Paytm
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Business
Paytm Confirms Completion of Event Ticketing Sale to Zomato Amid Strategic Shift
Zomato, a leading food delivery platform, has successfully acquired Paytm’s event ticketing subsidiaries, Wasteland Entertainment Private Limited (WEPL) and Orbgen Technologies Private Limited (OTPL), as confirmed in an exchange filing. These subsidiaries operate the popular ticketing platforms TicketNew and Insider, respectively. According to reports, on June 16, Zomato was in discussions to acquire Paytm Insider as part of its strategy…
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Business
Zomato to Acquire Paytm’s Entertainment Business for ₹2,048.4 Crore
The food delivery giant Zomato has announced its plans to acquire Paytm’s entertainment and ticketing business for a whopping ₹2,048.4 crore ($244 million). This strategic move aims to bolster Zomato’s presence in the “going-out” sector, allowing users to book tickets for movies, sports, and events seamlessly. Paytm, facing intense competition, has decided to focus on its core financial services, divesting…
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Technology News
New FASTag Rules Comes Into Effect: What to Do About Your 5-Year-Old Tags!
The issuer will now replace all FASTags older than five years on a best-effort basis, and the re-KYC process will be conducted every three years, according to new regulations that came into effect on August 1. These rules aim to enhance toll payment efficiency and reduce congestion at toll booths. The National Payments Corporation of India (NPCI) has issued updated…
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Business
SoftBank Continues Selldown Trend, Trims 2% Stake in India’s Paytm
SoftBank Group has divested an additional 2% of its stake in Paytm, extending the trend of selldowns in the Indian digital payments firm. This move follows recent exits by Warren Buffett’s Berkshire Hathaway and Alibaba Group. As of January 20, SoftBank now holds a 5.06% stake in Paytm. Details about the deal value and the buyers remain undisclosed. Over the…
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Business
58% of Consumers have Reduced Cash Transactions Since the Pandemic: Digipay CuES 2023
Mumbai : Hansa Research’s 2023 DigiPay CuES Survey, reveals ‘Easy to Use’ and ‘Instant Payment’ as the key benefits consumers cite for using Mobile Payment Apps, propelling growth for payment platforms. Cash which has been the world’s foundation for centuries, is leaning towards redundancy, with more than half (58%) of the consumers surveyed stating a reduction in their cash spend, especially…
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