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Paytm share price jumps 3% today: 2 major reasons why
Paytm share price: In 2024, Paytm shares have been under pressure after the Reserve Bank of India (RBI)'s clampdown hits its business.
Shares of Paytm's parent company One97 Communications rose 3% today to reach a high of ₹415.50 after the company announced that it was partnering with Samsung Wallet for flight, bus, movies, and events ticket bookings. Following this, Galaxy smartphone users will now have access to Paytm’s suite of services which include flight and bus bookings, movie ticket purchases and event bookings.
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Samsung said in a statement, “Galaxy smartphone users use the Paytm app for flight, bus, and movie bookings and the Paytm Insider app for event booking, to add their tickets directly to Samsung Wallet using ‘Add to Samsung Wallet’ functionality. This will enable them to conveniently access these to enter airports, bus terminals, cinema halls, event venues, etc.”
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This comes as insurance regulator Irdai accepted Paytm General Insurance's registration withdrawal application for being a manufacturer of general insurance products.
Paytm said, “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). We aim to innovate on small ticket insurance products for consumers and merchants alike, by focusing on small-ticket general insurance offerings along with our partners and a leverage the strength of Paytm’s distribution to increase insurance penetration to a wider audience.”
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In 2024, Paytm shares have been under pressure after the Reserve Bank of India (RBI)'s clampdown hits its business. The stock is seen recovering after hitting a 52-week low of ₹310 on May 9 on BSE. In one month, the stock is up around 21%.
