Paytm's parent company, One97 Communications, has approved the sale of its stake in PayPay Corporation, a digital payments company in Japan. The deal, which still needs corporate approvals and other conditions to be met, will boost Paytm Singapore’s cash balance. After the announcement, Paytm’s stock saw a big jump, and the company recently reported a strong profit for the second quarter of 2024.
Paytm has introduced an automatic top-up feature for its UPI LITE service, allowing users to make PIN-less transactions for amounts under ₹500. This feature, available for Yes Bank and Axis Bank users, automatically adds money to the UPI LITE balance when it falls below a set limit. Paytm’s UPI service is designed for small payments and supports international transactions in several countries.
Shreyas Srinivasan, Paytm's Chief Product Officer and head of consumer products, has left the company after Zomato acquired Insider.in. Srinivasan, who founded Insider.in, said the deal came at a perfect time for him to take a break and explore new interests. The acquisition, valued at INR 2,000 Cr, has helped Zomato grow its going-out business.
Citi has upgraded One97 Communications' shares to "buy" and set a price target of ₹900, showing a 22% potential increase. However, this target is still much lower than the IPO price of ₹2,150.