Paytm Payments Bank becomes an acquiring partner of the e-RUPI service

Bengaluru: Paytm Payments Bank said on Monday that it has become an official acquiring partner in the government’s e-RUPI voucher initiative.

The bank has partnered with Paytm parent company One97 Communications Ltd (OCL) to leverage the latter’s merchant base.

Thanks to this, Paytm merchants will be able to collect payments via e-RUPI.

Paytm says it has a merchant base of nearly 25 million at present.

e-RUPI is a cashless prepaid voucher that beneficiaries can present by SMS or QR Code.

Paytm partner merchants can then scan, enter the amount to be paid and receive payment directly to their bank account.

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The program was launched in August last year to help people without access to formal banking services or smartphones
, enjoy the convenience of digital payments

“With the acceptance of e-RUPI vouchers, merchants across the country will be able to promote cashless payments, which will further the government’s mission to bring more Indians into the digital economy,” said Satish Gupta, Managing Director and Managing Director of Paytm Payments. Bank, said.

Also Read: Paytm Payments Bank Shuts Down Crypto Exchanges in India

The Reserve Bank of India (RBI) has recently raised the cap on government-issued e-RUPI vouchers to Rs 1 lakh per annum from Rs 10,000 and allowed recipients to use the voucher multiple times until to be fully reimbursed.

Paytm Payments Bank Ltd reported revenue of Rs 1,987.45 crore for the financial year 2020-21 (FY21), down from Rs 2,110 crore in FY20.

The bank is a joint venture, with OCL owning 49% and Paytm founder Vijay Shekhar Sharma the remaining 51%.

Paytm shares fell 3.1% to close at Rs 807 apiece on BSE Monday. This is a 48% drop since listing in November.

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