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Paytm (an acronym for "pay through mobile") is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida, India. [4] Paytm was founded in 2010 by Vijay Shekhar Sharma under One97 Communications.
One97 Communications Limited was founded in 2000 by Vijay Shekhar Sharma in New Delhi.The company is headquartered in Noida, India. [10] It launched Paytm in 2009 as a digital payments platform to facilitate cashless payments. [11]
In 2015, Paytm Payments Bank Limited received in-principle approval from the Reserve Bank of India to set up a payments bank and was formally inaugurated on November 28, 2017. [ 5 ] [ 15 ] In the financial year 2020, the bank facilitated more than 485 crore transactions worth ₹4.6 lakh crore. [ 16 ]
PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. [5] [6] It was founded in December 2015, [7] [2] by Sameer Nigam, Rahul Chari and Burzin Engineer. [8]
Paytm and PhonePe which is in advance stage of integration will act as Payment Network Partners (PNP) for ONDC. PhonePe planning to join ONDC both from buyers and sellers side. [114] Till 15 May 2022, 24 ecommerce platforms are joining ONDC. [115] Paytm Mall confirmed joining ONDC network with primary focus on exports. [116]
Unified Payments Interface (UPI) is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
In a stock filing immediately after the RBI's order, Paytm warned the order to close Paytm Payments Bank could drag down annual earnings before interest, tax, depreciation and amortization by up ...
In 2015, eleven companies received In-principle approval from the Reserve Bank of India to set up Payments Bank under the guidelines for Licensing of Payments Bank. [6]On 11 April 2016, Airtel Payments Bank became the first company to receive the Payments Bank license from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949.