Paytm shares jump 8% on partnering with Samsung, focus on insurance distribution
One97 Communications, the parent company of Paytm, saw a 8% surge in shares as it announced a partnership with Samsung Wallet. Galaxy smartphone users can now access Paytm's services for flight, bus, movie, and event bookings seamlessly through the Samsung Wallet.
Shares of troubled One97 Communications, which runs , on Thursday, rallied nearly 8% to the day's high at Rs 438.95 after it announced partnering with for flight, bus, movies, and events ticket bookings.With this partnership, Galaxy smartphone users will now have seamless access to Paytm’s suite of services, including flight and bus bookings, movie ticket purchases, and event bookings, all integrated within the Samsung Wallet.
"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," Samsung said in a release.
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In the meantime, insurance regulator Irdai has also accepted Paytm General Insurance's registration withdrawal application for being a manufacturer of general insurance products.
"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," Paytm said.
Shares of Paytm, which have been under pressure for most of 2024 so far ever since regulatory clampdown hit its business, have been recovering after hitting a 52-week low of Rs 310 on May 9 on BSE. The stock is up around 21% in one month.
Source: Stocks-Markets-Economic Times
