Paytm teams up with Samsung for ticket bookings on Samsung Wallet

One 97 Communications Ltd, the parent company of Paytm, has partnered with Samsung to introduce bookings for flights, buses, movies, and events tickets on Samsung Wallet, according to a filing exchange. Following the fintech giant's announcement, shares of One 97 Communications Ltd soared by 9% to ₹438.95 apiece on the BSE today, thereby pushing the company’s market cap to over ₹27,000 crore. This surge comes after a previous close at ₹402.65.

This partnership is designed to streamline the booking process for users by integrating these services directly into Samsung Wallet. "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 company states.

Galaxy smartphone users who utilise the Paytm app for booking flights, buses, and movies, as well as the Paytm Insider app for event bookings, can now add their tickets to Samsung Wallet using the 'Add to Samsung Wallet' feature. This functionality allows them access to their tickets for entry into airports, bus terminals, cinemas, event venues, and more, it adds.

“Samsung Wallet users can avail the new services by updating their app through the Galaxy Store. The update is available through both auto and manual mode,” Paytm states.

Madhur Chaturvedi, senior director and head, Mobile services and Apps Business, Samsung India says, “Samsung Wallet is a popular mobile tap & pay solution in India, constantly evolving since its launch in 2017. 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. Furthermore, users can access these tickets simply by swiping up on their Galaxy smartphone's home screen.”

Paytm mentions that users can utilise Samsung Wallet to access a variety of services, including tap & pay, UPI payments, bill payments, boarding passes, and travel tickets.

Additionally, in another announcement on Wednesday, Paytm revealed that the IRDAI (Insurance Regulatory and Development Authority of India) has approved the withdrawal of its application to register its associate company as a general insurance provider. Paytm will now pivot its focus towards insurance distribution rather than manufacturing.

Recently, One97 Communications, the parent company of Paytm, recorded a loss of ₹550 crore for the quarter ending on March 31, 2024, compared to ₹167 crore in the same period last year. This widening of loss was primarily due to an impairment of ₹227 crore related to the carrying value of Paytm's investment in Paytm Payments Bank. Additionally, the digital payments firm saw a 3% year-on-year decline in revenue from operations, dropping to ₹2,267 crore during the fourth quarter, down from ₹2,334 crore in Q4 FY23.