Tag: Paytm

  • Paytm appoints Bhavesh Gupta as SVP & CEO of lending business

    Paytm appoints Bhavesh Gupta as SVP & CEO of lending business

    NEW DELHI: India's homegrown financial services platform Paytm today announced the appointment of Bhavesh Gupta, as chief executive officer of the company's lending business. Gupta will develop and expand Paytm's lending services to strengthen the company’s vision of financial inclusion for 500 Milion Indians. Under his leadership, the company will continue to simplify, innovate, and bring new credit products to millions of Indians & SMEs in partnerships with other banks and NBFCs. Gupta will be reporting to Amit Nayyar, president at Paytm.

    Gupta, a banker with over two decades of experience, has led the digital transformation journey of some of the top retail banks and NBFCs in the country. Most recently he served as the founding member & CEO of Clix Capital, earlier known as GE Capital India. There he focused on building a well-diversified NBFC in digital consumer and MSME lending along with urban affordable housing segment driven by cutting edge technology and analytics to deliver simple, fast, innovative, and customised solutions to customers. Prior to this role, he was founding member and head – SME & business banking at IDFC First Bank for two years. Gupta spent more than a decade at ICICI Bank where he played a senior role across retail banking, both on liabilities and lending side of the business.

    Nayyar said, “Paytm is on a mission to democratise diversified financial services in the country and access to credit for consumers and small businesses is a critical enabler to fulfil their ambitions and wishes. We are very excited to welcome Bhavesh, whose experience would help us accelerate our goals. I look forward to working closely with him to expand our lending business further along with our esteemed banks and NBFC partners."

    Gupta said, "I am thrilled to be part of the team that is responsible for introducing innovative products like Paytm Postpaid making a meaningful effort to promote financial inclusion in the country. I plan to build along with a fantastic team the most cost-effective & consumer-friendly lending products for all citizens. The wealth management and financial service solutions that Paytm is building are transforming the lives of millions of Indians and are relevant globally as well."

    Paytm continues to build its presence in financial services through multiple senior hires in the last 12 months across insurance, Paytm Money, and now lending business vertical. In the lending business, Paytm, in partnership with Bank and NBFCs has launched Paytm First Credit Card, Paytm Postpaid, Personal Loans, and Merchant Cash Loans.  

  • Paytm to acquire Raheja QBE General Insurance to expand financial services offerings

    Paytm to acquire Raheja QBE General Insurance to expand financial services offerings

    NEW DELHI: India's homegrown financial technology platform Paytm (owned by One 97 Communications Ltd) along with Vijay Shekhar Sharma is set to acquire Mumbai-based private sector general insurer Raheja QBE. The acquisition is subject to customary conditions, including, approval from the Insurance Regulatory and Development Authority of India (IRDAI). Raheja QBE which started its operations in 2009, is a joint venture between Prism Johnson Ltd and QBE Insurance Group, one of Australia’s largest insurers. The company said that all employees of Raheja QBE would continue working at Mumbai and other locations.

    This strategic acquisition is through QorQl Pvt Ltd, a technology company with a majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm. After enabling millions of Indians with services of homegrown Payments bank, it is now setting sights on democratising general insurance services.

    India's Paytm has a large consumer base and merchant ecosystem with extensive knowledge of consumer behaviour. The company would leverage this reach to innovate insurance products and services to accelerate its reach and adoption. It is in furtherance of Paytm’s mission of driving financial inclusion for over half a billion Indians.

    Paytm president  Amit Nayyar said, "We are excited to welcome Raheja QBE General Insurance into the Paytm family. Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company with innovative and affordable insurance products.”

    QBE Australia Pacific CEO Vivek Bhatia said, “Today’s announcement marks both a continuation of QBE’s strategy to simplify our business and the beginning of a new & exciting chapter for our strong team at Raheja QBE.”

    Prism Johnson Ltd MD Vijay Aggarwal said, "We are happy to announce the sale transaction of our entire 51 percent stake in Raheja QBE General Insurance Company Limited. Our decision to sell our stake in Raheja QBE is in line with our mission to create sustainable shareholder value and will enable us to focus our resources on our core businesses. This move will help the insurance business scale up to new heights by leveraging the large customer base and innovative products offered by Paytm. I would like to thank Raheja QBE’s management team and all the employees for their strong contribution and commitment over the years and wish them every success."

