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SoftBank Investment in Paytm Parent Gets Approval From Competition Commission of India

by Loknath Das
written by Loknath Das

SoftBank Investment in Paytm Parent Gets Approval From Competition Commission of India

HIGHLIGHTS

  • CCI has approved SoftBank’s 20% stake purchase in Paytm’s parent company
  • Paytm operates under its parent company One97 Communications
  • In May, SoftBank had invested $1.4 billion in Paytm

Japanese conglomerate SoftBank’s 20 percent stake purchase in One97 Communications, which operates digital payments platform Paytm, has been approved by the Competition Commission.

In a tweet, the Competition Commission of India (CCI) said that it has approved “acquisition of 20 percent stake in One97 Communications Ltd by SoftBank Group Corp”.

As per a notice submitted by SoftBank to the fair-trade regulator, the combination involves the acquisition of equity shares of One97 Communications Ltd (OCL) by SoftBank Group Corp through SoftBank Group Capital.

In May, SoftBank said it has pumped in $1.4 billion (over Rs. 9,079 crores) in Paytm, marking the largest fund infusion by a single investor in an Indian startup.

SoftBank Group Capital is a wholly-owned subsidiary of SoftBank Group Corp.

OCL is a mobile Internet company and also provides telecommunications value added services. The firm’s product segments include mobile payment services and network component services, among others.

[“Source-gadgets.ndtv”]
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News Update

Paytm Mall Back to College Laptop Sale Offers: MacBook Air, Intel Laptops, and Other Offers

by Loknath Das
written by Loknath Das

Paytm Mall Back to College Laptop Sale Offers: MacBook Air, Intel Laptops, and Other Offers

HIGHLIGHTS

  • Intel-powered laptops start at Rs. 9,999
  • MacBook Air is available with cashbacks starting from Rs. 7,500
  • Lenovo Ideapad 110 is priced at Rs. 19,990

After its pre-GST sale, Paytm Mall has announced the ‘Back to College’ laptop sale. The sale is already underway and will go on till June 25. The four-day long sale will see great offers on laptops, hard disks, headphones, speakers, and other PC and mobile accessories from brands including Apple, Asus, HP, Acer, and Lenovo.

Just like Flipkart, Paytm Mall is offering Intel-powered laptops starting at Rs. 9,999. Other laptops like Apple MacBook Air will be available with cashbacks starting from Rs. 7,500, Intel Core i3 laptops start at Rs. 22,999 with cashbacks starting from Rs. 3,000. Also, Paytm Mall exclusive Lenovo Ideapad 110 is selling for a price of Rs. 19,990 with an additional Rs. 2,500 cashback – bringing the price down to Rs. 17,490.

Furthermore, Intel Core i3 and i5 laptops with 1TB HDD, 4GB and above RAM are available starting at Rs. 22,999. Intel Core i5 and i7 laptops with 2GB and above graphics card are priced at Rs. 38,999 on Paytm.

Coming to accessories, there’s up to 70 percent off and up to 30 percent cashback on the purchase of power banks, keyboards, and mouses. There’s up to 70 percent off and up to 25 percent cashback on headphones, headsets, pen drives, and memory cards. Also, there is up to Rs. 2,500 cashback on external hard drives as well, and up to 50 percent off and up to 25 percent cashback on speakers.

Apart from this, Paytm is also offering up to Rs. 10,000 cashback select smartphones from Oppo, Vivo, Gionee, and Apple. Check out Paytm Mall on the Paytm app to see all the offers and more listed above.

Disclosure: Paytm’s parent company One97 is an investor in Gadgets 360.

[“Source-gadgets.ndtv”]

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Tech Update

Paytm Pre-GST Sale Kicks Off Tomorrow With Offers on Mobiles, Laptops, and More

by Loknath Das
written by Loknath Das

Paytm Pre-GST Sale Kicks Off Tomorrow With Offers on Mobiles, Laptops, and More

HIGHLIGHTS
Paytm’s Pre-GST Sale kicks off Tuesday
The three-day sale to see discounts on several products
Cashback offers of up to Rs. 20,000 available on TVs, laptops
Paytm Mall, Paytm’s recently announced e-commerce unit, has announced a three-day long Pre-GST Sale where consumers can get big cashback on the purchase of products like televisions, laptops, and more.

