PayTm - Current Affairs Questions and Answers

ANSWER: Gold

Explanation:
Payments app Paytm on 27 April 2017 launched Digital Gold on its platform to allow customers to buy and sell gold through electronic platform.

This first wealth management product was launched in partnership with gold refiner MMTC-PAMP.

It offers a real-time international pricing mechanism for the customers.

Using Paytm mobile wallets, consumers can purchase 24K 999.9 purity gold online and store it in MMTC - PAMP’s secure vaults free of charge.

Customers can buy and sell gold either by money (starting Re 1) or by weight (starting 0.1 gram).

Customers can even request for their gold to be delivered at their homes in the form of minted coins.

Moreover, if the consumer wants to sell the gold, MMTC-PAMP will buy the gold back from them and the money will be transferred to the user’s bank account.

They can pay via multiple payment modes such as Paytm wallet, debit/credit cards, net banking and others.

Consumers transacting over INR 20000 through Paytm, need to provide KYC details to avail the benefit of the gold scheme.

India as Gold Consumer: Know More

• India is the world’s largest consumer of gold.
• An estimated 24000 tonnes worth USD 900 billion of gold is stocked in homes and bank lockers in India, as per World Gold Council estimates.
• Gold is the preferred form of investment for Indians. Through Digital Gold product, Paytm intends to target lower-middle and middle class Indians.
• This product will make it easier for customers to invest in gold digitally.

ANSWER: Paytm

Explanation:
The Digital wallet company Paytm in April 2017 announced the launch of new feature QR code on its Paytm Mall application.

This code will allow consumers to place online orders at physical stores.

With this launch, Paytm becomes the first company to invest in QR code-based payment solution.

The first product to be marketed or sold via this feature of Paytm Mall is handsets of Samsung.

This margin will be based on the product and may vary from 3 per cent to 20 per cent.

Over 95% of the population in the country still shops offline as there is a trust that exists between on offline retailer and customer.

Thus, the company wants to create an offline network as a platform for brands to reach out to millions of consumers, thereby, optimising the supply chain and marketing expenses on their behalf.

Paytm Mall was launched by Paytm in the last week of February 2017 with an aim to offer combination on the Mall and Bazaar concepts to Indian consumers.

Paytm: Know More

• Parent: One97
• CEO: Vijay Shekhar Sharma (Dec 2010)
• Founder: Vijay Shekhar Sharma
• Founded: 2010
• Headquarters: Noida, Uttar Pradesh, India

ANSWER: Its own Payment Bank

Explanation:
Alibaba backed digital payments and commerce platform Paytm is transferring its wallet business to its newly created payments bank.

This is a mandatory step being followed by the company to fulfil the rules laid out by the Reserve Bank of India.

Paytm , which is run by One 97 Communications, has two key businesses -

• payments business and
• commerce marketplace.

Paytm was founded by Vijay Shekhar Sharma

It has got an in-principle approval for the country’s central bank for launching the payment bank under the name of Sharma.

Commerce business is now associated with another entity Paytm e-commerce Private Limited.

Paytm allows fund transfer to bank accounts at 1% transaction fee.

Transfer will be complete once payment bank license is obtained.

Paytm

• Largest shareholder: Alibaba
• Holding company: One97 Communications
• 40% stake in parent company.
• Majority stake in payments bank: 51% (owned by Vijay Shekhar Sharma).
• Airtel launched the first payments bank in India, in Rajasthan.

ANSWER: Bhushan Patil

Explanation:
Mobile commerce firm Paytm has appointed ex head of the Alibaba group holding wholesale business, Bhushan Patil. Indian merchants will create a compelling commerce platform and bring incredible experience of building cross border commerce. Key areas at Paytm for Patil will be building cross border commerce of the country.

ANSWER: PayTm

Explanation:
No explanation is available for this question!