Online Payments

Chatbot will let customers ask questions, explore topics in Indian languages and make financial decisions

In FY24, payments revenue grows 6.25% to Rs 275 crore; total payment value more than doubles to Rs 50,417 crore

Currently, UPI payments are interoperable such that a user can use any TPAP to transfer funds

BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor

This is the industry's first-ever introduction of UPI for elders, offering a simple user interface, enhanced security, and cyber fraud awareness

Ashneer Grover, co-founder and former managing director of BharatPe, withdrew his plea from the National Company Law Tribunal (NCLT), in which he had alleged oppressive conduct and mismanagement by the board of the fintech firm. The withdrawal of the plea from the NCLT's Delhi bench came after Grover reached a settlement with the company on September 30, 2024. A copy of the settlement agreement was also placed before the NCLT by the counsel appearing for Grover, who had filed an application for withdrawal of the petition. "... during the pendency of the said petition, parties have arrived with settlement and also executed the settlement agreement dated September 30, 2024, a copy of which is placed on record and in view of the settlement applicant (who ispPetitioner in the main company petition) has sought liberty to withdraw the company petition," the NCLT order dated October 14, 2024, noted. It further said: "Liberty is granted to the applicant to withdraw the company petition...

In volume terms, this is the highest number since UPI became operational in April 2016. The number of daily transactions was higher than 483 million and Rs 66,475 crore in August

The partnership follows a series of recent announcements NIPL has made regarding the global expansion of UPI and associated rails

Cross-border business payment services provider Payoneer looks to leverage its global marketplace partnerships and take a localised approach to expand its reach in India amid "rapid expansion" in the country's service export market. According to Payoneer India Vice-President and Spokesperson Gaurav Shisodia, India is a priority country for Payoneer and holds a strategic position. India's service export market is expanding rapidly and Payoneer looks to capitalise on this expansion, he said, adding that the company primarily caters to outsourcing and service export businesses and small and medium businesses (SMBs). Payoneer is well-positioned to capitalise on this expansion and would strategically respond to the strong surge in businesses in the domains of tech and programming, digital marketing, software-as-a-service (SaaS), e-commerce exporters, and marketplace sellers' sectors, Shisodia said. As part of measures to expand its reach in India, Payoneer looks to leverage its global

UPI Circle on Google Pay is a feature designed to help users make digital payments without needing to link their own bank account

Smaller fintechs gain traction as top UPI apps near 30% market cap limit

In the fintech sector, we focus a lot on feature development. While doing so, specifically in India, the regulation and the market landscape is constantly changing, he says

Lalitha Nataraj previously worked with IDFC FIRST Bank and ICICI Bank

Nearly one out of two transactions on the National Payments Corporation of India (NPCI)-run UPI are processed on fintech major PhonePe's platform

Hope to deliver at least one profitable quarter this year, says Sharma

Aurionpro Payment Solutions on Thursday said it has received Reserve Bank's nod to operate as an online payment aggregator via its payment gateway brand AuroPay. The authorisation from the apex bank enables the company to operate as an online payment aggregator to provide digital payments services to merchants across the country. "Aurionpro Payment Solutions Private Limited, a subsidiary of Aurionpro...has received final authorisation from the Reserve Bank of India to operate as an Online Payment aggregator under the Payments Settlements Act, 2007, through its payments brand AuroPay," a company statement said. The Mumbai-based technology solutions company caters to the needs of banking, mobility, payments and government sectors. Shares of Aurionpro Solutions settled at Rs 2,669.40 apiece on Thursday on the BSE, up 4.94 per cent from the previous close.

The Adani Group plans to offer new services through its consumer app, Adani One, which was launched in late 2022. The app currently offers travel services such as flight and hotel bookings

This comes as Zomato Payments, the wholly owned subsidiary of food delivery platform Zomato, voluntarily surrendered the certificate of authorisation issued by the RBI

Food tech major Zomato on Monday said its subsidiary Zomato Payment Pvt Ltd (ZPPL) has decided to voluntarily surrender the certificate of authorisation it obtained from the Reserve Bank to operate as an online payment aggregator. "At Zomato, we do not see ourselves having a significant competitive advantage against the incumbents in the payments space and hence we don't foresee a business in payments space as commercially viable for us, at this stage. "While we were conscious of these developments as they unfolded, the real impact was more apparent as we got closer to putting in place the structure to commence the operations," Zomato said in a regulatory filing. The development comes months after the company received the licence from the central bank to operate as an online payment aggregator, with effect from January 24, 2024. Zomato said the Board of Directors of ZPPL has also decided to withdraw the application dated November 11, 2021 submitted with the RBI to operate as the ..

Google has introduced a private digital wallet for Android users in India, allowing users to securely store cards, tickets, passes, keys and IDs, an official said on Wednesday. Google Wallet can be downloaded from Play Store and would allow users to store their debit cards, credit cards, loyalty cards, and gift cards among other things. It is different from Google Pay app which helps manage money and finances. "Google Pay is not going anywhere. It will remain our primary payments app. Google Wallet is specifically tailored for non-payment use cases," said Ram Papatla, GM & India Engineering Lead, Android at Google.