Page 8 - Digital Payments

Comviva partners with KIIT, ITER to develop market-appropriate talent

Comviva will provide content, technologies, faculty training, and access to industry experts in its core areas of focus like digital payments, real-time marketing & analytics, etc

Paytm reports 76% rise in Q2 revenue to Rs 1,914 cr on surge in loan growth

Consolidated net loss widened to Rs 5.71 billion from a loss of Rs 4.73 billion a year earlier, the company said in an exchange filing

RuPay credit card UPI to succeed if small transactions under 10%: Asbe

'RuPay credit card UPI to see good traction if small merchant transaction stays within 10%'

Amid heavy sell-off, FPIs dump 30 mn Paytm shares in less than a year

The retail shareholding has increased to 6.37% at the end of September, as compared to 2.79% at the time of listing

UPI processes over 7 bn transactions in Oct, record high since inception

Transactions on UPI amounted to Rs 12 trillion in October, a record high for the platform

Remove withdrawal restrictions on digital BSBD accounts payment: Report

The Reserve Bank needs to keep digital payments outside the purview of withdrawal restrictions on zero-balance basic savings bank deposit (BSBD) accounts and let the government allow a uniform fee of 0.3 per cent, in lieu of the Merchant Discount Rate (MDR), on e-commerce transactions, as per a report. The IIT Bombay report further said as much as Rs 5,000 crore can be raised per annum through a 0.3 per cent fee on payments through all electronic modes at e-commerce platforms, which could be used to maintain and strengthen the UPI infrastructure. Such a fee imposed on e-commerce merchants and institutions who cannot transact in currency notes would be more in line with 'digital payment facilitation fee'. On the withdrawal restrictions on BSBD or zero-balance accounts, the report said "in the current phase of digital payments, RBI has to devise ways and means to keep the digital payments outside the age-old definition of withdrawal restrictions in savings deposit." Some banks have .

Madras HC orders status quo against digital payment app MobilePe

The Madras High Court has ordered maintenance of status quo against digital payment app MobilePe and its group companies in the matter of offering unified payments interface (UPI) and Bharat interface for money (BHIM) services. Justice M Sundar granted the injunction while passing interim orders on an application arising out of a civil suit from PhonePe on October 19. In its suit, PhonePe contended that the defendant companies had infringed upon its trademark. The judge found the logos of the plaintiff company PhonePe and the defendant companies (MobilePe) were similar. The plaintiff company made out a prima facie case of possible deception, the judge said and passed the interim order and issued notice to the defendant companies returnable by November 2.

Play Store policies: CCI lands second blow, Google fined Rs 936 crore

Regulator suggests eight corrective steps

PhonePe in talks to raise $700 million at $12 billion valuation

Digital payments firm seeking investors' support to scale up operations and compete with rivals

PhonePe investing $200 million on building data centres: Official

Walmart-owned payment services provider PhonePe on Thursday said it is investing USD 200 million (around Rs 1,661 crore) on building data centres in the country, a top official said on Thursday. The investments are driven by the regulatory insistence on data localisation, which prevents a financial sector entity from storing its data overseas, and other aspects, company's co-founder and chief technology officer Rahul Chari said. Speaking to reporters after the launch of a data centre facility at Navi Mumbai, Chari said PhonePe will be investing USD 200 million on data centres. He said the company has already invested USD 150 million but did not specify a timeline for investing the remaining USD 50 million. Chari said it is beneficial for a company like PhonePe to invest in captive data centres given the data localisation mandate from the regulators and also because of the ease or flexibility of operations it offers as compared to an operating expenses model. Company's co-founder a

Beyond the swipe: The ubiquitous PoS machine will soon become intelligent

Deployers of point-of-sale terminals are rethinking the way business is done

Debit card issuances pick up in FY23 after 7-month slowdown a year earlier

Banks issue 17 mn cards in first five months of current fiscal, up 30% from 13 mn cards in year-ago period; Customers prefer debit cards for small value transactions, says report

No charge on UPI payments via RuPay credit card for up to Rs 2,000: NPCI

There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction, a recent NPCI circular said. RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments. "During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions," the circular dated October 4 said. For international transaction enablement, the existing process from the app will apply to credit cards too, the National Payments Corporation of India (NPCI) said in the circular. Nil Merchant Discount Rate (MDR) would apply for this category up to the transaction amount less than and equal to Rs 2,000, it noted. MDR is the cost paid by a merchant to a bank for accepting payment from their customers via

Story of BillDesk and how it became India's largest bill payment platform

Founded by three former executives of Arthur Andersen, it initially offered banks a platform that enabled their customers to pay bills from their homes

UPI transactions touch a record Rs 11.17 trillion in September, shows data

On a year-on-year (YoY) basis, volume of transactions was up 85.55 per cent and value of transactions was up 70.61 per cent during the same period.

More than 12,000 crypto coins become zombies in market slump: Report

Most blockchain projects are built around bespoke digital coins, which often function as user rewards and compensate developers for their woring them inck, giventive to stay involved

India a key hub for rolling out products globally: Fiserv Global president

'We've done plenty of work around the largest e-tailer in world and partnered with oil and gas companies to integrate payments using voice-activated mobile apps in a frictionless and seamless manner'

TerraPay, NPCI collaborate for merchant payments via UPI-enabled QR codes

/ -- In a strategic move to further strengthen its cross-border payment solutions, TerraPay, a leading global payments infrastructure group today announced its partnership with NPCI International Payments Limited (NIPL), the International arm of National Payments Corporation of India (NPCI). This association with NIPL will allow Indian customers and merchants in India with an active Unified Payments Interface Id (UPI Id) to make and accept cross-border payments seamlessly by leveraging TerraPay's agile infrastructure and the UPI network. In this intended collaboration, both companies will work together to further empower Indian customers with active UPI Ids (350 million bank accounts) to be able to transact at QR locations enabled by TerraPay, globally. Together, both companies intend to fortify UPI payments & QR solutions to extract their maximum potential. The partnership will further increase the use of UPI and QR for cross-border merchant payments. This initiative will speed ..

Govt norms ensure no one makes money in payments space: Axis Bank head

Private sector lender Axis Bank on Wednesday said government mandates on the payments space ensure that no one can make money in the segment. The bank's chief executive and managing director Amitabh Chaudhry feared that smaller entities will not be able to survive amid such diktats. The comments from Axis Bank, which also runs the payments company Freecharge, come amid a debate on whether merchant discount rate (MDR) should be levied on the very popular UPI platform. The government, which wants to popularise digital payments, has been insisting that no charges should be levied. "What the government is doing is that they're taking out the entire P&L (profit and loss) opportunity for us. So if you look at the payments space, no one can make any money in the country at all. You have to use payments as a platform to make money somewhere else," Chaudhry said at the Global Fintech Fest here. The worry is that more and more of such demands will emerge, which will take away revenue and ...

Fintech firm udaanCapital says it enabled Rs 2,200 cr credit to retailers

Company says 'working capital availability in the country is huge as small businesses adopt digital payments