Paytm’s parent company, One 97 Communications, has introduced Paytm Health Saathi, an affordable health and income protection plan for its merchant partners, available for as low as Rs. 35 per month. The plan, accessible through the Paytm for Business App, underscores Paytm’s commitment to supporting the health and operational continuity of its extensive merchant network.
Paytm Health Saathi offers comprehensive healthcare services, including unlimited teleconsultations powered by MediBuddy, in-person doctor visits within Paytm’s partner network, and discounts on major pharmacies and diagnostic tests. Additionally, the plan includes income protection cover for business disruptions caused by natural calamities or accidents such as fires, floods, or strikes. Merchants can easily claim the plan benefits via the mobile app.
In a filing to the exchanges on July 3, Paytm emphasized that the Health Saathi initiative is designed to provide a robust support system for business owners, promoting the well-being of its merchant partners. Since the scheme’s inception in May, over 3,000 merchants have already availed of the benefits, prompting Paytm to extend the offer to all its merchants.
One 97 Communications’ shares have been trading in the range of Rs. 425 and Rs. 417.50, with the current trading price at Rs. 418.15, reflecting a 0.63% decline from the last closing price. In the previous quarter, the Noida-based firm reported a net profit of Rs. 549.60 crore.
Despite facing regulatory challenges, including a suspension of operations by the RBI on Paytm Payments Banks in January, Paytm continues to innovate and support its merchant base. The regulatory actions led to a slowdown in its core business of merchant payments and consumer lending, with a 24% reduction in its monthly transaction consumer base from January to April. Additionally, the usage of point-of-sale and QR code machines decreased by 1 million, and revenue from financial services and others dropped by 36% YoY to Rs. 304 crore in Q4 FY24 due to lower loan distribution.
As India’s leading fintech platform, Paytm has pioneered the mobile QR payments revolution, aiming to empower small businesses and integrate the masses into the mainstream economy.
