Tuesday, May 21

Tag: cashless

Apple acquired Mobeewave to turn iPhones into payment terminals
ACQUISITION

Apple acquired Mobeewave to turn iPhones into payment terminals

According to Bloomberg, iPhone maker Apple acquires payment startup Mobeewave technology for $100 million. The Mobeewave team will continue to work from its main office in Montreal. Mobeewave lets shoppers tap a credit card or smartphone on another phone to process a payment. After this acquisition iPhone users could use it as a payment terminal with no additional hardware required. Apple in its statement said, "Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans." In 2014, Apple added Apple Pay to the iPhone allowing users to pay for physical goods with a tap in retail stores. Last year, it launched its own credit card known as Apple Card.  As per the report, the acquisition has the potential to allow Apple to com...
Paytm to Start Payments Bank Operations From May 23
News

Paytm to Start Payments Bank Operations From May 23

After months of delay, Paytm is now all set to commence its payments bank operations from May 23, having received the final approval from the Reserve Bank of India (RBI). "Paytm Payments Bank Ltd (PPBL) has received the final licence from the RBI and would commence its operations on May 23, 2017," it said in a public notice. The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity PPBL under the payments bank licence awarded to a resident Indian, Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm. After May 23, the Paytm wallet will move to PPBL. In case consumers do not wish for that, they have to inform Paytm, which will in turn transfer the wallet balance to the consumers bank accou...
Prime Minister Unveiled 2 Lucky Draw Schemes To Promote Cashless India Vision
INDIA

Prime Minister Unveiled 2 Lucky Draw Schemes To Promote Cashless India Vision

With an eye on cashless economy, Prime Minister Narendra Modi today unveiled two schemes "Lucky Grahak Yojana and Digi Dhan Vyapaar Yojana" for customers and traders alike to promote mobile banking and e-payments. Making his last monthly address this year in his Mann ki Baat programme, he said there is "an atmosphere of curiosity" in the country as to what is cashless, how cashless business can take place and how one can make purchases without using cash. "To encourage this trend, strengthen mobile banking and inculcate the habit of making e-payments, the government is launching from today encouragement schemes for consumers as well as traders. To encourage customers, the scheme is Lucky Grahak Yojana and to encourage traders, the scheme is Digi Dhan Vyapaar Yojana," he said. Modi...
Indian Street Food Vendors Need to be Trained in Cashless Sales
News

Indian Street Food Vendors Need to be Trained in Cashless Sales

Union Minister Rajiv Pratap Rudy today said street food vendors across the country needed to be trained to undertake cashless transactions, as he interacted with them at the end of a national street food festival here. The Minister of State (Independent Charge) for Skill Development and Entrepreneurship awarded certificates to the vendors trained under 'Skill India Mission'. He presented a scientifically-designed food cart to Radha Devi, who has a tea stall in Sarojini Nagar area. "The minister talked to the vendors on the need and benefits of serving hygienic and safe food," a senior official said. "Keeping in mind demonetisation, he stressed the fact that all street food vendors need to be trained for digital options for payments and they should be efficient in accepting cashles...
BHU Students Launch Drive to Make Campus Go Cashless
INDIA

BHU Students Launch Drive to Make Campus Go Cashless

Banaras Hindu University students have launched a new campaign to encourage people to adopt digital payment methods inside the campus, with the varsity administration installing PoS machines at its hospitals here. The Mera Mobile Mera Batua drive by the students was launched yesterday, a day after Prime Minister Narendra Modi urged people here to shift toward electronic payment methods. BHU administration has initiated actions to install Point of Sale (PoS) machines at its 15 registration counters to receive money from patients. It has installed the machines at its medicine shops within the Sir Sunder Lal Hospital and Trauma Centre campus. Nearly 35 such machines have been provided by State Bank of India to the administration. Out of them, 20 have been installed at the hospital...
Paytm Hire 10,000 Paytm Agents to Expand Offline Payments Network
News

Paytm Hire 10,000 Paytm Agents to Expand Offline Payments Network

Largest mobile payments and commerce platform Paytm is looking to hire over 10,000 Paytm agents as it seeks to aggressively expand its offline merchant network to over 20 lakh touch-points by the end of the current fiscal year. Paytm's cashless payments are widely accepted across India owing to the ease, convenience and safety they offer. Thanks to the country's overwhelming response to Paytm, it is setting bolder targets to acquire more offline merchants in the coming months. "As millions of consumers across India have taken to using their Paytm Wallets to transact offline, our biggest opportunity is to be available in every town and city in the country. We want to reach there faster, are looking to further strengthen our on-boarding teams as we continue to build India's biggest...
Paytm Appoints Ex-Times Internet Executive Deepak Abbot as Senior VP
News

