CBI has filed a first information report (FIR) against seven customers listed by the company
Move is in line with the RBI circular on Special Measures to incentivise Electronic Payments
In future, these proceedings will go by the procedure or will be withdrawn after mutual settlement
According to the company, customers received refunds in over 40 cases despite having their products delivered to them
The company is calling upon consumers and merchants across India to teach others on how to use Paytm to pay and accept money
A Deloitte report in September said the digital payment firm would post a Rs 155 cr profit in 2019
India Stack is a paperless and cashless service delivery system being conceived by a digital think tank iSpirt
Amount raised will be utilised for Paytm's proposed payments bank operations, in which Sharma holds 51 per cent stake
Paytm on Thursday announced the launch ofits new 'App Password' feature on its Android mobile app that will enable Paytm users to set a secure pin, password, pattern or fingerprint as a means to ensure money stored in the Paytm wallet remains safe even if the owner's phone is lost or misplaced.The App password feature is currently available in the latest Android App.Users can set heir phone's default Android security password by using the 'Security' option in the 'Settings' menu. They can then select a Pin, Password, Pattern or Fingerprint to protect their phone. Once the user clicks on 'Pay' or 'Passbook' on the updated Paytm App after setting a password, they will be prompted to enable this optional feature.Once they click on the 'Add Security' option, they will be asked to reconfirm their phone's password, and their new App Password will be set. Users can also choose to disable this security mechanism by switching off the 'Android Security' feature in the 'Security and Settings' ...
The company also said it aspires to enter the US market in the long run as it sees an opportunity there
The customers and merchants will need to register with Paytm their mobile number and set a four digit paytm PIN
Paytm also has a licence from RBI to launch a 'payments bank,' reports Tech in Asia
It was a sheer stroke of luck that demonetisation came at a time when Paytm was almost ready to launch its payments bank
The company which has missed the deadlines set by itself for the launch of its payments bank is still several weeks away from the roll-out
It claimed over 70% of online mobile and DTH recharges done in the country are now being conducted on its platform
Paytm had hailed the ongoing demonetisation drive with advertisements displaying Prime Minister Narendra Modi's picture
Company is currently doing more transactions than the combined average daily usage of credit and debit cards in India
Business has slowed down since the currency ban, especially once people run out of a limited supply of low denomination notes
Paytm claims its user base has now reached 155 million users and growing at nearly half a million users a day
Currently, 8,50,000 offline merchants accept Paytm, says the company, reports Tech in Asia