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Paytm may partner with private and public sector banks like Axis Bank, HDFC Bank, State Bank of India and Yes Bank to continue its transactions through UPI.
The board of Paytm parent One 97 Communications Limited has approved the termination of agreements and amendment of SHA on March 1, 2024.
Goldman Sachs has issued a neutral call on Paytm, cutting its target to Rs 450 per share. This adjustment reflects the potential loss of market share in the payments sector, the brokerage said.
The Reserve Bank of India has taken regulatory action against Paytm and Visa Inc., and more nonbank intermediaries may be targeted. The growth of neo-banking in India has increased the risk of fraud. KYC regulations and digital payments face challenges, and nodal accounts are used for real-time processing.
PhonePe CEO Sameer Nigam expects to gain from potential decline in Paytm's user base. PhonePe witnessed an increase in user base due to regulatory challenges faced by Paytm Payments Bank. PhonePe holds a 46% share in UPI volumes.