Paytm claims over five million transactions on a daily basis; it says it touched a peak of Rs 120 crore-worth transactions in a single day.
Paytm is in the works to merge its e-wallet service with its upcoming payments bank of the same name, The Economic Times said in a report on Monday. One 97 Communications, the parent company of digital payments' provider Paytm, will see the merger of the e-wallet service with the upcoming payments bank, once the company gets the required nods.
Paytm e-commerce and Paytm payments bank are currently separate entities, incorporated in August. The wallet service, currently under the e-commerce arm, will be de-merged and later merged with the payments bank. The report said, without citing confirmation, that the e-commerce arm may then work as an entry for China's Alibaba into India.
Paytm founder Vijay Shekhar Sharma, holds 51% share in the payments bank, with the remaining owned by One97 Communications, have been granted an ‘in-principle payments bank licence’ from the central bank.
Alibaba is an investor in Paytm and the latter uses AliPay in a technology-sharing partnership, the report said. Alibaba doesn't own a stake in the upcoming payments bank directly.
According to the requirements of the Reserve Bank of India (RBI), the company will transfer its wallet business to the newly-incorporated Paytm Payments Bank Limited (PPBL) after receipt of necessary approvals, the report said, quoting Paytm's spokesperson as saying.
After the demonetization move of the government, which decommissioned the use of Rs 500 and Rs 1,000 notes from November 8 midnight in a bid to weed out black money from the system and promote a cashless, digital payments economy, Paytm, along with other mobile wallets, has emerged as one of the main gainers. In the 24 hours after the demonetization move, Paytm had witnessed a 1000% jump in its transactions, a number that has just moved higher in the following weeks.
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