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Paytm , a lead Indian financial services business firm , has received regulative blessing to resume onboarding new UPI user , postdate an eight - month restriction on many of its operations .
United Payments Interface ( UPI ) is a real - time , clamant defrayal system developed by the Indian politics , and it work on more than 15 billion minutes a month , dominating India ’s on-line payments landscape .
Walmart - owned PhonePe and Google Pay operation about 87 % of UPI dealing in the country , whereas Paytm ’s market share has shrivel from 13 % to 8 % after the Indian central bank imposed restrictions on the company ’s operations .
The Reserve Bank of India in March ordered Paytm tostop operating several businessesat its banking subsidiary , which the company used for UPI payments , citing repeated violation of principle .
NPCI , the regulative body that oversees UPI , approved Paytm ’s program to summarise operation at the subsidiary on Tuesday .
Paytm this week reported tax income of $ 197.4 million in the second quarter ended September , a 34 % decline from revenue of $ 299.5 million a year earlier .
