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Synopsis: Paytm's stock rose by 4% after the launch of India's first NFC Card Soundbox, an advanced payment device that combines NFC technology with mobile QR payments, providing an affordable card payment solution for offline merchants.
Shares of One97 Communications Ltd, Paytm's parent company, saw a 4% increase to Rs 513 on the BSE following the introduction of the NFC Card Soundbox. This device, a first of its kind in India, combines NFC technology with mobile QR payments, offering an efficient and cost-effective card payment solution for millions of offline merchants. The device aims to enhance the payment experience with features like instant audio confirmation, a display screen for transaction amounts, and a battery life lasting up to 10 days.
The market capitalization of Paytm rose to Rs 31,982 crore, with a significant trading volume of 1.50 lakh shares amounting to a turnover of Rs 7.55 crore. The stock, which hit a 52-week low of Rs 310 on May 9, 2024, and a high of Rs 998.30 on October 20, 2023, reflects a loss of 34.09% over the past year and a 22.14% decline in 2024.
Technically, Paytm's stock shows a relative strength index (RSI) of 65, indicating it's not currently in an overbought or oversold state. The stock trades below its 5-day, 10-day, 20-day, 50-day, and 100-day moving averages but remains below the 200-day average.
The NFC Card Soundbox's launch signifies Paytm's continued innovation in the fintech space. It supports contactless payments via RuPay, VISA, and MasterCard cards, and integrates with the Paytm for Business app, allowing merchants to track transactions seamlessly. This device is expected to drive further growth in Paytm's merchant business by providing a versatile and reliable payment solution.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult with a financial advisor before making any investment decisions.
