Paytm Payments Bank's MD, CEO Surinder Chawla Resigns

Surinder Chawla, the Managing Director and CEO of Paytm Payments Bank, has resigned from his position. The resignation was tendered on April 8, 2024, citing personal reasons and a desire to explore better career prospects.

Chawla will be relieved from his duties effective close of business hours on June 26, 2024, unless there is a mutual agreement to change this date. This follows recent regulatory actions by the Reserve Bank of India and changes within the bank's board.

Surinder Chawla joined Paytm Payments Bank as the Managing Director and CEO in January 2023. Given his resignation in April 2024, he served in his role for approximately 1 year and 4 months.

It was under Chawla's leadership that Paytm Payments Bank received approval from the Reserve Bank of India, which is a significant endorsement for any banking institution. He focused on expanding the CASA base, fee revenue, and cross-selling across channels, which are key areas for a payments bank's growth and stability.

A merit-listed Chartered Accountant, Surinder Chawla joined PPBL from RBL Bank, where he served as Head – Branch Banking and focused on expanding the CASA base, fee revenue, and cross-selling across channels. Prior to joining RBL Bank in 2013, Chawla spent about 12 years in key senior management positions at HDFC Bank, culminating in his role as Head of the Retail Liabilities Product Group. As Senior Executive Vice President at HDFC Bank, Chawla also worked as the head for the Southern, Eastern and Northern regions at different points in his career.

Parking Payment at Taj Mahal Becomes Digital by Using FASTag Via Paytm Payments Bank

Paytm Payments Bank enables visitors at Taj Mahal to pay digitally for parking using FASTag

Partners with Agra Development Authority (ADA) authorized MG Infra Solutions to facilitate millions of visitors with convenient parking at Taj Mahal using Paytm FASTag. 

India's homegrown Paytm Payments Bank Limited (PPBL), has announced that it now enables convenient payments for car parking at the Taj Mahal using FASTag.

The Bank has partnered with Agra Development Authority (ADA) authorized MG Infra Solutions, to facilitate convenient payments at the biggest west gate at the famous monument. This will drive convenience for the over 8 million annual visitors who come to experience the magnificence of the Taj Mahal.

 

With this partnership, millions of visitors would not have to wait in long queues in the west gate parking area, and can pay digitally with FASTag. Paytm FASTag, which works on the radio-frequency identification technology (RFID), allows users to drive through the FASTag lanes without making them stop to pay the toll taxes & parkings, saving the fuel and commute time. 

Paytm FASTag has gained popularity for its instant activation and superior customer care support. With Paytm FASTag, users do not require a separate prepaid account or login credentials as all Paytm FASTags are linked seamlessly to the popular Paytm Wallet. This feature increases consumer convenience, since they can be assured that as long as they have balance in their Paytm Wallet they will be able to use their FASTag seamlessly.

Paytm Payments Bank Spokesperson said, "With seamless digital payments in real-time, Paytm FASTag saves consumers' both time and fuel. This partnership will help thousands of visitors visiting Taj Mahal as it offers convenience to directly pay from the Paytm Wallet. Paytm FASTag has already digitized parking payments in leading malls, metro stations and airports across India.”

Praveen Gupta, CEO of MG Infra Solutions said “Taj Mahal is one of the 7 wonders of the world, which is why it attracts thousands of foreign and Indian tourists. As the world is moving to safer contactless transactions, we have introduced a FASTag based parking system with the help of Paytm to provide contactless entry to parking lots for the customers. Now customers will be able to pay parking fees through their existing FASTag without a single touch.”

PPBL is the largest issuer of FASTags in the country and is also one of the largest acquirers of toll and parking plazas for the National Electronic Toll Collection (NETC) program, offering an interoperable nationwide toll payment solution.

About Paytm Payments Bank

Paytm Payments Bank has the largest scale in India, in terms of mobile transactions. The bank offers the best-in-class digital payment and banking experience with its mobile-only savings accounts, current accounts, fixed deposits with partner banks, and payment instruments like wallets, UPI, FASTag among other services to Indians. The bank is the largest UPI beneficiary bank, with the lowest technical decline rate amongst beneficiary and remitter banks.

