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The Economic Times
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| 03 December, 2020, 06:17 AM IST | E-Paper
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    SEARCHED FOR:PAYTM

    Paytm announces Rs 10 crore fund for mini app developers on Paytm Mini App store

    The platform will not charge the apps any listing fee to the mini app developers and is providing free payment avenues such as Paytm Wallet, Paytm Payments Bank and UPI.

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    • Members of the panel from different political parties asked Paytm why the server on which data of its customers is collected and stored is abroad when it claims to be an Indian firm, sources said.

      Paytm competes with Google Pay, Walmart’s PhonePe and Amazon Pay in the digital payments segment - which include Unified Payments Interface, wallets, and merchant commerce.

      The company is leveraging the convenience of UPI infrastructure to offer a faster turnaround time reduced to 3-4 days for completion of the entire process.

      Paytm First Games, however, accused Google of exhibiting “dangerous” and “extra-judicial monopolistic powers” in interpreting policies for commercial benefit and disbarring apps “arbitrarily”.

      The fund comes at a time when the Indian startup community has raised concerns over Google’s alleged misuse of its dominant market position after the US-based company said last month that Indian businesses selling digital goods through Play Store apps would be charged a 30% commission, in line with its global billing policy.

      Paytm said Google Pay is running a similar cricket-themed cashback campaign called Tez Shots which offers rewards up to Rs 1 lakh based on points and a lucky draw.

      Google said it has these policies to protect users from potential harm, and when an app violates these policies, they notify the developer of the violation and remove the app from Google Play until the developer brings the app into compliance.

      PhonePe says Google is playing house, dealer with 6 out of 8 seats at the poker table.

      Paytm’s Android Mini App Store will also provide app developers and brands payment options by linking them to its eponymous wallet, payments bank and UPI, without charging them a fee. It will levy a 2% charge for other instruments like credit cards.

      The trouble arose over a Paytm Cricket League contest unveiled on Friday morning, which allowed users to win stickers featuring their favorite cricket players and then win cash for every five stickers collected.

      "We are excited to bring Paytm Cricket League back on our app to reward users with UPI cashback on reaching various milestones, accomplished by collecting player stickers. We maintain that our promotional campaign was within guidelines and there was no violation," a Paytm spokesperson said.

      Paytm, which is also backed by SoftBank Group among others, was valued at about $16 billion during its latest private fundraising round a year ago. At that valuation, Ant's stake in the Indian firm is worth about $4.8 billion.

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