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Paytm to benefit from wallet interoperability
March 29, 2023
After the NPCI’s wallet interoperability guidelines, Paytm has announced that its homegrown payments bank said full KYC wallet customers will be able to make payments on every UPI QR code and online merchant where UPI payments are accepted.
With the new interoperability norms soon to be live, Paytm Payments Bank is in for a treat. The payments are expected to see additional revenue and higher wallet-loading charges. That being said, brokerages are optimistic about Paytm’s stock price and have recommended buying.
On Tuesday, Paytm stock closed at ₹617.50 apiece marginally down on BSE compared to the previous closing. Its market cap is over ₹39,136 crore. Paytm is the largest fintech offering digital payments and financial services.
In its regulatory filing, on Monday, Paytm said, from now on, Paytm Payments Bank will earn 1.1% interchange revenue when Paytm Wallet customers make payments on merchants acquired by other payment aggregators or banks.
Also, the bank will pay 15 bps of charges for adding more than ₹2,000 using UPI, and in turn, will also earn 15 bps when any other wallets use the bank to add more than ₹2,000 using UPI.
Paytm Payments Bank Spokesperson said, “We welcome NPCI’s interoperability guidelines that allow Paytm Wallet to be used in every nook and corner of the country. This is in line with our mission to bring mobile payments to every Indian everywhere. As the pioneer of mobile payments and QR-based payments, this move presents incredible growth opportunities for India’s payment ecosystem.”
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