To know more please visit: https://www.paytmbank.com/

Paytm Payments Bank and Moneygram Partner to Offer International Remittance Directly to Paytm Wallet

With the partnership, MoneyGram customers across the globe can directly send money to a Paytm wallet in India

India’s homegrown Paytm Payments Bank and MoneyGram International, Inc. (NASDAQ: MGI), the global leader in the evolution of digital P2P payments, today announced a partnership to enable MoneyGram customers globally to send money in real-time to a Paytm Wallet user in India. This is an important milestone in the digitization of the Global Receive Network.

With this partnership, MoneyGram users abroad can now conveniently transfer money to full KYC Paytm wallet users in India from the comfort of their homes. Paytm Payments Bank has millions of wallet customers, who use the Paytm Wallet for its convenience including having greater control on their expenses, highly secure payments, fast forward on utility bill payments, and seamless integration across mobile, online and in-store payments and so much more.

This is MoneyGram’s first mobile wallet partnership in India and is an important development as the country’s evolution to digital receives is occurring rapidly. MoneyGram transactions in India received digitally currently represent nearly 50% of all transactions received in the country. The number of transactions sent directly to bank accounts is up about six times from just under 10% two short years ago. With this MoneyGram expects higher growth rates as customers in India continue to value the convenience of digital receives.

“We’re thrilled to partner with Paytm Payments Bank to expand our mobile wallet capabilities into one of the largest receive markets in the world,” said Alex Holmes, MoneyGram Chairman and CEO. “The digitization of our receive network is a core component of our growth strategy which has led to exceptional results, such as an all-time high in our total transactions received digitally in the third quarter of this year. As consumer preference in India and beyond shifts toward receiving transfers digitally, MoneyGram is well-positioned to continue to meet demand.”

Satish Kumar Gupta, MD & CEO – Paytm Payments Bank Ltd said, “We always strive to empower Indians with seamless, digital banking services, and offering direct transfer of international remittances into the Paytm Wallet, is another step in the same direction. Paytm Wallet is used by millions of Indians and we hope that this partnership will offer unmatched convenience & flexibility to the Indian diaspora across the world to send money home in real-time."

According to the World Bank 2020 estimates, India is the world’s largest inbound market with remittances estimated at USD83B for the year.

Paytm Payments Bank Launches ‘Paytm Transit Card’ — Indians Can Pay for All Metro, Bus and Rail Travel, Parking, Payments at Online & Offline Stores and More With One Card

• Offers the NCMC inter-operable physical mobility card, which drives the government’s One Nation, One Card initiative, bringing convenience to millions of Indians
  Having established leadership in the FASTag category, the
• The card linked to the Paytm Wallet can be used for all transactions of a user — from travel in metros, buses and trains, to pay toll and parking charges, payment at offline and online stores to even withdrawal of cash from ATMs.
• Users can simply top up the Paytm Wallet account to use the card and do not need to maintain any separate account.
• First phase of rollout is being launched in collaboration with Hyderabad Metro Rail, Ahmedabad Metro and the Delhi Airport Express Line, where users can leverage the power of seamless transactions

Paytm Payments Bank Limited (PPBL), which is India’s homegrown payments bank, has today announced the launch of the Paytm Transit Card, bringing together the power of One Nation, One Card. The Bank aims to equip millions of Indians with one physical card for all their everyday needs — from travel in metro, railways, state-owned bus services, toll & parking charges to payments at offline merchant stores, online shopping and more. The card also enables the withdrawal of money from ATMs. With this launch, users won’t have to worry about carrying multiple cards for different purposes and just use the Paytm Transit Card for all their payments.

The launch of the Transit Card is aligned with the Bank’s initiatives to bring out products that make banking and transactions seamlessly operable for all Indians. With the Bank’s robust technology and vast user base, PPBL will enable large-scale adoption of the ‘Paytm Transit Card’ that would help promote NCMC and the Digital India initiative further.

