Paytm plans to enter the ride-hailing sector by introducing auto-rickshaw services in metro cities like Delhi, Bengaluru and Chennai through the Open Network for Digital Commerce (ONDC), according to a report by Money Control. The move is aimed at disrupting the market dominance currently held by Ola and Uber.
According to the publication, the new ride-hailing feature is currently being tested on the Paytm app and will be accessible to a limited number of users. Over the past few years, Paytm has been gradually expanding its presence at ONDC and launching services across various e-commerce sectors including food delivery, groceries, fashion and electronics.
The report adds that an insider with knowledge of the project stated that extensive software testing and integration will be required before any rollout. They also indicated that Paytm may expand its services at a later stage to include taxi bookings similar to Ola and Uber.
When users book an auto-rickshaw ride through Paytm, the app displays a message indicating that the feature is 'Powered by Namma Yatri', the seller-side platform for these transactions. The Juspay-backed platform also operates several consumer-facing taxi apps on ONDC.
Meanwhile, the digital payments and financial services company has confirmed the resignation of its Chief Operating Officer (COO) and President, Bhavesh Gupta, in a regulatory filing dated May 4.
In his resignation letter, Gupta stated that he intended to step down effective May 31 for personal reasons, while expressing his commitment to continue supporting the company in an advisory role within the Office of the Chief Executive.
Paytm acknowledged Gupta's decision and expressed his gratitude for his contributions, mentioning that his resignation has been accepted and he will be officially relieved of his duties from the end of business hours on May 31, 2024. The company also emphasized its confidence in its future trajectory. , citing the strong leadership established in the payments and financial services sector in recent years.
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Published: 09 May 2024 16:12 IST