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Infibeam Acquires Cardpay Technologies for $59k

8Jun By PriyankaNo Comments

ACQUISITION

Infibeam Acquires Cardpay Technologies for $59k

India's first listed eCommerce platform Infibeam registered as Infibeam Avenues Ltd has acquired Bengaluru-based Cardpay Technologies Ltd. Cardpay offers a unified spend management platform to corporates under ''GRIT'' brand name with physical and virtual credit cards, invoice processing and early payment discounting. The deal has taken place at an initial cash consideration of $59,613 (Rs 45 lakh). “There would be a reward incentive mechanism to the management of the target company (Cardpay) up to rupees equivalent to USD 1 million, based on performance parameters of the target company, as mutually agreed," Infibeam said in a statement. "The acquisition of Cardpay strengthens Infibeam's Payments credit services business with a comprehensive credit issuance portfolio including...

4Jun By AdityaNo Comments

FUNDING

Gojek raises funding from Facebook and PayPal

4th June, 2020: Social media giant Facebook and PayPal invested in Indonesia based ride-hailing and digital payment startup Gojek. The size of the deal has not been disclosed yet. Gojek announced today that Facebook and PayPal have joined Google, Tencent, and others as investors in its current fundraise. This new investment will support Gojek’s mission to boost Southeast Asia’s digital economy, with a focus on supporting payments and financial services in the region." company said in a statement. Starting as a ride-hailing service in 2010, Gojek launched an app five years later that soon turned into a "super-app" offering a wide range of services including deliveries, takeaway food and financial services. The investment is Facebook's first in Indonesia, Southeast Asia's lead...

Paytm collects Rs 100 cr contributions for PM-CARES Fund

11Apr By NitishNo Comments

INDIA

Paytm collects Rs 100 cr contributions for PM-CARES Fund

Digital payments platform Paytm said contributions for the PM-CARES Fund for the COVID-19 crisis have crossed Rs 100 crore on its platform. Paytm had earlier announced it aims to contribute Rs 500 crore to the PM-CARES Fund. It had said for every contribution or any other payment made on Paytm using the wallet, UPI or Paytm Bank debit card, it will contribute an extra up to Rs 10. "In a little over 10 days, contributions have crossed Rs 100 crores on the Paytm app and the initiative is still going strong," Paytm said in a statement on Saturday. The company said its employees have also come together and contributed their salaries for the fund."Over 1,200 employees have contributed their 15 days, one month, two months to even three months' salary for this noble cause," the statemen...

PhonePe Says Services Resumed after Partner With ICICI Bank, Shares Jump 30 Percent

9Mar By AnkitaNo Comments

News

PhonePe Says Services Resumed after Partner With ICICI Bank, Shares Jump 30 Percent

A day after its UPI services were impacted by Yes Bank moratorium, financial app PhonePe announced a resumption in services. It has now partnered with India's second largest private sector lender ICICI Bank to act as a payment service provider in place of Yes Bank. Its chief executive Sameer Nigam thanked ICICI Bank and the National Payments Corporation of India for making the transition possible in quick time. After being put under moratorium, Yes Bank was put under severe restrictions including caps on payments, which impacted its ability to settle transactions on behalf of partners like PhonePe. At last count, there were 15 firms which were dependent on Yes Bank for the services and may be impacted in different measures. Also, Shares of Yes Bank on Monday zoomed over 30...

6Mar By AnkitaNo Comments

INDIA

Indian Payment Apps Hit Amid Yes Bank crisis

As Yes Bank went into moratorium, many Indian digital payment platforms bore the brunt on Friday as transactions were disrupted, including Walmart owned PhonePe facing "long outage". PhonePe, which depends exclusively on Yes Bank as its payment services provider (PSP), was down since the order was imposed and also had to suffer the more-than-friendly barbs of rival Paytm Payments Bank on Twitter. Yes Bank was put under moratorium late Thursday evening, with several caps, including allowing depositors to withdraw only Rs 50,000 per account and a slew of others including not taking fresh liabilities. This resulted in the bank being unable to render the services as a PSP, experts said. Even late in the evening, PhonePe was yet to start the Unified Payments Interface services, for...

26Feb By AnkitaNo Comments

FUNDING

PhonePe Receives $60 Million Funding From its Parent Firm

Flipkart-owned digital payments company PhonePe has received around $60 million from its parent firm in another round of funding, according to regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 10,07,670 shares and the total amount paid was INR 427,25,20,800, according to documents sourced by Paper.vc. The resolution was passed on February 12, it added. The company declined to comment on fund infusion. In July last year, PhonePe had received fund infusion of about $100 million from its parent firm, while another $80 million was pumped into the company in December. The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google...