  • Paytm expands ‘postpaid’ services to kiranas, other internet apps

    Paytm expands ‘postpaid’ services to kiranas, other internet apps

    MUMBAI: Paytm has announced a significant expansion of 'Paytm Postpaid' to a large set of payment use-cases. This service can now be availed to buy groceries, milk and other home essentials from neighbourhood kirana stores and also at popular retail destinations such as Reliance Fresh, Haldiram, Apollo Pharmacy, Croma, Shoppers Stop among others. Additionally, it has also been extended to various bill payments facilities available on Paytm, shopping on Paytm Mall, and online payments at internet apps such as Domino's, Tata Sky, Pepperfry, HungerBox, Patanjali, Spencer's among others. This service comes as a great relief to Paytm users during the ongoing lockdown, as the increased credit limit and a large set of use-cases will eliminate the need to withdraw cash for meeting monthly household expenses.

    Paytm Postpaid is offered in partnership with two leading NBFCs with an instant credit line for various payments to Paytm app users. Seeing an increasing demand for consumer credit during the ongoing pandemic, the company has increased this credit limit up to Rs 100,000 of monthly spends to enable payment for large items such as furniture and consumer electronics among others. Initially, select users will be shown a Postpaid icon in the Financial Services Section to avail Paytm Postpaid post completion of their online KYC with partner NBFC. The bill repayment can be done by the seventh of each month or earlier. Paytm Postpaid offers a passbook to analyze monthly spends to plan everyday expenses.

    The company has introduced three variants of Postpaid viz Lite, Delite and Elite which will be offered based on partner NBFC's assessment. While Postpaid Lite comes with limits up to Rs 20,000 and a convenience charge which will be added to the monthly bill, the Delite and Elite offer credit limits from Rs 20,000 to Rs 1,00,000 in monthly spends with no convenience charges. Postpaid Lite has been designed so that users without excellent credit score are also able to avail the convenience and benefits of this service. However, there is no cost associated with activating and keeping Paytm Postpaid or any of its variants.

    Paytm president Amit Nayyar said, "Paytm Postpaid is our mission to provide access to credit to every Paytm user. During this ongoing pandemic, it becomes more important for us to stand by fellow Indians and give them the power to buy on credit when required. We are excited to expand this service for payments at kirana and online stores that play an important role in the whole neighbourhood and online shopping experience. We will keep expanding the offering to include more and more Paytm users."

  • Paytm enables Vodafone Idea recharges for crores using feature phones with their UPI ID

    Paytm enables Vodafone Idea recharges for crores using feature phones with their UPI ID

    India’s leading financial services platform Paytm is now empowering feature phone users to recharge for their Vodafone Idea numbers with just a valid UPI ID. Along with the telecom major and National Payments Corporation of India (NPCI) to extend this service throughout the country. The move would help crore of citizens who mostly use feature mobile phones to now top up their numbers without having the need to visit physical stores. The company added said that there is no need to have a mobile-internet data facility and non-Paytm app users can also easily avail of this service.

    Paytm said that this service is based on the NPCI’s innovative payment service *99# which works on the Unstructured Supplementary Service Data (USSD) channel. This service allows mobile banking transactions using basic feature phones without the need of having a mobile internet data facility for using USSD based banking. It is envisioned at the financial inclusion of the underbanked in mainstream banking services.

    Paytm which is working towards the ultimate goal of bringing half a billion Indians into the mainstream economy, has taken part in this initiative to ensure that millions of migrants who might be away from home and have limited means, stay connected with their families.

    Abhay Sharma, Sr. Vice President – Paytm said, "There are over 550 million feature phone users in the country. A majority of them are migrants and daily wage earners. Due to the ongoing lockdown, many people who rely mainly on mobile phone stores, recharge kiosks are finding it difficult to top-up their basic feature phones which rarely have internet data facility. This USSD based service would help all these individuals. Through this partnership with Vodafone Idea and NPCI, we will reach out to all these individuals and support them in these testing times."

