digital payments, even at important cultural events. This has resulted in some unique use cases for Paytm’s pioneered QR-based payment solution, some of which have gone viral recently. Many families are now turning to Paytm to send and receive money as shagun or gift money at weddings, eliminating the need to carry cash and also providing a sense of security to both the sender and receiver. It is evident that Paytm is playing a key role in redefining the way transactions are conducted in India. Last week, <keyword id="117026" type="General" weightage="20" keywordseo="union-railway-minister" source="Orion">Union Railway Minister</keyword> <keyword id="7796574" type="General" weightage="20" keywordseo="ashwini-vaishnaw" source="Orion">Ashwini Vaishnaw</keyword> shared a video on Twitter that shows a guest at a wedding ceremony using Paytm to make a payment to a person playing the dhol. <div type="twitter" handle="AshwiniVaishnaw" handlename="Ashwini Vaishnaw" image="http://pbs.twimg.com/profile_images/1566298964458340352/4xOExtYX_normal.jpg" favoritecount="14491" retweetcount="1943" status="शादी में डिजिटल शगुन👍Digital India का विस्तार। 👏👏 https://t.co/KFeIn5XUY8" createdat="1670062715000" id="1598985038959300611"></div> It has gone viral, garnering over 14,000 likes and 3.4 lakh views. In the video, a guest can be seen swirling his phone around the groom's head in a customary manner before proceeding to scan the Paytm QR code and offering money to the drummer. “शादी में डिजिटल शगुन, Digital India का विस्तार", tweeted the union minister along with the video. The caption translates to, “Digital Shagun in marriage, expansion of Digital India.” The video has been widely shared and praised for showcasing the seamless integration of technology and tradition in modern India. In another example of such integration, a video shared by a Twitter user shows how devotees can use Paytm to offer digital donations at temples. <div type="twitter" handle="atriverma" handlename="atri verma" image="http://pbs.twimg.com/profile_images/1586918666427592704/du1FLgy-_normal.jpg" favoritecount="6" retweetcount="1" status="Itna #digital to Modi ji ne bhi nhi socha hoga 😂@vijayshekhar @Paytm https://t.co/nOSM7V8BFd" createdat="1669535730000" id="1596774704202715136"></div> The man in the video scans a Paytm QR to make an instant payment of 1 rupee after his prayer. Recently, another picture shared by an Instagram user shows a flower seller accepting payments with Paytm’s all-in-one QR. <div type="javascript" title="Instagram" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> The user captioned the image, “The story of India's digital payment revolution is incredible! hats off to whoever initiated the project and the team which executed this massive project!!!” What’s more special? Paytm added a unique and personal touch to the payment process. The QR code sticker used by the flower seller came with the Gayatri Mantra printed on it, providing personalization to the small business owner. Such viral videos and images are a testament to Paytm's efforts to make cashless transactions mainstream and accessible to everyone. It serves as a reminder of the convenience and ease of using Paytm for making payments and how the app is becoming an integral part of our daily lives. These are just a few examples of Paytm enabling digital payments as part of its mission to bring half a billion Indians to the mainstream economy. So, the next time you are at a wedding or at a temple, make sure to keep your Paytm app handy. 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 digital shagun at a wedding to digital donation — unique use cases for Paytm go viral on social media

You go pa<keyword id="47330" type="General" weightage="20" keywordseo="s" source="Orion">s</keyword>t the headline, strip out the jargon, peel the agenda, wash off the colourful words before you get to what’s relevant to you. When did the news get so tedious? News has been, for long, hostage to certain dated rules of writing while its biggest obligation is only to present facts. As the renowned scientist and author Steven Pinker has argued, the rules pale in importance behind principles of clarity, style, coherence, and consideration for the reader. In the era of information overload, and fake news, we take the time to verify, make the effort to drown out the noise, strip off the layers and bring you the story in the shortest, simplest and the crispiest way possible. This is Simply Put, a weekly explainer on some of the hottest happenings around us and give you more than just the headline, present it to you in a way that you can understand and explain to others ⁠— whether it is an interview or over the dinner table or to make an authoritative point on social media ⁠— just as lucidly and make an impression. Not just that, it will be a complete experience for the digital age with graphics, videos, toons and more. We are not breaking news, we are breaking down the news.

