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India’s Paytm wins approval to resume payments growth

Paytm, a leading Indian financial services firm, has received regulatory approval to resume adding new UPI payments users, following an eight-month restriction on many of its operations. UPI, which processes over 15 billion monthly transactions, dominates India’s online payments. Walmart-owned PhonePe and Google Pay process about 87% of UPI transactions, whereas Paytm’s market share has […]

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Paytm loss widens and revenue shrinks following regulatory clampdown

Fintech / Sasandara Dilmina

Paytm’s loss widened even as revenue declined by 36% year-on-year as the once-poster star of Indian startup ecosystem continues to grapple with the Reserve Bank of India’s clampdown that significantly curtailed the payments bank business unit. The Noida-headquartered firm’s loss more than doubled to $100 million in the quarter ending June, it disclosed Friday. The

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Paytm warns of job cuts as losses swell after RBI clampdown

Fintech / Sasandara Dilmina

Indian digital payments platform Paytm warned of job cuts on Wednesday after reporting that its net loss widened in the fourth quarter as it grapples with a recent regulatory clampdown. One 97 Communications, Paytm’s parent, said it expects to cut employee expenses and pare down its annual costs on staff by $48 million to $60

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