Paytm Stock Surges 7% On Partnership With Samsung, IRDAI Approval
Samsung collaborates with Paytm for its wallet services, while IRDAI accepts Paytm’s motion for insurance registration withdrawl
The stocks of Paytm surged more than 7 per cent in the Thursday trading session after its parent company, One97 Communications shared two declarations of IRDAI’s approval and partnership with Samsung.
Paytm stock traded at Rs 431 with 7.16 per cent gain in the morning session on the National Stock Exchange (NSE).
“We are delighted to unveil new features on Samsung Wallet in collaboration with Paytm. These features allow galaxy smartphone users to purchase bus and airline tickets, as well as movie and event tickets, without needing to switch between multiple apps,” said Madhur Chaturvedi, Senior Director, MX Business, Samsung India.
“As pioneers of mobile payments, we are excited to partner with the consumer electronics giant Samsung India, as part of our constant endeavour to provide convenience and ensure superior user experience to Indians,” Paytm Spokesperson said.
Additionally, One97 Communications notified stock exchanges on 13 June that IRDAI accepted Paytm General Insurance's motion for registration withdrawal. Going forward, the firm will concentrate on distributing insurance products from other insurers.
Paytm General Insurance contacted the IRDAI in order to cease its registration as a general insurance company.
"The move aligns with our focus towards doubling down on insurance distribution across health, life, motor, shop and gadgets segments, facilitated through our wholly-owned subsidiary Paytm Insurance Broking," said Paytm.
