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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  SoftBank Corp.    9434   JP3732000009


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Paytm app back on Google store after removal over policy violations

09/18/2020 | 10:20am EST
A worker adjusts a hoarding of Paytm, a digital payments firm, in Ahmedabad

Indian digital payments firm Paytm on Friday said its mobile app was back on Google's android store after the U.S. tech giant kept it offline for several hours, citing the SoftBank-backed company's violations of its gambling policy.

"Update: And we're back!" Paytm told users on Twitter, some of whom had expressed concerns about their money in the company's digital wallet and bank.

Earlier on Friday, Alphabet Inc's Google said in blog post that it did not allow "online casinos or support any unregulated gambling apps that facilitate sports betting."

"This includes if an app leads consumers to an external website that allows them to participate in paid tournaments to win real money or cash prizes, it is a violation of our policies," it added.

The blog post did not name Paytm, but Google separately confirmed the removal for policy violations.

Paytm, which also counts Alibaba and Berkshire Hathaway among its backers, confirmed that Google had removed its app.

Launched a decade ago as a platform for mobile recharges, Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option. Its use swelled further in 2016 when India banned certain high-value currency notes, causing a immense shortage of currency in the economy for months.

It currently competes with global players such as Google Pay and Walmart's PhonePe in India's digital payments market which is set to more than double in value to $135 billion by 2023 from 2019, according to PwC and Indian lobby group ASSOCHAM.

The company had not breached Google policies but was running an offer that gave its users stickers, for payments and money transfers, which could then be used to redeem cashbacks - a move Google deemed as gambling, a Paytm spokesman told Reuters.

Paytm has since removed the promotion from its app, he added.

Google did not respond to a request seeking comment on how Paytm's cashback offer violated its policies.

By Sankalp Phartiyal

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 3.65% 279.96 Delayed Quote.31.99%
ALPHABET INC. 2.10% 1763.9 Delayed Quote.31.69%
BERKSHIRE HATHAWAY INC. 1.94% 351101 Delayed Quote.1.42%
SOFTBANK CORP. 1.25% 1295 End-of-day quote.-11.27%
SOFTBANK GROUP CORP. 1.27% 6835 End-of-day quote.43.71%
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Sales 2021 4 994 B 47 829 M 47 829 M
Net income 2021 508 B 4 870 M 4 870 M
Net Debt 2021 3 858 B 36 952 M 36 952 M
P/E ratio 2021 12,1x
Yield 2021 6,74%
Capitalization 6 106 B 58 358 M 58 482 M
EV / Sales 2021 2,00x
EV / Sales 2022 1,87x
Nbr of Employees 37 821
Free-Float 59,2%
Duration : Period :
SoftBank Corp. Technical Analysis Chart | 9434 | JP3732000009 | MarketScreener
Technical analysis trends SOFTBANK CORP.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 1 601,54 JPY
Last Close Price 1 295,00 JPY
Spread / Highest target 77,6%
Spread / Average Target 23,7%
Spread / Lowest Target -16,6%
EPS Revisions
Ken Miyauchi Executive President, CEO & Representative Director
Masayoshi Son Chairman
Yasuyuki Imai Co-COO, Representative Director & Executive VP
Jun Shimba Co-COO, Representative Director & Executive VP
Kazuhiko Fujihara Chief Financial Officer & Director
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