Paytm stock jumps 9% after firm joins hands with Samsung; here's what it's all about

Paytm share price today NSE, Paytm Samsung partnership news: The stock of One97 Communications on Thursday, June 13 jumped nine per cent on D-Street after Samsung partnered with payments and financial services distribution company to bring travel and entertainment services to Samsung Wallet in India. 

The stock jumped nine per cent to the day's high of Rs 439 on NSE in morning deals, extending gains for the third straight session. Paytm shares closed at Rs 432.9, up 7.55 per cent on NSE.

Samsung, a consumer electronics brand, launched flight, bus, movies, and events ticket bookings on Samsung Wallet, in partnership with One 97 Communications which owns Paytm, a payments and financial services distribution company. 

"The partnership aims to enhance consumers convenience by offering a seamless, integrated booking experience directly through the Samsung Wallet, facilitating access to a wide range of services through Paytm," the statement read.

"Galaxy smartphone users using the Paytm app for flight, bus and movie bookings and the Paytm Insider app for event booking, will be able 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," it added. 

“As pioneers of mobile payments, we are excited to partner with the consumer electronics giant Samsung India, as part of our constant endeavor to provide convenience and ensure superior user experience to Indians. By combining Samsung's cutting-edge technology with Paytm's wide-ranging services, we are making it easier than ever for consumers to manage their bookings and payments through a single unified platform," Paytm Spokesperson said.

In addition, on One97 Communications will now focus on the distribution of insurance products of other insurers after the sector regulator Irdai has accepted Paytm General Insurance's registration withdrawal application.

Paytm General Insurance Limited had approached the Insurance Regulatory and Development Authority of India (Irdai) for the withdrawal of its application for registration as a "General Insurance Company" for being a manufacturer of general insurance products.

"We have been further informed by PGIL that its request for withdrawal of aforesaid application has been accepted by IRDAI vide letter dated June 12, 2024," the company said in a separate filing dated June 12. 

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