Paytm Gets Approval From Payments Authority To Enroll New UPI Users

The Paytm said late on Tuesday it received approval from the country’s payments authority to onboard new unified payment interface (UPI) users, providing some relief for the financial services firm after a central bank-ordered ban on its banking unit.

The National Payments Corporation of India (NPCI) granted its approval following a request by the company in August, Paytm said.

The country’s financial regulator wound down Paytm’s banking unit in January due to persistent compliance issues, sparking worries about its key digital payments business and triggering a meltdown in its stock value.

Paytm shares have lost around 10% since the central bank clampdown on Jan. 31.

Earlier in the day, shares of the company shed more than 5% after it reported a 34% decline in revenue and a 25% drop in monthly transacting users for September quarter.