    Praveena Rai, COO, NPCI said, “We believe our USSD service would facilitate feature phone users having a UPI ID, to constantly keep in touch with their near and dear ones even if they don’t find mobile recharge shops in their localities. The *99# service is a welcome move, especially in the current situation. With just a UPI Id, people using feature phones can recharge their phones on-the-go without the internet. The USSD service would also help people register their UPI IDs on BHIM UPI and provide them with a seamless mobile recharge experience”.

    Avneesh Khosla, Director-Marketing, Vodafone Idea Limited said, “It is our constant endeavour to ensure that our customers remain connected and safe during these times. In the last 2 months, we have launched a slew of initiatives to help consumers stay connected. We believe that this partnership with Paytm will help facilitate a large number of our digitally unconnected customers to recharge through USSD without being dependent on mobile internet, any digital app, or a physical retail touchpoint. Through this partnership we will be able to provide a simple and secure solution, enhancing the convenience factor to these pre-paid customers during very testing times so as to ensure that our consumers do not have to leave the safety of their homes to recharge their phones." The company said that there are two ways of recharging the phone using this service. If a customer's UPI ID is not registered with BHIM UPI, they then need to Dial *99# after which they are shown all bank accounts linked with the mobile number from where the USSD is dialled in. The customer then selects the bank account he wants to register his UPI ID with and sets up a UPI PIN.

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  • Paytm’s ‘Feed my City’ initiative serves over 10 lakh meals to daily wagers, contributions cross Rs 2 crore

    Paytm’s ‘Feed my City’ initiative serves over 10 lakh meals to daily wagers, contributions cross Rs 2 crore

    India's leading digital payments and financial services platform, Paytm today announced that it has raised over Rs. 2 crore for its ‘Feed My Initiative’. The company has been encouraging fellow citizens to donate on the app and contribute towards serving meals to the daily wage earners in Noida, Mumbai, Bengaluru, Chennai, & Hyderabad.

    Recently, Paytm partnered with KVN Foundation to serve meals to people who have lost their source of income due to the lockdown. The company has been requesting everyone to support this initiative by logging on to their Paytm App and clicking on the ‘Feed My City’ tab to donate. Together, Paytm and KVN Foundation are already serving over 1 lakh meals per day across the 5 cities. As the lockdown gets extended, they are targeting to serve another 20 lakh meals over the next few weeks.

    Siddharth Pandey, Vice President – Paytm said, "With generous contribution from our users, we have raised over Rs.2 crore in just ten days. This has helped us to serve meals to over 10 lakh individuals across India. We request everyone willing to contribute to this initiative to join this cause so that nobody sleeps without food."

    The 'Feed My City' initiative has also been supported by renowned personalities including Nandan Nilekani, Sunil Shetty, Saina Nehwal, Vishwanathan Anand, Mary Kom, Anil Kumble and KL Rahul. 

  • ALTBalaji associates with Amazon Pay, PayTM for cashback offers

    ALTBalaji associates with Amazon Pay, PayTM for cashback offers

    MUMBAI: Keeping in mind the current situation and the ever-rising popularity for original content along with the viewers’ preference for convenient payment experiences, ALTBalaji, one of India’s leading homegrown OTT platforms, has associated with popular payment gateway Amazon Pay and Paytm. As part of the deal, Amazon Pay will offer 25 per cent cashback on ALTBalaji subscription whereas Paytm will offer a flat Rs 20 cashback on the subscription. The offers can be availed by android users in India.  Using these gateways, customers can enjoy quick and easy checkouts with faster cashback.

    To avail the offer via Amazon Pay, customers can go to the ALTBalaji website or android app, select the service of their choice and make the payment using Amazon Pay as the payment option. As a part of the deal, a cashback up to Rs 100 can be availed once per user on using Amazon Pay during the offer period. Valid from 1 April 2020 to 30 April 2020, the cashback will be credited instantly as Amazon Pay balance after completing the payment. Offer will be valid only on online orders made on the ALTBalaji website or android app using Amazon Pay.

