Payment Apps

JP-Morgan-backed fintech company In-Solutions Global (ISG) has secured full authorisation as a payment aggregator under the Reserve Bank of India's regulatory framework. The approval further empowers ISG to streamline digital payments for merchants across various sectors, ensuring fast, secure, and reliable transactions while advancing financial inclusion, the fintech said in a release. The company currently processes over 28 billion transactions annually, serving more than 70 per cent of banks in India. Adelia Castelino, Managing Director, said: "It strengthens our position as a trusted partner, enabling us to power enterprises and SMBs with cutting-edge, scalable payment solutions." The company further said the licence complements ISG's growing portfolio, including its prepaid payment instrument (PPI) licence, enabling it to offer an integrated suite of payment solutions spanning online platforms, retail transactions, transit payments, and more. "This regulatory approval positio

PAs-CB are entities that enable cross-border payment transactions for import and export

Credit card bill payments app CRED on Monday reported 66 per cent year-on-year increase in revenue to Rs 2,473 crore in FY24, on the back of growth in monetised members and a drop in user acquisition costs. Operating losses were reduced by 41 per cent from Rs 1,024 crore in FY23 to Rs 609 crore in FY24, a company statement said. "This came on the back of some very exciting sort of pieces of execution that we always had as a thesis, but it's always good to see that play out in action. The number of members that we monetised grew 58 per cent year-on- year. Our CAC (customer acquisition costs) came down significantly by 40 per cent," CRED founder Kunal Shah said during a press briefing. Total Payment Value (TPV) for the platform surged 55 per cent to Rs 6.87 lakh crore, while monthly transacting users (MTU) rose by 34 per cent. "Members used CRED for a wide range of payments beyond credit card bills, with strong adoption of P2P UPI payments. They also expanded adoption of CRED Pay acr

At present, under the Travel Rules of FATF, data relating to the name of the sender, recipient, and the country of origin is recorded in any cross-border financial transactions

Fintech platform BharatPe on Wednesday announced the launch of its UPI TPAP (third-party application provider) to facilitate consumer digital payments. Earlier, BharatPe provided merchant-to-merchant digital payment services. The company has also rebranded buy-now-pay-later app postpe' to BharatPe', according to a statement. With this, there are now two apps available in the public domain: BharatPe (earlier postpe), and BharatPe for Business. The fintech platform said it has partnered with Unity Bank to enable TPAP. Customers can create their UPI ID on the BharatPe app with the extension @bpunity, and make both individual and merchant transactions. "With our UPI TPAP, we aim to enable millions across Bharat to make seamless and secure UPI transactions, for their individual as well as business needs. "The foray into the consumer payments category will help us to further propel adoption of digital payments and drive financial inclusion across the country," BharatPe CEO Nalin Negi

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

Google Pay, PhonePe, and Paytm controls over 90 per cent of UPI transaction volume and value in India

Eight months left for the implementation deadline, the National Payments Corporation of India (NCPI) may be favouring growth over concerns about market domination

This year, major players such as Amazon Pay, Digio, CCAvenue, Decentro, MSwipe, Tata Pay, Zoho, Zomato, among others, received a final nod from the regulator to operate as payment aggregators

Last week, the RBI had given an in-principle approval to Prosus-backed PayU to operate as a payment aggregator

Fintech firm PayU has received an in-principle approval from the Reserve Bank to operate as a payment aggregator, the company said on Wednesday. In January 2023, RBI had returned applications of Prosus Group firm PayU and asked it to resubmit them within 120 days. With in-principle approval in place, PayU can now onboard new merchants to provide them digital payment services. "This license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India. Aligned with the government's Digital India initiative and the RBI's forward-thinking regulations, we are dedicated to driving digitisation and financial inclusion, particularly for small merchants," said Anirban Mukherjee, Chief Executive Officer (CEO), PayU.

The company added that the authorisation from the banking regulator would enable it to strengthen its distribution channels

January 24 2024 onwards, ZPPL has the authorisation to act as a payment aggregator and issuer of prepaid payment instrument

The Reserve Bank of India has allowed the payment gateway to onboard new merchants to its platform

Subhas noted that prompt delivery is a crucial element for all business customers, as evidenced by Prime members contributing to over 50 per cent of sales this year

Fintech firm BharatPe Group has appointed former Razorpay senior executive Pankaj Goel as the chief technology officer. Prior to joining BharatPe, Pankaj was the head of payments engineering at Razorpay. He will report to BharatPe chief financial officer and interim CEO Nalin Negi, the company said in a statement on Wednesday. "With a seasoned engineering leader like Pankaj joining the team, we are confident that we will be able to build best-in-class fintech products that will further enable the next level of growth for the BharatPe Group of Companies," Negi said. Goel has held senior positions at various companies, including Intuit, Trilogy, and Sun Microsystems.

According to the company, this is being done to meet the needs of the city's rapidly growing startup ecosystem and evolving demands of the customers

RBI says firm can continue with its online payment aggregation business while it awaits Centre's nod for investments from its parent firm One97 Communication into Paytm Payments Services Ltd

Digital financial services firm One97 Communications, which owns the Paytm brand, on Friday announced the launch of its new technology platform built on 100 per cent indigenously developed technology. The company said the new platform can handle 10 times more payments traffic compared to its older platform. "Today by making sure that every component of our technology is made in-house, we have proved that India can build world-class technology software of scale. We have built a new operational risk system and fraud management from the ground up, catering to India's payments growth. "This platform will be able to scale to the next up to 10X payments in India. We are here to serve India with a technology made in India," Paytm founder and CEO Vijay Shekhar Sharma said in a statement.

To take on Google Pay, PhonePe with new PayZapp