Shares of One97 Communications Ltd, which is the parent company of Paytm, surged more than 2% on 2 April after the company announced partnering up with Greater Hyderabad Municipal Corporation to deploy 400 card machines for property tax collection.
Paytm Card Machines have been deployed across multiple collection centres and for door-to-door tax collection, enabling residents to pay their property tax using credit cards, debit cards, and QR codes, according to an exchange filing on Wednesday.
These devices are integrated with the GHMC app, allowing officials to instantly check outstanding dues, process payments, and issue on-the-spot confirmation receipts.
Paytm’s advanced payment solution has enhanced GHMC’s tax collection process, ensuring faster and more efficient transactions, the statement added. “Our collaboration with GHMC is aimed at simplifying property tax payments for both citizens and municipal authorities,” a Paytm spokesperson stated. “Through our innovative card machines and industry-leading QR payment solutions, we are enhancing convenience, speeding up processing, and increasing transparency in tax collection.”
One97 Communications, the parent company of Paytm, is a leading Indian fintech firm that provides digital payment solutions, including money transfers, merchant payments, and bill settlements.
Additionally, the company offers commerce and cloud-based services such as ticketing, advertising technology, and financial products like loans, insurance, and wealth management through its financial partners.
With recent approval from the Securities and Exchange Board of India (SEBI) for Paytm Money to venture into investment insights and research services, the company is poised to expand into wealth management, potentially unlocking new revenue streams.
At 2:24 pm, the shares of One97 Communications were trading 2.01% higher at Rs 817.20 on NSE.
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