Paytm Secures Regulatory Green Light to Boost UPI Payments Growth
Paytm has received regulatory approval from the NPCI to resume adding new UPI payments users after an eight-month restriction. The approval comes as Paytm's market share dwindled from 13% to 8% due to central bank limitations. UPI, which facilitates over 15 billion monthly transactions in India, is dominated by PhonePe and Google Pay. Analysts view this development as crucial for reviving Paytm's user growth, which has decreased from 100 million to 68 million. Despite a revenue increase to $197.4 million, year-on-year figures show a decline of 34%. Profit for the quarter rose to $110 million, aided by a one-time gain.
Created at:
