Page 3 - Payments

Trai proposes nil charge on USSD messages for mobile banking, payments

The Unstructured Supplementary Service Data (USSD) messages get displayed on the screen of mobile phones and are not stored like SMSes

UPI AutoPay sees 28.34% rise in recurring mandates, shows data

Records over 4 mn mandate registrations in October, as against 3 mn in September

Banks process nearly 2 mn e-mandates for auto-payment after RBI order

Industry estimates recurring transactions at 2.5% of total volume, and 1.5% in terms of value. Of these, 75% domestic transactions, and 85% international are below Rs 5,000

BharatPe enters BNPL, offers even 'golgappas' on EMI as it bets on offline

Launches new product 'postpe' towards this end, which customers can download from Play Store and avail interest-free credit limit of up to Rs 10 lakh

MobiKwik bullish on core business, buy-now-pay-later launched in May 2019

The firm currently has 22.3 mn pre-approved BNPL users and is handling over 4 mn such transactions a year. It is seeing 14x growth from a year ago

Merchants hit by revision in payment norms form an alliance

Hit by a revision in payment norms by the RBI, online merchants like Netflix, Facebook and Future Generali on Tuesday announced the formation of a grouping to take up common causes. The changes on e-mandates effected by the RBI from October 1 are intended to make the ecosystem more robust but with only six banks complying with the revised norms, the preparedness of the banking sector is questionable and there is bound to be value erosion in the merchant-customer relationships as the latter face inconveniences, as per an official statement from the body. The Merchant Payments Alliance of India (MPAI), which also has other members including Disney+Hotstar, Bookmyshow, Microsoft, Spotify, Times Internet and Zoom, will work towards such causes by addressing and constructively engaging with the payments regulator and industry. "The MPAI sees itself as a collective, using the operational experience of merchants, to engage on policy matters such as the e-mandate issue, which will help redu

Recurring pain

RBI must re-examine its auto-debit restrictions

New RBI norms kick in today, may hit 50% recurring payments

Tt would take at least three months for the entire payments system to start working smoothly, say companies and banks.

WhatsApp adds rupee symbol to chats for faster access to payment capability

Says camera icon in chat composer now lets users scan any QR code to enable paying at over 20 mn stores in India

Super apps, super challenges: Who and what's in play to hook customers

No super app in Asia has entered the health sector in a big way. In India, the Tata 1mg health care tie-up has broken into the space

Persistent Systems makes strategic acquisitions, announces payments unit

SCI will help enhance Persistent's capabilities and will serve as the foundation of a dedicated Payments business unit.

New recurring payment norms from Oct 1: Banks, card issuers in a tizzy

Customers are being notified about changes, and alternative methods of payments

Evergrande bondholders don't expect coupon payment on Thursday: Report

Evergrande is due to pay $83.5 million in interest on a $2 billion offshore bond on Thursday and also has a $47.5 million dollar-bond interest payment next week.

US trade official called India's Mastercard ban 'draconian' - emails

The Reserve Bank of India accuses it of breaking local data-storage rules

We're looking to onboard 20-25 mn wallets by March 2023: Bajaj Finance MD

In an analyst call held by Morgan Stanley, Rajeev Jain says his firm is on course to apply for various licenses that are needed to be a full-service payments player

India and Singapore sign pact for instant flow of retail payments

RBI, MAS ink pact to link UPI and PayNow; may operationalise by July 2022

Axis Bank ties up with BharatPe to expand its merchant acquiring business

With 600,000 terminals, the bank is the third-largest PoS acquiring bank in the payments space

UPI forms 10% of overall retail payments in FY21, says Macquarie report

UPI saw its FY21 annual throughput value at Rs 41 trillion, almost 2.8x that of credit and debit card at Point of Sale combined, and almost 20x that of prepaid payment instruments.

NPCI appoints Noopur Chaturvedi as CEO of Bharat Bill Pay Ltd

Prior to joining NPCI, Chaturvedi was country head at PayU and chief-corporate business alliances at Airtel Payments Bank

Four sugar firms on UP govt's radar for not clearing cane dues to farmers

Recovery certificates to the groups, strict action against them on the cards