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Cashback Fraud-hit Paytm Mall Partners EY to Catch Conmen

Paytm Mall has so far managed to raise over $650 million from Alibaba, SoftBank and SAIF Partners

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Paytm Logo. Wikimedia Commons
Rattled by frequent cashback fraud incidents involving its staff, e-commernce platform Paytm Mall has announced a partnership with Global professional services firm EY to build a technology-driven fraud prevention system.
The move is to undertake frequent audits to identify and prevent collusion, implement learnings from global practices as it expand operations into other geographies and strengthen the processes for merchant on-boarding and marketing, the company said in a statement on Monday.
A report in The Times of India, citing sources, claimed on Sunday that some Paytm Mall staff colluded with third-party vendors, created fake orders and received kickbacks for their assistance.
Alibaba-backed Paytm Mall, however, did not address the report directly in the statement.
“Our partnership with EY will help benchmark with global best practices as we build a ‘Technology Driven Fraud Prevention System’ to scale our operations.
“Our teams continue to work closely with EY to share our learnings and insights. We are committed to build a trusted commerce platform and will take strict action against wherever needed,” said Srinivas Mothey, Senior Vice President-Paytm Mall.
The company said it continues to de-list fraud merchants and take strict action wherever needed.
Paytm Mall launches PoS solutions for retail stores, announces partnership with Asus
Paytm Mall launched PoS solutions for retail stores as well.
“Apart from admin, finance and other support functions, the company also has a business operations team which works closely with partnered merchants to plan and execute cashback offers and promotions leaving a scope for collusion.
“The EY partnership will also undertake audit and fraud prevention using both human and Artificial Intelligence (AI),” say Paytm Mall.
Over the past few years, Paytm has been bleeding massively in online retail business and there is no respite in sight.
The brainchild of Paytm Founder and CEO Vijay Shekhar Sharma, the ecommerce platfom’s losses have mounted and in the financial year 2018, the company posted a loss of nearly Rs 1,800 crore on revenue of Rs 774 crore.
According to Forrester Research, the market share of Paytm Mall almost halved in 2018 — to 3 per cent from 5.6 per cent in 2017.
Paytm Mall is far behind the top two e-commerce players in terms of market share. They have a single-digit share against the top leaders which are commanding over 30 per cent market share.
Paytm Mall has so far managed to raise over $650 million from Alibaba, SoftBank and SAIF Partners. (IANS)

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Paytm First Games Witnesses 200% increase in its User Base in India Amidst Lockdown

Paytm First Games said it would soon launch a brand new campaign "Ghar baithay lakhpati bano"

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Paytm
Over the last several weeks, the company said that more than 75,000 new users are joining the platform each day. Wikimedia Commons

India’s leading gaming destination Paytm First Games on Wednesday announced it has seen a 200 per cent increase in its user base in the last one month.

More than half a million daily active gamers on the platform are now spending anywhere between 30 to 45 minutes, Paytm First Games said. “As malls, movie theatres and popular hangout options shut down temporarily in the wake of the COVID-19 outbreak, online gaming is picking up as a popular option for stay at home entertainment,” Sudhanshu Gupta, COO, Paytm First Games, said in a statement.

“We are seeing a significant uptick in downloads of our app and the time spent and engagement in our online games has increased manifold. There has been a 3x increase in the number of new users on our platform. Our user base belongs to the age group of between 18-45 years,” Gupta said.

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Over the last several weeks, the company said that more than 75,000 new users are joining the platform each day. The online gaming platform has launched more than 100 popular games including Rummy, Ludo, Teen Patti, Fantasy Cricket among others.

Paytm
Paytm is India’s most popular Wallet and UPI App company. Wikimedia Commons

Among the games, Rummy has gained maximum traction with users and games played doubling every week, said the company, adding that every month it gives out rewards and gratification worth more than Rs 10 crore.

Paytm First Games said it would soon launch a brand new campaign “Ghar baithay lakhpati bano” wherein it will give major rewards for playing casual games including Ludo, Pool, Snake Wars, Whack a Mole and Danger Dash among others.

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“What is interesting to observe is that while a large chunk of our users is from metropolitan cities, there has been a bigger contribution of the new users from tier-II, tier-III and the rest of India towns,” Gupta said. (IANS)

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Paytm Experiences Massive increase in Digital Payments as Many People Work From Home Amidst Coronavirus Fears

However, Paytm which recently launched "All in One" solutions helps offline merchants accept payments even remotely

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Paytm
While according to industry experts, several digital payments firms are witnessing a decline in transactions as the country goes into lockdown, Paytm has gained more traction in the last one month. Wikimedia Commons

Fintech major Paytm on Tuesday said it has witnessed a massive surge in digital payments as more people work from home, avoid venturing out and touching cash to stop the spread of coronavirus.

