As pioneers of digital payments, our goal is to expand our reach and bring half a billion unserved and underserved Indians into the mainstream economy.”Ĭhuck Huang, Founder and CEO, Citcon said, “Our partnership with Paytm provides our growing network of global merchants access to one of the most vibrant and important digital commerce markets in the world through a leading Super App. We have been creating innovative payment solutions for our users that has made us synonymous with credibility and high success rates in online transactions. Nakul Jain, CEO of Paytm Payments Services Limited Spokesperson said, “Our partnership with Citcon ensures that overseas merchants operating in India can use the payment app that consumers know and trust. Paytm Payment Gateway is the most preferred payment gateway for e-commerce offering a comprehensive range of payment options to users – Paytm UPI, Paytm Wallet, Paytm Postpaid, netbanking, debit cards and credit cards. The integration of Paytm and Citcon brings overseas merchants into compliance with UPI standards, enabling them to accept and reconcile digital payments from Indian consumers. With this partnership, Paytm will be integrated into Citcon’s global payments network and will enable international brands to accept payments in India. SANTA CLARA-, One97 Communications Limited, India’s leading payments and financial services company and the pioneer of QR and mobile payments, today announced that its wholly-owned subsidiary Paytm Payment Services Limited (PPSL) has partnered with Citcon USA LLC, an all-in-one payment platform. Enables users to pay using a wide range of payment modes like Paytm UPI, Paytm Wallet, Paytm Postpaid, netbanking, debit cards and credit cards.Offers a robust platform for international merchants to accept and reconcile digital payments from Indian consumers.Ensures a secure and seamless payment experience for Citcon’s merchants operating out of India. Industry executives said the move impacts the growth momentum and return on equity profile for unsecured lending for the entire sector and smaller players might be disproportionately impacted.Paytm partners with Citcon - enables international merchants like Kering Group, LVMH and Samsonite to accept mobile payments in India It lowered its estimates of Paytm’s revenue and adjusted EBITDA for FY24 through FY26 by up to c.10%/40%, on sharply lower lending estimates, and said it expects FY25 disbursal growth of 0% YoY versus 37% earlier. Goldman Sachs downgraded Paytm from a buy to neutral. “We believe this reflects growing conservatism in the system as well as Paytm’s large share in the segments,” Jefferies analysts said in reaction to the news. On an analyst call Wednesday, Paytm president and chief operating officer said “recent macro development and regulatory guidance” as well as dialogue with lending partners prompted the firm’s move. Paytm said Wednesday that it was getting “ultra conservative” and will expand its portfolio of higher-ticket personal and commercial loans to lower-risk and high credit–worthy customers. The company’s move to put restrictions on low-ticket personal loans follows the Reserve Bank of India recently tightening norms for consumer loans and publicly expressing concerns about the bad, tiny personal loans. Paytm’s market cap ended trading Thursday down $1.1 billion. It dropped to as low as 650 Indian rupees earlier Thursday. Shares of Paytm were trading at 678 Indian rupees, down from 812 Indian rupees Wednesday afternoon. Paytm dropped 20% on Thursday before recovering slightly after the Indian financial services firm announced plans to issue fewer personal loans under 50,000 Indian rupees ($600), a move that has already started to rattle many fintech investors.
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