The company said that during the Akshay Tritiya festive season PhonePe saw around 45kgs of gold being sold worth over Rs 15 crore with a large chunk of the transactions coming from Andhra Pradesh, West Bengal, Gaya and Hisaar.
PayMate intends to utilise the partnership to expand into loans for more than 20,000 small and medium enterprises.
In order to bring in new shareholders and raise fresh funds, NPCI could also bring in a limit of 5% for any one shareholder, said two people in the know of the matter.
Paytm, which already offers users the option of transferring funds between their mobile wallets, opened up bank transfers using UPI and IMPS.
The number of transactions through mobile wallets fell 13% to 268.79 million in March from 310.01 million in February, and the value of money settled through wallets dropped 23% to Rs 10,000 crore from Rs 13,100 crore, RBI data show.
The payments company plans to target SME space which supplies to Walmart ‘Cash and Carry’ business in India.
"I realised the need for an alternative credit assessment mechanism for new to credit customers when I myself got rejected for a consumer durables loan at Croma."
The ecommerce and digital payments company registered 62.9 million transactions and was followed by Yes Bank with 22% share at 42.4 million payments.
TMW users can buy the gold and store the gold for up to five years without having to pay only storage fees.
Under the deal, OboPay's Evolys platform will handle large transaction volume requirements of GoRed to help the company in achieving better cost-to-service ratios.
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