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Nakul Jain hired as CEO of Paytm gateway biz

NEW DELHI : Publicly-listed One97 Communications, the parent entity of Paytm, has hired Standard Chartered Bank executive Nakul Jain as CEO of Paytm Payments Services Ltd (PPSL). Jain earlier served as managing director of private banking, priority banking, deposits and branch banking at Standard Chartered Bank.

Alongside, Praveen Sharma, the CEO of Paytm Payments Services, has been moved to lead the company’s commerce vertical. Sharma was made MD and CEO of PPSL in September 2021, a person aware of the development told Mint. “He will lead Paytm’s commerce vertical, which includes games, movies, travel, mall and more,” the person cited above said on condition of anonymity. Sharma will continue to lead the company’s advertising business.

Paytm did not respond to Mint queries till press time. However, Jain has updated his LinkedIn profile.

Paytm Payments is a unit through which Paytm operates its payment gateway and payment aggregator businesses. Paytm uses this gateway to process transactions on debit cards, credit cards, wallets and net banking. At its third quarter earnings call, Paytm CFO Madhur Deora had described it as one of the largest payment gateways in India.

In March 2020, the Reserve Bank of India issued new guidelines for payment aggregators and payment gateways that stated that non-banking entities offering payment aggregator services need to apply for fresh authorization. The guidelines also stated that non-banking entities will have to separate their payment aggregator and gateway businesses from their marketplace business.

Since Paytm has kept its payment gateway outside the payments bank and is a wholly-owned subsidiary of One97 Communications, it applied for a payment aggregator licence in January 2021.

Earlier this month, Mint wrote that out of close to 180 payment aggregator applications, over 100 applications have been returned or rejected by the RBI. So far, only four entities Razorpay, Pine Labs, Stripe, and 1Pay have confirmed to have received the in-principal nod from the regulator.

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