Paytm denies talks with Jio Financial Services to sell wallet business, Delhi News in Hindi

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New Delhi. Jio Financial Services has clarified that the company is not in talks to acquire Paytm Wallet.

Jio Financial Services clarified that the news regarding the acquisition is mere speculation.

Paytm also said in a clarification, “We are not in any discussion in this regard.” We have been informed by our sister company Paytm Payments Bank Limited (PPBL) that they too are not holding any talks in this regard.

Paytm shares are up 5.5 per cent at Rs 462.70 on the Bombay Stock Exchange on Monday. Paytm shares had fallen in the last few sessions following RBI restrictions.

In an earlier statement, One 97 Communications (OCL) said it has been informed by its partner PPBL that the RBI, vide its press statement dated January 31, 2024, has notified it under Section 35A of the Banking Regulation Act, 1949. Further instructions have been given.

PPBL is taking immediate steps to comply with the RBI directions, including working with the regulator to address their concerns at the earliest. The company has informed that this will not impact users’ deposits in their savings accounts, wallets, FASTag and NCMC accounts, where they can continue to use the existing balance.

OCL, as a payments company, works with various banks (not just Paytm Payments Bank) on various payment products. OCL has started working with other banks since the restrictions began, the statement said.

The company said, now we will accelerate the plans and completely go to other bank partners. Going forward, OCL will work only with other banks and not with Paytm Payments Bank Limited. The next phase of OCL’s journey is to continue its payments and financial expansion.

We provide acquisition services to merchants in partnership with many of the country’s leading banks and will continue to expand third-party bank partnerships. Paytm Payment Gateway business (online merchants) will continue to provide payment solutions to its existing merchants. OCL’s offline merchant payment network offerings like Paytm QR, Paytm Soundbox, Paytm Card Machine will continue as usual, where it can also onboard new offline merchants.

–IANS

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