Paytm shares surge 6% on getting NPCI nod to onboard new UPI users
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The stock witnessed buying as Paytm received approval from NPCI nearly nine months after the Reserve Bank of India (RBI) restricted the addition of new customers. The Vijay Shekhar Sharma-led fintech firm has been granted approval to restart onboarding new users, contingent on adherence to NPCI’s procedural guidelines and its agreements with payment service provider (PSP) banks. Paytm's share of the UPI market fell from 13% in January to around 7% by September due to the embargo.
By March, Paytm was allowed to continue functioning as a TPAP on UPI, with four banks—State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank—serving as its PSPs.
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In Q2, Paytm finalised the sale of its entertainment ticketing business to food-tech platform Zomato. After accounting for working capital adjustments, the sale price amounted to ₹2,014 crore, resulting in gains of ₹1,345 crore.
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