With this, the petition stated that their postpaid wallet is illegal and violates banking laws and regulations. The petitioner stated that RBI stated in its RTI application that Paytm Payments Bank had not informed or informed the banking regulator of the operation of the postpaid wallet. Paytm Payments Bank, led by Vijay Shekhar Sharma, Paytm`s first profitable company, is engaged in another legal battle. This time, the legality of the company`s postpaid wallet offering is in question. Global internet giant Google`s Play Store rules have forced Paytm to cancel a legal UPI cashback campaign in India, digital payments company Paytm said on Sunday. The company claimed on a blog post that it twisted its arm to end its campaign, while Google Pay ran similar cricket-based promotions. This document is published in accordance with the provisions of Rule 3(1) of the Information Technology Rules 2011 (Guidelines for Intermediaries), which require the publication of the rules and regulations governing the use of and access to the “Gold Savings Plan” (defined below) on the www.paytm.com and/or Paytm mobile application and/or other payment facilitation methods/tools offered by One97 to its customers. including, but not limited to, any offline and/or online payment method/tool or other portal that may be launched by One97 Communications Limited (“Paytm Platform”). Local financial services company Paytm said it was forced to fulfill Google`s mandate to remove the UPI cashback and scratch card campaign to be listed on the Android Play Store again. “Offering both is legal in India, and cashback has been granted under all government rules and regulations,” Paytm said. UPDATE: In response to Paytm`s blog, where the Indian financial services company claimed it was “twisted” by the Mountain View, California-based company to follow its biased guidelines, Google said its action took place when Paytm`s offer violated the Play Store`s gaming policies. In July 2021, One97 Communications filed a draft red prospectus with the Securities and Exchange Board of India to launch its initial public offering (IPO). [43] [44] It launched its IPO in November 2021, raising 18,300 crore ($2.4 billion) at a valuation of $20 billion.
[45] This was the largest IPO ever conducted in India. [46] The actions began on the 18th. November 2021 and opened on the NSE at $1,950, 9.3% below the upper band of the IPO price range, and closed more than 27% at $1,560,[47] representing the biggest one-day decline in India`s IPO history. [48] Previously, Paytm acquired the sponsorship rights in the 8th season of the Indian Premier League. He was also associate sponsor of the Sony TV network (which owns the rights to broadcast IPL) and official partner of the Mumbai Indians IPL team. In March 2018, Paytm became an IPL Referee Partner for five years. [72] Paytm was founded in August 2010 with an initial investment of $2 million by its founder Vijay Shekhar Sharma in Noida, Delhi NCR. It started as a prepaid mobile and SRD top-up platform, adding data card, postpaid mobile and landline bills in 2013. [8] By the end of 2018, more than 1,000,000 bank branches are expected to open in India. [74] However, the bank`s branches are not yet in double digits. [75] Paytm First Games can easily run paid advertising on Google`s YouTube, but it is not permitted to serve the same ad in the Paytm app in accordance with Google`s policy, Paytm explained. “We have been prompt and responsible in resolving Google`s issues and are following their instructions.
Google`s recent action to cancel the Paytm app due to a UPI cashback campaign is unjustified. We reiterate that our cashback campaign was in line with the guidelines and there were no violations,” Paytm said. He added that India as a country should not be beholden to such tech giants. Paytm said Google Play`s support team wrote to them three times — on Aug. 20, Aug. 28 and Aug. 1. September, with some concerns about a separate case of Paytm First Games advertising via the Paytm app for some alleged prior “policy violations”.
“While we strongly objected to the claim that we were violating the policy (and we also disagree with the policy itself), we immediately complied with the diktat that prevented us from promoting our gaming subsidiary,” the blog post said. In April 2017, the company invested in healthcare startup QorQL[54], which uses artificial intelligence (AI) and big data to support medical care. In July 2017, it acquired a majority stake in online ticketing and events platform Insider.in[55], backed by event management company Only Much Louder (OML) and mobile loyalty startup MobiQuest. That same year, she acquired Little. [56] In March 2015, Paytm received its huge stake from Chinese e-commerce company Alibaba Group after Ant Financial Services Group, a subsidiary of Alibaba Group, acquired 40% of Paytm in a strategic deal. [13] Soon after, he received support from Ratan Tata, the CEO of Tata Sons. [14] In August 2016, Paytm received funding from Mountain Capital, one of Taiwan`s MediaTek investment funds valued at over $5 billion. [15] Also in 2016, movies, events and amusement parks were introduced[16], as well as airline ticket bookings and Paytm QR. [17] Later that year, rail reservations[18] and gift cards were introduced. The Paytm app was recently removed from the Google Play Store. While Google said it doesn`t allow online casinos or support unregulated gambling apps, Paytm said it`s a cash back sticker program.