Paytm Paytments Bank moves bill pay business to Euronet India
Paytm Payments Bank (PPBL) has migrated its bill payment business to Euronet Services India, said two people in the know. This comes after the shifting of PPBL’s retail point of sales business to RBL Bank and the settlement business for merchant payments to Axis Bank.
Euronet is an American payment technology company handling backend settlement systems for several digital payment modes in India.
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Following the partnership, bill payments settled by PPBL will now be done via Euronet. The backend engine for all major bill payments in India is powered by Bharat Billpay, a subsidiary of National Payments Corporation of India.
Euronet Services India and PPBL did not respond to ET’s queries.
According to data shared by Bharat Billpay, in March, Euronet settled around 19 million consumer-facing bill payments, a more than fourfold rise from 4.6 million in January, buoyed by the pact with Paytm.
Bill payments on PPBL slumped to 2.7 million from 16 million in January, a decline of 83%.
“As a settlement platform, banks make a commission for every bill payment done
