Paytm Payments Bank’s UPI handle has received go ahead from SEBI and it can now issue payment mandates for IPOs. With this the traders will now be able to use Paytm’s UPI handle @Paytm for making investments in capital markets via different brokerage platforms.
Paytm Payments Bank on Monday stated that the capital market regulator Securities and Exchange Board of India (SEBI) has approved its UPI handle to ‘payment mandates for IPO application’. Paytm Payments Bank had so far processed 340 million UPI transactions amounting to Rs 38,493 crore in February 2021 while PhonePe led the UPI tally has cleared 975 million transactions followed by 827 million transactions recorded by Google Pay, according to NPCI data. Paytm. However, has witnessed least technical decline rate of 0.05 percent in January 2021 among other UPI remitter banks.
“We believe that every Indian has a right to access capital markets and benefit from the burgeoning list of successful companies which are listing in the stock market. This presents a big opportunity,” said Satish Gupta, MD & CEO, Paytm Payments Bank.
The company further said that it has joined hands with its mutual funds investment platform Paytm Money in a bid to enable payment mandates for IPO applications and aimed to bring 10 million people to equity markets by FY22.
It also plans to open “over 3.5 lakh demat accounts by year-end and expects 60 per cent of users to be from small cities,”. The UPI handle will soon be made available across all brokerage platforms.