Under the Pre-GST Sale, Paytm Mall will be offering up to Rs. 20,000 cashback on the purchase of select products. The dedicated page for the sale is up already, and it confirms that the sale will begin midnight. The three-day Paytm sale begins on Tuesday, and will end on Thursday.

The Paytm Pre-GST Sale will include products like televisions, consumer durables, laptops and DSLRs at up to Rs. 20,000 cashback. The sale will also see discounts on ACs and refrigerators as well. The details of the products on sale will be revealed during the sale. The dedicated page hints that Paytm’s Pre-GST Sale will have discount on televisions from brands like LG, Samsung, and Sony. In terms of laptops, consumers can expect Apple, Dell, and Lenovo laptops on offer.

Paytm also claims that few lucky consumers can be eligible to win an iPhone 7 with a shopping of minimum Rs. 1,000 during the Pre-GST Sale. Though, there isn’t much detail about the terms and conditions of the offer as of now.
Additionally, other products such as Bluetooth speakers, footwear and accessories will be sold at up to 50 percent off with additional 25 percent cashback, the company says. The Paytm Pre-GST Sale also lists cashback of up to Rs. 10,000 on the purchase of smartphones, though only Oppo and Micromax smartphones seems to be on offer as of now. You can wait for few more hours to see the offerings under the sale.

The all-new Paytm sale offer has been announced for retailers to clear out inventory ahead of the new tax rates being effective. Announcing the sale, Paytm in a press note said that it will host over 6,000 retailers across over 500 brands as part of the Paytm Pre-GST sale
[“Source-ndtv”]

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Internet

ASCI Upholds Misleading Ad Complaints Against Amazon, Paytm, FreeCharge, and Others

by Rajdeep
written by Rajdeep

ASCI Upholds Misleading Ad Complaints Against Amazon, Paytm, FreeCharge, and Others

Advertising sector watchdog ASCI upheld complaints against 100 misleading advertisements in November, including those of HUL, Indigo Airlines, Emami, Idea Cellular, Philips, Marico, Bajaj Auto and GlaxoSmithKline Consumer.

The Customer Complaints Council (CCC) of Advertising Standards Council of India (ASCI) also upheld complaints against several online retailers such as Amazon, Paytm, FreeCharge, Cleartrip and Pepperfry.

During the month, ASCI received 152 complaints, out of which it upheld 43 in the healthcare category, 17 in education, 11 in personal care, 7 in food and beverages and 6 in the e-commerce segment.

The ad regulator received two complaints against two-wheeler maker Bajaj Auto for TVC of its Pulsar motorcycle which showed the rider performing stunts on the streets.

“Regardless of the disclaimer, the specific visuals showing the stunts performed by the rider in normal traffic and/or in presence of bystanders and public encourages dangerous practices, manifests a disregard for safety and encourages negligence and contravenes the ASCI Codes,” it said.

Commenting on the matter, Bajaj Auto VP Marketing Sumeet Narang said: “We have received communication from ASCI regarding a couple of sequences in a Pulsar campaign. Pulsar is a performance brand and all our films are shot under controlled environment using expert riders. The sets and CG work is done in a way to give it a realistic look.”

“The creative depiction of the sequence is what has been questioned. We have briefed our agency to take a relook at the sequences mentioned to ensure complete compliance with laid out guidelines,” he said.

The ad regulator also upheld complaint against mobile payments company Paytm, terming its claim of ‘flat 50 percent cashback’ on booking of two movie tickets “misleading by ambiguity”.

Commenting on it, a Paytm spokesperson said: “The messaging of ‘Flat 50 pc’ was exactly in lines of how the market communicates such offers, and details of the offer were clearly visible on the banner ad. However, ASCI felt that we needed to make certain modifications, and we took their inputs on board.”

ASCI also pulled up FMCG major HUL and termed its ad of Lakme Youth Infinity range of products as ‘misleading’ after it failed to substantiate its claims that it “keeps the contoured look of youth”.

Another FMCG firm Emami was also pulled up for its ad of Keshking Ayurvedic Oil and Shampoo, which it claimed was ‘Ultimate Solution for Hair Fall’. The company could not substantiate its claim, following which CCC termed the ad “misleading by exaggeration”.

Mails sent to HUL and Emami seeking their response remained unanswered.

