Paytm UPI Now Works in UAE, France, and Singapore
Owned by One97 Communications Limited (OCL), Paytm, the leader in digital payments in India, has extended its offerings to include international Unified Payments Interface (UPI) transactions.
Paytm users may now use the UPI system to make easy cashless payments in the UAE, Singapore, France, Mauritius, Bhutan, and Nepal, facilitating safe and transparent transactions with foreign retailers who use UPI.
How it Operates Internationally?
Travellers can use the Paytm app to instantly activate the international UPI service. A one-time activation connected to the user's bank account is necessary for the setup. The app will immediately direct users to enable the service when they scan a UPI-enabled QR code overseas.
Depending on the length of their travel, customers can designate a usage term, from one day to ninety days, to maintain control and security. In order to prevent unintentional payments to overseas merchants, the feature also permits deactivation upon return to India. Before completing transactions, users are also fully informed about bank conversion costs and exchange rates.
How it can Benefit the Travellers?
By enabling cashless payments for dining or shopping, the international UPI service streamlines spending at well-known locations across the globe. As leaders in mobile payments, Paytm is excited to provide its services to Indian tourists, particularly as the holiday season draws near, a Paytm representative stated. The company's dedication to empowering users anywhere in the world is demonstrated by this invention.
Paytm’s this Year’s Performance
After the decline brought on by the Reserve Bank of India's (RBI) action against Paytm Payments Bank, Paytm is confident that it is back on track. As income increased sequentially, the corporation is credited with reviving the revenue trend. Due to tax ramifications associated with the one-time gain that won't be evident for several months, it is now unclear whether Paytm's performance in Q2 has improved over Q1. During the Q2 FY25 earnings call, however, CFO Madhur Deora and founder and CEO Vijay Shekhar Sharma were eager to discuss how Paytm can return to actual profitability.
The default loan guarantee mechanism in the merchant lending industry took up a large portion of the call. In addition, Sharma asserted that the AI-led efficiency and productivity push and the cross-selling approach received some attention and should lessen Paytm's need for hiring. As reported by media agencies, Paytm would reimburse its bank or NBFC lending partners for any losses resulting from defaults in its loan portfolio up to a predetermined proportion of the total amount disbursed under a default loan guarantee (DLG), also known as a first loss default guarantee (FLDG).
Nitin Konde
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