Paytm ties up with Hyderabad Municipal Corporation to deploy card machines; shares gain

The company has tied up with the Greater Hyderabad Municipal Corporation (GHMC) to simplify property tax collection by deploying more than 400 Paytm innovative All-In-One EDC Devices (Card Machines), One97 Communications said in a press release.

"The Paytm Card Machines deployed at multiple collection centres and for door-to-door collection, allows citizens to pay their property tax through credit cards, debit cards, and Paytm pioneered QR codes eliminating the need for cash, cheques, or demand drafts. The card machines are integrated with the GHMC app, enabling officials to check pending dues, collect payments instantly, and generate an on-the-spot confirmation slip," Paytm said.

"With Paytm’s seamless payment solution, GHMC has streamlined collections, ensuring faster and more reliable transactions. On an average, GHMC collects ₹5-7 crore in property tax every month, with collections surging to ₹22 crore during mid-year and fiscal year-end periods," Paytm added.

“Our partnership with GHMC is focused on making property tax payments simpler and more efficient for both citizens and municipal authorities. By offering innovative card machines and our pioneered QR-based payment solutions, we are ensuring greater convenience, faster processing, and improved transparency in tax collection. We are committed to driving innovation in payments and enabling digitization of public services,” Paytm's spokesperson said.

In quarter ended December 2024, Paytm reported consolidated net loss of ₹208.50 crore down from loss of ₹221.70 crore in the same period last year.

Its revenue from operations in December quarter fell 365 to ₹1,827.80 crore as against ₹2,850.50 crore in the year-ago period.

Paytm shares ended 2.10% higher at ₹817.90, outperforming the BSE500 index which closed 0.92% higher.