India Remains Crypto Haven Despite BanPaytm, a big Indian financial services company, has been permitted by regulators to start adding new UPI users again
This comes after eight months of restrictions on many of its operations.
The Indian government created the United Payments Interface (UPI), a real-time, fast payment system. It handles over 15 billion transactions monthly and is how people in India pay for things online.
About 87% of UPI transactions in the country are handled by PhonePe and Google Pay, both owned by Walmart. Paytm’s market share has dropped from 13% to 8% since the Indian central bank put limits on the company’s operations.
In March, the Reserve Bank of India told Paytm to stop running several businesses at its banking division, which the company used for UPI payments. The bank said this was because Paytm had broken the rules many times.
NPCI, the government agency in charge of UPI, agreed with Paytm’s request to start doing business at the company again on Tuesday.
Paytm reported this week that it made $197.4 million in sales in the second quarter that finished in September. This is 34% less than the $299.5 million it made in the same quarter last year.