[Source:- gadgets.ndtv]

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Internet

Paytm to Transfer Wallet Business to Payments Bank on January 15

by Rajdeep
written by Rajdeep

Paytm to Transfer Wallet Business to Payments Bank on January 15

Digital payments firm Paytm on Wednesday said its wallet business will soon be transferred to its payments bank but quashed social media rumours that the m-wallets will stop working after January 15.

“There are some rumours circulating that you will not be able to use the Paytm Wallet after 15th January! Nothing could be farther from the truth. On the contrary, Paytm Wallet users will soon enjoy additional benefits through Paytm Payments Bank Account,” Paytm said in a blog post.

The hoax message claims that since Paytm is converting into a payments bank post January 15, users will not be able to transact with their Paytm wallet money, it said.

The company noted that the Paytm Wallet will soon be transferred to the newly incorporated Paytm Payments Bank automatically but added that the m-wallets will work even after January 15.

Stating that this is just a “transfer of ownership of wallet to a new company called Paytm Payments Bank Ltd”, Paytm said customers will be given an option to open a separate bank account when the bank launches its services.

Paytm further said: “You are not required to open an account with Paytm Payments Bank to use the wallet.”

“After the movement, we will be able to offer our customers a host of new services and features such as savings accounts where they will earn interest as well in addition to being able to avail all the current services,” a Paytm spokesperson said.

Also, login details, wallet balance and user experience will remain the same. In case users choose to discontinue their Paytm wallets,

they can send an email to [email protected] or log in to Paytm.com/care to notify the choice of opting out and redeeming the balance by a one-time transfer to their own bank account.

In case a user’s wallet has been inactive for the last six months and has zero balance, it will not be transferred to the Paytm Payments Bank Wallet unless they specifically give consent for the same while logging into the app, web or by e-mail.

[Source:- gadgets.ndtv]

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Internet

Paytm Alleges Customers Cheated It; CBI Registers FIR

by Rajdeep
written by Rajdeep

Paytm Alleges Customers Cheated It; CBI Registers FIR

CBI has registered an FIR against some customers of digital wallet Paytm on the company’s complaint that it has allegedly been cheated to the tune of Rs. 6.15 lakh by customers based in New Delhi.

It is rare for the agency to take up such cases unless they have been referred by the central government or there are directions by the Supreme Court or a high court.

CBI has registered FIR against 15 customers who are residents of Kalkaji, Govindpuri and Saket besides unknown officials of One97 Communications – parent company of Paytm.

The complaint from the Manager Legal, M Sivakumar, claimed that the company makes payment for defective products received by a customer and also arranges a reverse pickup of the damaged product which is sent to the merchant.

The process is done by a team of customer care executives who have been assigned specific IDs and passwords to handle such complaints from the customers and arrange refund and pickup.

It is alleged that the company found that in 48 cases customers had received refunds even though the delivery of orders was made successfully to them.

“As a matter of facts wherein delivery of orders were successful and satisfactory to the customer, refund should not happen. However, in all these 48 cases refund of order amount happened to the respective customers to the tune of Rs 6.15 lakh,” the complaint, which is now part of the FIR, alleged.

It alleged that customers “illegally” appropriated money refunded in their bank accounts and wallets.

It claimed that the acts reflects “serious” fraudulent act and foul play with common intention to wrongfully gain along with such involved customers.

The alleged fraud occurred in 2015-16. The five-billion dollar digital wallet company which got a big boost in transactions after demonetisation of Rs. 500 and Rs. 1000 notes announced by Prime Minister Narendra Modi on November 8, claimed that the accused first got details of internal working of the company and then executed their plans.

“Accused persons first acquired knowledge as to how the system of complainants’ company works and conspired to book orders, take deliveries of products at common addresses known and or belonging to them and their accomplices and then made or managed false and fabricated entries in computer system of complainant company and approved/made fraudulent refunds against the same orders, delivery of which were taken by their accomplices,” the company alleged.

The company alleged that most of these customers had taken deliveries of products at common or similar addresses.

Naming the customers in the FIR, the company claimed that they may be instrumental in said fraudulent acts and could be known to each other forming bigger part of the larger conspiracy.

The company has information that in those cases where refunds were made, money was further transferred from wallet to bank accounts of either accused persons or people known to each other, it alleged.

The company claimed that the refunds were made within five to six minutes of disputes being raised by the customer.