    On the other hand, Paytm’s flat Rs 20 cashback on the first Paytm wallet transaction is valid now till 7.59 pm on 7 April 2020. The offer can be availed once per user and will be received within 24 hours of completion of the transaction Also, the offer is applicable only on making payment on the ALTBalaji website or app by paying the entire amount using one’s Paytm Wallet.

    On the association, Balaji Telefilms Group COO and ALTBalaji CEO Nachiket Pantvaidya said, “Our collaboration with Amazon Pay and Paytm is a step towards strengthening our relationship during these testing times with the consumers. Amazon Pay and Paytm are two of the most preferred gateways for digital audiences across the country. Through this partnership, ALTBalaji’s extensive library of homegrown, original premium content will now be even more accessible and affordable to a wider and newer set of audiences.”

    With ALTBalaji subscription, consumers will get access to 60 originals created for the masses. ALTBalaji has built a legacy of creating iconic shows, like Apharan, Mental Hood, Code M, Mission Over Mars, Kehne Ko Humsafar Hain, Home, Gandii Baat, The Test Case, Bose: Dead or Alive among others, which have been lauded by audiences.

  • Paytm helps India fight Corona

    Paytm helps India fight Corona

    MUMBAI: Digital payments and financial services platform Paytm has launched the ‘India Fights Corona’ campaign to help prevent and manage the spread of novel coronavirus in communities with the greatest need. In its efforts, Paytm is supported by Lifebuoy, the hygiene brand from Unilever and YouWeCan, a foundation established by Indian cricketer Yuvraj Singh. Paytm is appealing to fellow Indians to contribute generously on the Paytm App and help in the distribution of Lifebuoy hygiene products among vulnerable sections of the society.

    At the time of writing, the number of confirmed novel coronavirus cases in India has gone up to 132, as per the Ministry of Health & Family Welfare, Government of India. The World Health Organisation (WHO) has advised that people should frequently and thoroughly wash hands with soap & water. With this partnership, Paytm and Unilever want to educate everyone on the importance of developing a habit of personal hygiene while avoiding transmission of the virus from one person to another.

    Contributions can be made on the Paytm App and Paytm.com website under the 'Donations' section. The amount raised will be used to procure & distribute soaps and hand wash to people who need it the most – including people who are part of our everyday life, such as our house helps, security guards, drivers and vegetable vendors among others. In the first phase, both the companies will distribute 10 lakh soaps and hand washes at no cost in the affected areas. Paytm has also partnered YouWeCan, a foundation established by former Indian cricketer Yuvraj Singh for this noble purpose.

    Paytm VP Siddharth Pandey said, "It is an important responsibility for each one of us to teach fellow Indians about the importance of personal hygiene as part of daily routine. We should fight COVID-19 by staying healthy and restricting the spread of the virus to others. We request everyone to contribute towards this cause so that people who are part of our daily lives get access to such important products."

  • Paytm appoints Premanshu Singh as senior vice president

    Paytm appoints Premanshu Singh as senior vice president

    MUMBAI: Digital payments and financial services platform Paytm, the brand owned by One97 Communications, today announced the appointment of Premanshu Singh as senior vice president. He will have a business role in financial services vertical within Paytm. Singh would report to Paytm president Amit Nayyar. 

    Amit Nayyar said, “We are excited to welcome Premanshu who brings a wide range of experience in traditional industries as well in the digital ecosystem. As we deepen our presence in various segments of financial services, we continue to expand our leadership team to focus on multiple opportunities and possibilities that our Paytm ecosystem offers.”

    Premanshu Singh said, "I am excited to be a part of a great entrepreneurial ecosystem. As India aspires to be a $5 trillion economy, building the next set of products and services for the end-user is going to be our focus." 

    Singh comes with over 17 years of experience with some of the top FMCG companies including ITC, Johnson & Johnson as well as leading internet and digital commerce companies. Prior to joining One97 Communications, he was the CEO of Coverfox for about three years. 

    He has also served as head of marketing at Practo and head of emerging business, sales strategy and international at Shaadi.com. 

    The nuances he brought into these businesses have helped these companies grow and expand. He founded an e-commerce venture a2zbaby as well. He has an MBA from the Indian Institute of Management Ahmedabad and has done Executive Program from INSEAD.

