The fund also has Rs 100-crore greenshoe option that will allow it to raise additional capital if the fund is fully subscribed.
More than 1.2 crore merchants already accept payments through Paytm QR but majority of these are based in larger cities and towns.
Some recent incidents of data breach have increased user awareness on data security and data localisation resulting in more trust on homegrown apps.
UPI payments have fallen six per cent MoM in May against April, the second consecutive decline in terms of the number of transactions.
Paytm Payments Bank said it is only behind the State Bank of India, which has the highest target for digital transactions.
India going cashless will be as much a story of Prime Minister Narendra Modi’s second term as it was of his first. This time around, it may have a happier ending.
The company also claimed high success rates for transactions, especially for RuPay cards and the Unified Payments Interface (UPI).
A Division Bench headed by Chief Justice Rajendra Menon asked RBI and PayTM payment banks to file reply on the plea and listed the matter for September 3 for further hearing.
The newly launched Ola Money SBI Credit Card, for instance, will offer cash-back discounts and rewards which will be instantly credited to the users’ accounts in the form of Ola Money.
The company, which reportedly engaged consultancy firm EY to conduct the audit, found out that some sellers were colluding with junior employees to earn cashbacks, he added.
The WhatsApp Pay service in India may become fully operational in the next four to five months
Digital gold possibly became a popular asset class in India as buyers wanted to tap the movement in the bullion market.
WhatsApp Pay is going to be the real game changer -- for a simple reason that it has the capability to become the top player in the Indian digital payments market with the word go.
The PayTM ticketing option offers maximum top-up of Rs 3,000.
Paytm on Wednesday said it also plans to invest Rs 500 crore in scaling up its operations and has partnered with over 5,000 hotels across the budget, luxury and business segments.