One97 Communications Ltd (OCL), which owns brand Paytm, on Tuesday said that its wholly-owned subsidiary Paytm Payments Services’ MD &CEO Nakul Jain has resigned from the subsidiary company.
Jain has decided to pursue an entrepreneurial journey, which has led him to this decision, according to an exchange filing by One97 Communications.
Paytm Payments Services Ltd (PPSL) is actively working on identifying a suitable replacement and will announce the new appointment in due course, the filing added.
In the interim, PPSL remains focused on driving its growth and continuing to maintain its business objectives, it added.
“We wish to inform you that Paytm Payments Services Ltd (PPSL) our wholly-owned material subsidiary company has informed us..that Nakul Jain, Managing Director and Chief Executive Officer (CEO) of PPSL, has resigned from his position w.e.f. close of business hours on March 31, 2025, or an earlier mutually agreed date,” exchange filing said.
‘Receive Money QR Widget’
PPSL had in August 2024 received approval from the Department of Financial Services (DFS) in the finance ministry for downstream investment from Paytm into the subsidiary company (PPSL).
PPSL has already made an application for Payment Aggregator (PA) licence from the RBI and is awaiting central bank’s approval.
Meanwhile, One97 Communications on Tuesday said that it is the first company to launch ‘Receive Money QR Widget’ for Android users. With this innovative feature, users can quickly show the QR Code for receiving money from their phone’s Home Screen itself, without having to open the Paytm app first.
This widget enables seamless and faster payment collection directly from the Home Screen, simplifying the payment process for influencers, shopkeepers, freelancers , delivery partners and small businesses.