Fintech company Paytm, which offers online payment services, yesterday announced excellent results for its September quarter. After this came another good news for the company. Actually, the National Payments Corporation of India i.e. NPCI has given its approval to Paytm to add new UPI users. The company has seen a lot of relief after the impact of the Reserve Bank of India (RBI) earlier this year.
Big relief for Paytm
This approval received by the National Payments Corporation of India (NPCI) for Paytm to add new UPI users was confirmed through a letter on the last business day, October 22. According to the fintech Paytm, it has received this approval after following all the guidelines and circulars. According to the report, Paytm had sought permission from NPCI to add new UPI users in the month of August. Which was stopped after the action taken by the RBI on Paytm Payments Bank.
The company must accept these conditions.
If we look at NPCI’s approval letter, the regulator emphasized that Paytm will have to meet other necessary compliances including risk management, multi-bank guidelines and data security rules. Following this, Paytm said in the regulatory filing that we are happy to inform that NPCI has granted permission to add new users on our UPI platform in accordance with all relevant guidelines.
Paytm becomes profitable for the first time
Earlier, online payment services company Paytm had announced the results for the second quarter of fiscal year 2024-25, in which it made strong profits and the company turned profitable for the first time after its listing in the quarter results of September (Paytm Q2 Results). If we see, the company made a strong profit of Rs 928.3 million, while in the previous quarter the company had suffered a record loss of Rs 838.9 million.
Paytm said in a stock exchange filing that during the September quarter, it completed the deal to sell its entertainment ticketing business to online food delivery platform Zomato and posted a windfall profit of 1,345.4 million. of rupees due to this sale.
Two good news will affect the stock market
However, despite the excellent September quarter results, Paytm shares fell sharply on Tuesday and at market close, closed at Rs 684, down 5.78 per cent. But the effect of the union of these two good news can be seen today in the company’s shares (Paytm Share). Let us tell you that Paytm’s market capitalization is Rs 43,770 crore.
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