Paytm Gains Over 6% After Partnership With Samsung

Shares of Paytm’s parent entity One97 Communications Ltd on Thursday (June 13) extended its gains for another trading session by nearly 6% after it announced partnership with Samsung Wallet for flight, bus, movies and event ticket bookings.

At 10:20 AM, Paytm’s shares were trading at INR 428.20 on the BSE, marking a 6.3% increase from the previous close of INR 402.6.

The partnership aims to enhance consumer convenience by offering a seamless booking experience through Samsung Wallet, facilitating access to a wide range of services through Paytm, the fintech major said in an exchange filing.

“We are delighted to launch new features on Samsung Wallet in collaboration with Paytm. These features allow Galaxy smartphone users to easily purchase bus and airline tickets, as well as movie and event tickets, without needing to switch between multiple apps,” said Madhur Chaturvedi, senior director, MX Business, Samsung India.

With this partnership, Galaxy smartphone users can access Paytm’s services, including flight, bus, movies and event bookings, all integrated within the Samsung Wallet. 

Users can add their tickets directly to Samsung Wallet using the ‘Add to Samsung Wallet’ feature, allowing convenient access to airports, bus terminals, cinemas, and event venues.

As per the filing, with Samsung Wallet, users can access multiple services such as tap and pay, UPI payments, bill payments, boarding passes, travel tickets, movie tickets and event tickets. 

“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,” a Paytm spokesperson said.

Samsung Wallet users can access the new services by updating their app through the Galaxy Store, either automatically or manually.

The development comes a day after Paytm’s shares closed at INR 402.65 on June 12, rising 5.82% from the previous close of INR 380.50, with a market cap of $3.06 Bn. This increase aligns with the positive market sentiment observed over the past week. Paytm’s upward trajectory on the BSE began in late May, when it hit the upper circuit three times in a week. 

This also coincides with reports of Paytm undergoing restructuring. Earlier this week, it was reported that the company is looking to terminate a number of employees as part of a restructuring plan.