Paytm Affirms Profit Outlook Despite Reduced Government Incentives

Paytm CEO Vijay Shekhar Sharma emphasizes the company's commitment to profitability despite reduced government incentives for digital transactions. The launch of the Card NFC Soundbox, a new payment device, aligns with their strategy to cater to diverse payment needs. Paytm reported increased losses and decreased revenue in the recent quarter.

Paytm, the fintech firm owned by One97 Communications, remains steady in its profit outlook despite the government's reduced budget incentives for small-ticket digital transactions, according to CEO Vijay Shekhar Sharma.

Speaking at the launch of Paytm's new Card NFC Soundbox, a device combining card-based and QR code payments, Sharma dismissed concerns over the lower incentives affecting their profitability goals for this fiscal year.

Sharma reaffirmed Paytm's commitment to achieving at least one profitable quarter this fiscal, despite a reported loss widening to Rs 840 crore in the quarter ended June 30, 2024. The company continues to innovate with devices like the NFC Soundbox and dynamic QR code technology, designed to meet specific payment needs.