“We have been witnessing 20 per cent growth in digital payments as compared to the regular days. Since February, the number of users visiting the Paytm app and the number of sessions per user has also increased,” a Paytm spokesperson told IANS in a statement.

“There has been a massive surge in repeat transactions for various use-cases like fuel stations, utility payments among others. Offline payments have grown by 12 per cent owing to more people preferring Paytm over cash,” the statement added.

Reserve Bank of India Governor Shaktikanta Das on Monday asked banks to encourage the use of digital payments.

While according to industry experts, several digital payments firms are witnessing a decline in transactions as the country goes into lockdown, Paytm has gained more traction in the last one month. With a 16 million-strong merchant base, Paytm is seeing more businesses extensively accepting payments online.

The Noida headquartered digital payments firm is seeing more people using Paytm for food and grocery delivery, as well as other services, to avoid touching cash as much as possible. Some merchant acquirers such as BharatPe and service providers like Pine Labs have seen a slump in transactions due to shops, malls, eateries remaining shut.

However, Paytm which recently launched “All in One” solutions helps offline merchants accept payments even remotely. This, according to industry insiders, is finding many takers among businesses as more merchants and users are coming on board for digital transactions.

 

Paytm
Fintech major Paytm on Tuesday said it has witnessed a massive surge in digital payments as more people work from home, avoid venturing out and touching cash to stop the spread of coronavirus. Wikimedia Commons

“There has been a 15 per cent increase in incoming requests from offline merchants to partner with Paytm. We are seeing a trend that merchants are offering home deliveries in their neighbourhood and suggesting their customers to Paytm as they fear the bacterial load on the hands and cash,” a Paytm spokesperson said.

As the number of people diagnosed with coronavirus in India rises to 126, experts are emphasising on the usage of contactless payment options.

Currency notes are one of the most potent carriers of coronavirus and health departments and experts across India are asking people to avoid touching cash and use digital payments.

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The World Health Organisation (WHO) earlier warned that coronavirus can survive on banknotes for several days and the risk of contagion through cash is manifold as it keeps changing hands. (IANS)

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Paytm Shuts Offices in India After Employee Diagnosed With Novel Coronavirus

The company has told its employees to work from home during the period and also keep a proper check on their health

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Paytm
In an official statement, the company informed that it has suggested team members of the COVID-19 patient to get their health tests done immediately, while all their offices will remain shut for sanitising purposes. Wikimedia Commons

India’s leading digital payment platform Paytm on Wednesday decided to shut its offices in Gurugram and Noida for at least two days after one of its employees who had recently travelled to Italy tested positive for COVID-19.

In an official statement, the company informed that it has suggested team members of the COVID-19 patient to get their health tests done immediately, while all their offices will remain shut for sanitising purposes.

“One of our colleagues based out of Gurugram office, who recently returned from Italy post a vacation, has now been tested positive for Coronavirus. He is receiving appropriate treatment and we are extending complete support to his family,” a Paytm spokesperson told IANS.

“As a precautionary measure, we have suggested his team members to get health tests done immediately,” the spokesperson added. The company said it has advised all employees to work from home for a couple of days while the offices are sanitised.

“However, there will not be any impact on our daily operations and Paytm services will continue as usual,” the spokesperson added. With 25 fresh confirmed cases of coronavirus in India, the tech industry in India is withdrawing into a shell, with Paytm, Nearbuy, Wipro, TCS and HCL announcing action plan to safeguard their employees.

Nearbuy, which claims to be India’s first hyper-local online platform that enables customers and local merchants to discover and engage with each other, has decided to close its Gurugram office for at least 14 days as a precautionary measure.

The company has told its employees to work from home during the period and also keep a proper check on their health. Global software giant Wipro on Wednesday announced that it has suspended employee travel to coronavirus-stricken China, Hong Kong and Macau.

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India’s leading digital payment platform Paytm on Wednesday decided to shut its offices in Gurugram and Noida for at least two days after one of its employees who had recently travelled to Italy tested positive for COVID-19. Pixabay

The company also said that any employee who has travelled to an affected place in China in the last few days has been advised to work from home for 14 days before resuming work in office.

“We have advised our employees to be vigilant, especially those based in China and those who have visited the country recently,” said Wipro.

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Tata Consultancy Services (TCS) also claimed that it was working closely with all relevant global and regional and local health institutions to tackle COVID-19 outbreak.

While HCL Technologies said it has invoked an epidemic contingency plan in the impacted geographies and is providing full support to employees, wherever possible. (IANS)