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Digital wallet provider Paytm raises $1.4 billion funding from SoftBank

Digital wallet provider Paytm raises $1.4 billion funding from SoftBank

Digital wallet provider Paytm raises $1.4 billion funding from SoftBank

Paytm, the flagship product of One97 Communications, is India's largest digital goods and m-commerce platform.

The funding will help Paytm expand its user base and build a suite of financial services products, the company said in a blog post. Vijay Shekhar Sharma, founder of Paytm planned to start this payment bank service of paytm in 2016. Most recently, she was heading the movie ticketing business as vice president.

Paytm didn't disclose the valuation at which the investment was made, or provide details on the size of SoftBank's stake in Paytm's parent company, One97 Communications Ltd.

A Paytm spokesperson said: "We recently received approval from RBI for Renu Satti to be the CEO".

A statement from Paytm said: "The core mission of Paytm Payments Bank will be to cater to the requirements of the unserved and underserved communities of India, and bring them to the mainstream economy".

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Paytm's zero cost QR Code-based payment solution has been adopted by millions of merchants and has become synonymous to digital payments in India. For the first five years, the stake of the promoter in payments banks should be at least 40 per cent, RBI guidelines say.

In case of no activity in the wallet for six months, the amount will be transferred after the customer's consent. Aditya Birla Group's Idea Payments Ban is also expected to launch its services soon.

With the payments bank, the account will be able to accept deposits from individuals and small businesses of up to Rs 1 lakh per account. The rest of the shareholding is with Alibaba-backed One97 Communications. The Reserve Bank had received 41 applications for payments banks, of which 11 were granted an in-principle nod.

The e-wallet major has been seen as one of the major beneficiaries from PM Narendra Modi's demonetisation drive, under which the government banned Rs 500 and Rs 1,000 promoted digital transactions in the country.

Paytm's user base exploded previous year when the government killed India's highest denominations in physical cash, sending millions scurrying toward mobile payments to get around a shortage of physical currency.

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