Paytm Payments Bank has moved its bill payment business to Euronet Services India. Euronet, an American payment technology company, now handles the backend settlement systems for various digital payment modes in India.
The shift occurred after PPBL’s retail point of sales business moved to RBL Bank and the settlement business for merchant payments went to Axis Bank. According to media reports, this change was necessary after Paytm Payments Bank was asked to stop offering services.
Following this partnership, bill payments settled by PPBL will now be done via Euronet. Euronet settled around 19 million consumer-facing bill payments in March, a significant increase from 4.6 million in January.
Additionally, bill payments on PPBL decreased to 2.7 million from 16 million in January. As a result of the changes, Paytm's revenue source will decrease. This move has affected Paytm, with several senior executives leaving the company recently. This includes the resignation of the COO and two chief business officers, as well as the former CEO of PPBL. Paytm's stock has also seen a decline over the last few months.
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