The Reserve Bank of India said on Friday it has asked the National Payments Corporation of India (NPCI) to examine a request from Paytm, formally known as One 97 Communications, to become a third party application provider (TPAP).
If approved, this would allow Paytm to continue processing payments via India’s popular unified payments interface (UPI), but will need a set of newly identified banks to back the app.
The NPCI should facilitate four to five banks, with an ability to process high volumes of UPI payments, to act as service providers to Paytm, the RBI said of Friday.
“No new users are to be added by the said TPAP until all the existing users are migrated satisfactorily to a new handle,” the RBI said.
Last month, the central bank asked Paytm Payments Bank, an associate of Paytm, to wind down its business by March 15, leading to disruption for the popular payment app, which used the banking unit at the back end.
Paytm is the third largest app for UPI payments in the country, processing 1.6 billion monthly transactions, according to data available on the NPCI website. PhonePe and Google Pay are the two largest.
To keep Paytm QR codes running, the company may open settlement accounts with one or more banks, the RBI said.
Paytm said last week it had signed on Axis Bank to act as a banking partner.
Last year, Reddit said it would charge companies for access to its application programming interface (API) – the means by which it distributes its content. The agreement with Google is its first reported deal with a big AI company.
San Francisco-based Reddit, which has been looking at a stock float for more than three years, is preparing to make its initial public offering filing this week, which would detail its financials for the first time to potential IPO investors.
The filing could be available as early as Thursday, two of the sources said.
The company, which was valued at about $10 billion (roughly Rs. 82,897 crore) in a funding round in 2021, is seeking to sell about 10 percent of its shares in the offering, Reuters has previously reported.
Reddit’s stock market launch would mark the first IPO of a major social media company since Pinterest floated its shares in 2019.
Makers of AI models have been busy clinching deals with content owners in recent months, aiming to diversify their training data beyond large scrapes of the internet. That practice is rife with potential copyright issues as many content creators have alleged that their content was used without permission.
Founded in 2005 by web developer Steve Huffman and entrepreneur Alexis Ohanian, Reddit is known for its manifold niche discussion groups, some of which boast tens of millions of members.
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