When will Paytm start making money

<ul><li>Paytm now offers hotel booking with its acquisition of NightStay. </li><li>Earlier in January, Paytm had announced its entry into food delivery. </li><li>It already operates in the ticketing business with Paytm Movies, e-commerce sector with Paytm Mall.</li></ul>Paytm is one of the frontrunners of Indian startups and a leader in the digital payments in India. But it’s also competing head-on with almost every other business in the e-commerce space. In the last one month, the company has entered two new major segments – hotel booking and food delivery. On January 30, Paytm announced the acquisition of <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/paytm-enters-hotel-booking-business-buys-nightstay/articleshow/67748857.cms">NightStay</a>, a four-year platform which helps users book hotel rooms and offers last minute deals. While MakeMyTrip and Oyo Rooms have been dominating the <keyword id="864750" type="PERSON" weightage="20" keywordseo="Hotel-bookings">hotel bookings</keyword> space, the recent acquisition of NightStay will help Paytm become a one-stop shop for its over 230 million users and the potential ones. Paytm already competes with MakeMyTrip in offering flight and train tickets. Vijay Shekhar Sharma took on BookMyShow when Paytm started selling movie tickets in 2016. <a href="https://techcircle.vccircle.com/2018/10/30/kept-on-its-toes-by-paytm-bookmyshow-slips-deeper-into-the-red-in-fy18">BookMyShow</a> revenue growth dropped to 27% in 2016-17 from 85% a year earlier. Earlier in January, Paytm had also announced its<a href="https://www.businesstoday.in/technology/news/paytm-joins-hands-with-zomato-to-offer-in-app-food-delivery-service/story/310921.html"> partnership</a> with foodtech unicorn Zomato to enter the food delivery segment and take on rival Swiggy. With the Paytm Mall, the company has a foot in online retail- from apparels and accessories to electronics, footwear, and fitness equipments to name a few. However, its success has been limited. Even with massive cashbacks and discounts, Paytm Mall had not been able to make an impact yet with reports reflecting that the company’s losses went up by <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/paytms-parent-company-one97-communications-widens-net-loss-to-rs-1490-4-cr/articleshow/66402994.cms">270%</a> last year mainly because of its e-retail arm. The <keyword id="1705292" type="PERSON" weightage="20" keywordseo="Indian-e-commerce">Indian e-commerce</keyword> segment is already crowded with Amazon and Walmart fighting it out, and now, Reliance Industries also planning to enter the market. While there were rumours of the company planning to scale down its e-commerce operations, founder Vijay Shekhar Sharma had told <a href="https://economictimes.indiatimes.com/industry/services/retail/paytm-has-no-plans-to-leave-mall-business-vijay-shekhar-sharma/articleshow/67681312.cms">ET</a> that “it has no plans to leave the mall business”. See Also: <a href="https://www.businessinsider.in/amazon-walmart-owned-flipkart-set-back-by-new-e-commerce-rules-that-help-mukesh-ambanis-reliance-retail/articleshow/67751026.cms">Mukesh Ambani may be the surprising winner from India's new rules hurting Amazon and Walmart</a> <a href="https://www.businessinsider.in/indias-new-e-commerce-policy-has-rivals-flipkart-and-amazon-teaming-up-to-counter-the-new-directive-and-the-republic-day-sale-will-probably-be-their-last/articleshow/67366996.cms">India’s new e-commerce policy has rivals Flipkart and Amazon teaming up to counter the new directive — and the ‘Republic Day’ sale will probably be their last</a> <a href="https://www.businessinsider.in/in-india-amazons-fight-is-not-just-with-flipkart-but-with-paytm-google-pay-and-truecaller/articleshow/67456165.cms">In India, Amazon's fight is not just with Flipkart, but with PayTM, Google Pay and Truecaller</a>

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When will Paytm start making money

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