[Source:- gadget.ndtv]

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Internet

FreeCharge ‘Wallet on Delivery’ Payments Now Rolling Out; Paytm, MobiKwik Will Follow Suit

by Rajdeep
written by Rajdeep

FreeCharge 'Wallet on Delivery' Payments Now Rolling Out; Paytm, MobiKwik Will Follow Suit

Ever since Prime Minister Modi announced the demonetisation of Rs. 500 and Rs. 1000 notes, we’ve been seeing a lot of confusion, and while things will no doubt get back to normal soon, right now one problem that has come up for a lot of people is that the various e-commerce websites have decided to either stop cash on delivery altogether, or limit it to orders below a certain value.

Considering that CoD accounts for the bulk of online shopping in India, this is a big move, and one that hugely inconvenient for many people. Many people prefer to pay CoD because it is more convenient or faster, or because they don’t have access to prepaid options. For others, it adds a sense of security, so that they haven’t committed any money until they actually get the product they wanted. Snapdeal has announced a new payment option that it hopes will alleviate the problem, which it’s calling Wallet on Delivery. Minutes after the announcement, rival Paytm took to social media to say that it is working with “courier partners to enable Wallet on Delivery, also known as Paytm on Delivery [POD]”. MobiKwik also announced via email that it will offer a MobiKwik wallet on delivery option for online sellers.

The idea is simple – you can use the Snapdeal-owned FreeCharge wallet to pay for items at the time of delivery. This will allow users to pay only when the package is delivered, but still saves Snapdeal the hassle of handling cash orders, which complicate logistics significantly. It will also help customers right now as people will not have to scramble for the new currency notes at this point.

According to a Snapdeal employee who spoke to Gadgets 360, the Wallet on Delivery mechanism will work automatically – you will receive a PIN to use in your FreeCharge app and once you confirm it, the money will be deducted. This means that you won’t have to use a QR code type of mechanism. It is being rolled out with only Snapdeal right now, but could expand to other Snapdeal sites over time.

“The launch of Wallet on Delivery is an absolute need of the hour for consumers,” says Kunal Bahl, founder and CEO, Snapdeal. “The launch of this new feature by FreeCharge shortly after the announcement of the demonetisation of Rs.500 and Rs.1000 currency notes demonstrates our speed of execution in ensuring consumers’ needs are met in real time.”

The FreeCharge wallet can also be used to pay for utilities, cab rides via Meru, for online recharges, and at some offline merchants, as well as being used to pay for items from Snapdeal.

[Source:- gadgets.ndtv]

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News Update

Paytm update: No need to open app now, transfer money directly from phone book; here’s how

by Loknath Das
written by Loknath Das

paytm app, paytm, paytm update, paytm app update, paytm transfer, paytm money, paytm send money, paytm share money, paytm transaction, paytm application, paytm phone book, paytm contacts, paytm money transfer, paytm mobile

One of India’s most popular mobile applications Paytm has just rolled out a new update. Under the latest changes being made, Paytm has launched a new feature where it will enable users to send money without even opening the app. This new update is a major change as it will make money sharing and easier process on the app and it is meant for that. Paytm will essentially enable users to share money with his/her contacts directly from the phonebook app. They will now have no reason to open the Paytm app every time they wish to make a transaction unless they prefer to do so.

It should be noted that the latest feature on Paytm is currently only available for Android smartphones only. This means iOS users cannot avail the service right now, but may expect it to launch on their devices soon. Paytm says the new feature is designed to make it easier for users to send money to friends and family. The app will put Paytm in direct competition with WhatsApp, which is currently the biggest messaging app in India with over 200 million monthly active users. Interestingly the report comes as WhatsApp is working on integrating UPI payments service within the app. Paytm claims to have over 200 million users in India.

Here’s how to use the new feature to make payments via Paytm: Just open the contacts list on your smartphone, select a contact, tap on ‘Send Money’ and enter the desired amount to instantly transfer money. A user will need to update their Paytm app as well in order to enable the feature. Also, you will need to give Paytm access to your contacts book in order for this feature to work.

While the new feature will make payments from Paytm directly integrated into contacts, reports indicate the company has plans to go beyond the payments space. A new report by PTI had said Paytm is planning to introduce a messaging service, which will be rolled out by the end of the month.

Source:-financial express

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