It has also created a completely digital process to apply, recharge & track all transactions of the cards on the Paytm App itself. The physical card will be delivered at the doorstep of the user or can be purchased at designated sales points. The prepaid card is directly linked to the Paytm Wallet, where users can just top-up the wallet to use the transit card and do not need to create any separate account.

The Paytm Transit Card rollout is being launched in collaboration with Hyderabad Metro Rail. Users in Hyderabad can now simply purchase the transit card, which can be displayed at the Automatic Fare Collection (AFC) gates to proceed for the journey. This service will help over 50 lakh riders who use metro/bus/train services every day and experience seamless connectivity. The card is already live in the Delhi Airport Express line and Ahmedabad Metro. With the Paytm Transit Card, people can use the same card in metros as well as other metro stations across the country.

Satish Gupta, MD & CEO of Paytm Payments Bank Ltd said, “The launch of the Paytm Transit Card will enable millions of Indians with the power of one single card that takes care of all transportation as well as banking needs. This will drive financial inclusion and accessibility for all. We are glad to be a part of the NCMC initiative and will continue to work towards the digitization of the transit ecosystem in the country while driving the adoption of smart mobility solutions."

Paytm Transit Card is the bank’s second product in the mass transit category after the success of PPBL FASTags. Paytm Payments Bank is the first bank in the country to achieve the milestone of issuing more than 1 crore FASTags. Besides this, It is also India’s largest acquirer of Toll Plazas for the National Electronic Toll Collection (NETC) program offering an interoperable nationwide toll payment solution.

The bank has enabled over 280 toll plazas across the National & State highways to collect toll charges digitally.

With 155 Mn UPI Handles, Paytm Payments Bank is The Largest Beneficiary Bank

India’s leading digital payments and financial services Paytm filed its DRHP on July 15, 2021, for SEBI’s approval for its $2.2 billion IPO. In its prospectus, the numbers of Paytm Payments Bank revealed how the company is faring in the UPI game. Paytm Payments Bank Ltd (PPBL), has 155 million UPI handles on its platform and is accelerating the growth of UPI payments at retail stores and even large merchants, as stated in its DRHP.

Paytm Payments Bank is an NPCI certified Payment Service Provider and Issuer Bank for UPI transactions. “This, along with being an acquirer of UPI transactions on its own platform, allows PPBL to serve a customer end-to-end in a UPI transaction,” said the company in its DRHP. For the fourth quarter ended March 31, 2021, Paytm Payments Bank was the largest UPI beneficiary bank with a market share of 17.1%, according to RedSeer.

In the DRHP submitted by One 97 Communications Limited to SEBI, the company mentions, “Paytm UPI handles have been created by the Paytm Payments Banks and are used to send and receive payments. Users use these for money transfers, on the Paytm app, to add money to the Paytm wallet and at third-party merchants, and make payments by scanning any UPI QR code. Our users can register for Paytm UPI using their Paytm app and transact digitally in a secure manner, as well as instantly check the balance of the linked account.”

In April 2021, according to RedSeer and NPCI, Paytm Payments Bank had the lowest technical decline rate of 0.01% as a remitter bank while other banks had a weighted average of 1.06%. Whereas, as a beneficiary bank, Paytm Payments Bank had the lowest technical decline rate of 0.01% while other banks had a weighted average of 0.35%.

Paytm Payments Bank has the largest scale among all licensed Payments Banks in India, according to RedSeer, in terms of mobile transactions. As per the DRHP, Paytm Payments Bank offers one of the most comprehensive suites of digital banking products, for individuals, small and medium enterprises, and large corporates which can be accessed directly by users through the Paytm app.

As of March 31, 2021, Paytm Payments Banks had 64 million savings accounts, and over ₹52 billion deposits, including savings accounts, current accounts, fixed deposits with partner banks, and balance in wallets, as stated in the DRHP.