Paytm shares zoom over 5% after deal with Samsung India; check details

The stock was trading at ₹425.35 apiece, up 5.68%, on the National Stock Exchange (NSE). It gained 5.67% to ₹425.50 on the BSE.

In an exchange filing, Paytm said that Samsung has launched movie, flight, bus, and event ticket booking on Samsung Wallet in collaboration with One 97 Communications Limited.

"The partnership aims to enhance consumers' convenience by offering a seamless, integrated booking experience directly through the Samsung Wallet, facilitating access to a wide range of services through Paytm," the company said.

Galaxy smartphone users who use the Paytm app for travel, event and movie bookings will be able to add their tickets directly to Samsung Wallet by using the 'Add to Samsung Wallet' feature.

"Samsung Wallet is a popular mobile tap & pay solution in India, constantly evolving since its launch in 2017. We are delighted to launch new features on Samsung Wallet in collaboration with Paytm," said Madhur Chaturvedi, Senior Director, MX Business, Samsung India.

Samsung Wallet users can access the new feature by updating their application through the Galaxy Store.

Irdai accepts Paytm General Insurance's registration withdrawal plea

In another development, the Insurance Regulatory and Development Authority of India (IRDAI) has accepted Paytm General Insurance Limited's (PGIL) registration withdrawal. Now, the fintech company acts as a distributor of insurance products of other insurers.

"We have been further informed by PGIL that its request for withdrawal of aforesaid application has been accepted by IRDAI vide letter dated June 12, 2024," Paytm said.

"As mentioned in our previous communication, the move aligns with our focus towards doubling down on insurance distribution across Health, Life, Motor, Shop & Gadgets segments, facilitated through our wholly owned subsidiary, Paytm Insurance Broking Private Ltd. (PIBPL)," it added.