Paytm is the third largest UPI (Unified Payments Interface) player but unlike the market leaders, it has a banking license. This has given the firm a competitive advantage over its competition in terms of smoother processing of transactions and lower failure rates. This is why merchants are happy to move to a Paytm account and abandon their traditional bank account, the company said in a series of blog posts last week. A few years ago Paytm was the dominant e-wallet player, but UPI killed this moat. So it went and got a payments bank license, something that its biggest competitors do not. As a result, Paytm's systems directly interact with the National Payments Corporation of India (NPCI) rather than through anchor banks who act as intermediaries between the third-party app and the NPCI. As a result, Paytm has one of the lowest technical decline rates amongst the banks. The company said that it has become the largest enabler of digital payments in the country driven by merchant payments and increased adoption across small cities and towns. "Both customers and merchants who have been riddled with pending and failed payment issues with other banks are increasingly preferring to use Paytm Payments Bank for sending and receiving money via UPI given its overall faster payment experience and lower technical failures," it said. "With every passing month, we are seeing more and more people using us to scan the UPI QR-codes or using Paytm UPI to make payments, making us the most trusted…
- Post Office Bill 2023 passed in Rajya Sabha: Here are the major privacy concerns raised by MPs December 5, 2023
- Amazon launches AI assistant Amazon Q, and other major announcements from the re: Invent conference December 5, 2023
- Madhya Pradesh HC Upholds Order Holding WhatsApp Group Admin Liable for Objectionable Photos Shared December 5, 2023
- Meta removes 13 fake accounts and 7 fake groups targeting online discussions in India December 5, 2023
- Event Announcement: Deep Fakes and Democracy, December 13, 2023 #Ad December 5, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...