  • Paytm deepens ties with Uber; will process card payments and provide financial services to driver partners

    Paytm deepens ties with Uber; will process card payments and provide financial services to driver partners

    MUMBAI: Paytm, India’s largest payment gateway, has strengthened its partnership with Uber by adding credit & debit processing and will enable users to complete card transactions seamlessly.

    This partnership will allow Uber to leverage the strength of Paytm’s card acquiring capabilities, in addition to the existing wallet integration to provide Riders with the best user experience.

    Paytm’s Payments Bank, India’s biggest and only profitable payments bank, will also provide a range of services to Uber’s driver-partners under the Uber Care program such as savings accounts, zero-fee debit cards and significant cashback at Indian Oil, Paytm FASTags among others. To encourage drivers to conveniently open bank accounts and purchase and use Paytm FASTags, the Bank has set up over 12 camps at Uber’s Greenlight hubs across all major cities including Delhi-NCR, Bangalore, Mumbai Chennai, Hyderabad, Kolkata, Chandigarh, Pune, Ahmedabad and Guwahati.

    Puneet Jain, Sr. Vice President at Paytm Payments Gateway said, “Uber and Paytm have been long-standing partners. We are extending this partnership to a full-stack payment gateway. This integration will benefit millions of Uber riders to make seamless instant payments from their cards which might be already saved on Paytm."

    Nandini Maheshwari, Director, Business Development, Uber India & South Asia, said, “Paytm is a valued and trusted partner for Uber. Facilitating millions of trips weekly, our priority is always to provide exceptional customer service to our riders and a range of welfare benefits to our driver partners to maximize their earning potential. With the latest credit and debit card integration with Paytm, we hope to promote more digital transactions, reduce cash dependency on the platform and improve the country’s digital financial infrastructure.”      

    Paytm’s payment gateway has been the preferred service provider for India’s digital ecosystem and commands the leading market share. It allows businesses of all sizes to receive payments through different channels including email, SMS, and chat. Paytm’s bouquet of services includes several unique features, such as Payouts & Recurring payments, that address the needs of both B2B and B2C companies.

  • How Too Yumm hit a six with the IPL

    How Too Yumm hit a six with the IPL

    MUMBAI: Bang for the buck. That’s what brand and marketing managers look for whenever they put their money behind an event. And one such property that has been gaining marketers’ interest over the years is the Indian Premier League (IPL).

    One of the largest marketing platforms in the country, the league has witnessed some stellar cricket and legends make their mark in the game. While this happened on the field, players also made a mark off the field. No. Not the cricketers, we’re talking about brands. With creativity and innovation, brands have made a mark and left a legacy year on year with some outstanding advertising. But there exists a myth. The general perception is that while the IPL is a great marketing platform, only brands with deep pockets can partner or associate with it. But we have seen brands like Byju's, PayTM, Vivo, Asian Paints, Dream 11 take pole advertising and sponsorship positions over the past few years both on-ground and broadcast. We also came across a few brands that have found creative ways to bring alive their brand’s proposition and partner with the IPL. One such brand is Too Yumm and its association with the IPL as the ‘Fall of Wickets’ partner on broadcast.

    Too Yumm – an FMCG brand from the RP-Sanjiv Goenka group stable – came on board as a Features Partner ‘Fall of Wickets Partner’ on live television.

    It was launched three years ago as a low-calorie option under group company GuiltFree Industries for those who love snacking but abstain from doing so for health reasons. Chairman Sanjiv Goenka at that time had said the group would be investing around Rs 10,000 crore over the next five-six years to get the brand to a Rs 6,500 crore turnover.

    It made its debut in the highly competitive Rs 28,000 crore plus national snacking market where heavyweights such as Pepsico’s Lay’s and Kurkure, DFM Foods, Bikanervala, ITC’s Bingo, Pratap Snacks’ Yellow Diamond, Parle, Haldirams, and Balaji dominate.  Adding to that is the plethora of small-scale branded and unbranded unorganised regional and local players that also find custom.

    Too Yumm’s differentiated brand promise was – and is – that its snacks are baked and not fried and have 40 per cent less fat than the existing fried snacks brands.

    For year one, GuiltFree spent on traditional media apart from expanding its distribution. But in year two it decided to diversify its budget and put some of it on IPL and its feature.

    Too Yumm creatively married its brand proposition of ‘Fried Snacks Out, Too Yumm In’ in moments where there was a fall of a wicket in the match. The branding came alive during these moments on TV and was visually appealing as well. Every time a player got out, his lonely trudge back to the pavilion would be boxed in the horizontal and vertical L and Aston bands with Too Yumm branding and taglines “Fried snacks out, Too Yumm in” and “Fried Snacks Ko Karo Life se Out”. The brand also used innovative hashtags to capture these moments on social media. The more the wickets that fell, the greater the exposure the brand got. Additionally, Too Yumm also resorted to spot buys during the IPL to the extent its budget allowed.

    “Too Yumm being a guilt-free snacking brand, it can be munched on while being engrossed in a nail-biting match and the fall of wicket feature, which is sticky,  helped us to give a strong reminder about the brand to the viewers,” says Too Yumm chief marketing officer Anupam Bokey. “With the campaign #OneGoneNextOn, we wanted to create a brand proposition that snacking with Too Yumm is good. Generally, any match would give us an opportunity of at least 10-12 wickets falling and during which we tried to do moment marketing.”

    The group had also signed on Indian cricket captain Virat Kohli as its brand ambassador. Kohli – a fitness fanatic – had discontinued his association with PepsiCo – a year before signing up with Too Yumm  – as he did not want to promote colas anymore.

    “The Indian captain is somebody who walks the talk. So there’s a lot of credibility when he says something and consumers and fans are more likely to accept it,” says Bokey.

    He adds, “The combination of celebrity sportsman as an endorser and association with the IPL uplifted the brand to get recognition. The objective of being associated with the IPL in the first year was to create brand awareness along with the launch of a new product Multigrain Chips. In the following edition, we supported the campaign #SayNoToFriedSnacks that was launched at Kumbh Mela a month earlier, where Too Yumm became the very first brand to get a Guinness Book of World Record at Kumbh.”

    The launch of Multigrain Chips was done through a one-minute ad spot during the strategic time out in the match between Chennai Super Kings and Kings XI Punjab on 20 May 2018. It showed Kohli doing the unthinkable – munching on chips – but it was revealed that he was actually munching the healthy ‘Multigrain Chips’  of Too Yumm.

    Bokey points out that the IPL generated very high engagement and active viewership in a very short period of time, as there were matches every day during the tournament between April and May. According to him, Too Yumm’s metro awareness has been growing – from 13 per cent pre-IPL 2018 to over 70 per cent with 2019 IPL.

    The IPL association makes eminent sense for other reasons too: the brand fit.

    The IPL is about super-fit cricketers and their teams battling it out on the green to gain supremacy in arguably the world’s most exciting sporting league. And Too Yumm is all about healthy safe snacks for all those who are fitness-minded and yet want to munch some baked items during the day. Since launch, its product range has expanded to cover quinoa puffs, veggie stix, foxnuts, multigrain chips, and Karare.

    Bokey believes that no other platform gives as much reach as the IPL. “It gives a lot of leverage, especially with viewership numbers, generating a combined reach of over 800 million that includes Hotstar and other vernacular commentary channels,” he says.

    He swears by the association, despite the fact that it comes at a stiff price tag. “Unlike other media, IPL is a very well measured and researched event, which gives the brand great confidence to invest in it,” he reveals. “The league helps the brand to get an accurate ROI, as well as higher recall compared to other genres.”

    Of course the brand proposition, quality of idea and integration and the creative executions need to be exceptional to leverage the platform well.

    He cites Hansa Research data, which shows that Too Yumm had the second-best ‘Recall Return on Investment (r-ROI) in the 2019 IPL.

    No wonder the company parks around 15-20 per cent of its ad spend on sports, including the IPL. “Cricket – being a religion in India – creates appropriate traction for brands and we, being a smaller enterprise, have used it for the past two years and have been delighted with the relationship,” ends Bokey.