19Dec By AdityaNo Comments

ACQUISITION

PayPal Completes Acquisition of GoPay

SAN JOSE, Calif., Dec. 19, 2019-- PayPal Holdings, Inc. (NASDAQ: PYPL) announced that it has completed its acquisition of a 70% equity interest in Guofubao Information Technology Co., Ltd. (GoPay), following approval of the transaction by the People's Bank of China on September 30. With the close of the deal, PayPal is the first foreign payment platform licensed to provide online payment services in China. "We're pleased to complete this historic transaction, which enables us to broaden our participation in such a dynamic market," said Dan Schulman, president, and CEO, PayPal. "This important step will allow us to be a stronger partner to Chinese financial institutions and technology platforms. We look forward to contributing to the growth of China's e-commerce and payments eco...

Payoneer to Acquire Payment Streamline Platform optile

13Dec By NitishNo Comments

ACQUISITION

Payoneer to Acquire Payment Streamline Platform optile

New York, United States & Bangalore, Karnataka, India: Payoneer, the leading digital payment platform acquire Munich-based streamlines payment acceptance platform optile. Founded in 2010, optile’s open payment ecosystem puts merchants in control of their business with the flexibility to add payment options and partners as their needs evolve, boosting conversion and improving customer experience. optile’s payment orchestration platform (POP) is designed for businesses to scale faster to new markets, consolidating all the players of the global payment market together in one unified layer, ensuring transparency, flexibility, redundancy, and independence.Scott Galit, CEO of Payoneer said, “Payoneer and optile share a belief that in today’s fast-changing digital world filled with e...

25Nov By AdityaNo Comments

FUNDING

Paytm raises $1 billion in funding at $16 billion Valuation

NEW DELHI, 25th Nov 2019- India's leading digital payment firm Paytm has raised fresh $1 billion funds from a group of investors, including existing backers such as SoftBank’s Vision Fund and Alibaba’s Ant Financial. T. Rowe Price Associates, Inc. and Discovery Capital are the new investors participated in this round. However, Paytm did not officially disclose the details but as per Pixr8 sources Paytm raises $1 billion in the latest round. The company will expand into insurance, lending and investments and invest $1.39 billion over the next three years to include more users in the country, Paytm said. After this funding round Founder & CEO of Paytm, Vijay Shekhar Sharma has said, “At Paytm, we are committed to bringing half a billion Indians to the mainstream economy ...

Razorpay Offers ESOP Buyback for Second Time in a Year

14Nov By AdityaNo Comments

News

Razorpay Offers ESOP Buyback for Second Time in a Year

Razorpay, India’s first converged payments solution company announced the implementation of the second ESOP Buyback plan for its employees, both existing and former. All existing and former employees who hold vested stocks will be eligible to sell up to 30% of their vested ESOP shares of the company. Sequoia India and Ribbit Capital, two of Razorpay’s key investors will be the buyers at a premium. While ESOP Buybacks have been part of employee welfare in larger organisations, the startup industry particularly in India, has started to see these developments since recently. This depicts the healthy growth that the startup ecosystem has been witnessing. Razorpay’s 600 people team raised their Series-C funding in June this year and the ESOP Buyback plan is a reflection of the ...

InstaReM rebrands to Nium, World’s First Global Enterprise Payments Platform

30Oct By AdityaNo Comments

News

InstaReM rebrands to Nium, World’s First Global Enterprise Payments Platform

Singapore, 30 October 2019: Leading digital cross-border payments provider InstaReM is rebranding to become part of Nium. Headquartered in Singapore, Nium is the global payments platform to enable businesses to send, spend and receive money from around the world, in addition to empowering them to develop their own products that simplify cross-border payments. Nium’s ambition is to create a world of ‘Open Money’ where everyone’s money is free for them to use whenever, wherever and however they wish. The launch of Nium was announced at the Money 2020 USA event in Las Vegas on 27 October 2019. Prajit Nanu, the India-bred Co-Founder and CEO of Nium said, “As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform. We have worked...

Chinese App Truecaller Automatically Sign in Indian Users UPI account

31Jul By NitishNo Comments

News

Chinese App Truecaller Automatically Sign in Indian Users UPI account

Chinese app Truecaller, which tells users identity and has over 100 million active users in India affected UPI-based digital payments service. The bug was automatically enrolling Truecaller users in the country to use unified payments interface (UPI) payment feature on the app. Truecaller apologised for failing to deliver quality standard in the app and said it has discontinued the version which was hit by the bug but "for the users already affected, the new version with the fix will be available shortly". The mobile directory app said the users who have been hit by the bug can choose to manually deregister through the overflow menu in the app. "We have discovered a bug in the latest update of Truecaller that affected the payments feature, which automatically triggered a regi...