Paytm Appoints Ex-Times Internet Executive Deepak Abbot as Senior VP

India's largest mobile payment and commerce platform Paytm has announced the appointment of Deepak Abbot as its Senior Vice President - Growth Marketing. Previously, Deepak was working with Times Internet as the head of mobile growth. With over 17 years of work experience in growth hacking, mobile marketing and data analytics, Deepak has also worked as the Chief Product Officer at Reliance Entertainment Digital, General Product Manager at Zapak, UX Consultant at Satyam Computers and Product executive at CyberMedia. "I am very happy to see Deepak back in Paytm. We are in the next phase of our growth, and his skills and expertise will be instrumental to our efforts of reaching half a billion users by 2020," said Founder and CEO of Paytm, Vijay Shekhar Sharma. "It feels great to be a...
Now Paytm QR Code Based Payments For Cashless Transaction
News

Now Paytm QR Code Based Payments For Cashless Transaction

Paytm has introduced another innovative feature which would enable more people to shop around cashless. Now pay online to big mega stores, in malls or the cab driver or may be the vegetable vendor in your neighborhood by Paytm QR code. The QR code or the Quick Response code is a machine readable bar code that stores private information about a customer. The users will just need to scan the QR codes of merchants, enter the amount & approve the payment. The merchants' QR codes will contain only the merchants' name and account information. Paytm is moving quickly and its efforts to bring value to the Indian economy and its customers in an attempt to achieve the goal of cashless transactions in India. Paytm's endeavor has been to facilitate both online & offline payments. The ...
Jugnoo Introduces Unified Payment Interface Upholding Cashless Economy
News

Jugnoo Introduces Unified Payment Interface Upholding Cashless Economy

Perpetuating the futuristic and simpler mode of payment, Jugnoo announces the integration of Unified Payment Interface (UPI). With this roll out, Jugnoo sends out a strong and profound message that digital transactions are the future of Indian economy. The leading auto-rickshaw aggregator is of the opinion that this integration is aimed at detangling payment complexities for customers who have not yet adapted to payment gateways and wallets. Furthermore, this assimilation is touted to aid in increasing digital transactions, which is currently pegged at a Y-O-Y growth of 40 percent. "There is a lot of friction in the current digital payment ecosystem. Although slowly and steadily people are getting used to shopping and paying online in India, there still is a vast majority in the ...
‘Select Citywalk’ Indias First Mall to Adopt Mobile Payments Services
News

‘Select Citywalk’ Indias First Mall to Adopt Mobile Payments Services

Thousands of daily shoppers at premier shopping destination of the capital city, Select Citywalk will now be able to make cashless transactions for parking, meals at food court, movie tickets and flea market using their Paytm wallets. Select Citywalk has become the country’s first mall to adopt mobile payments with this partnership with Paytm, India’s largest payments company. “As Paytm, our mission is to make payments extremely simple. Select Citywalk is a preferred shopping destination for Delhi’s Mall goers and has high footfalls on all days of the week because of the good overall experience that it has to offer. Our partnership with Select Citywalk will take this experience to the next level by enabling cashless payments at food court, parking and other stores in Select Citywalk,...
RBI Guidelines for Payments Systems
News

RBI Guidelines for Payments Systems

RBI today released its framework for Payment and Settlement Systems, with a view to moving towards "less-cash" society and ensuring access of mobile banking services to even basic phone users. The Vision-2018 reiterates commitment of RBI to encourage greater use of electronic payments by all sections of society so as to achieve a "less-cash" society, RBI said. "The policy efforts will also focus on ensuring that access to mobile banking services is seamlessly provided to the large number of users of non-smartphone handsets in multiple languages," it said. Leveraging on 5Cs-- Coverage, Convenience, Confidence, Convergence, Cost-- Vision-2018 focuses on responsive regulation, robust infrastructure, effective supervision and customer centricity, it said. "Building a robust payments infrast...
Vijay Shekhar Sharma Led Paytm Will Spend Rs 600 Cr on Advertisement in 2016-17
News

Vijay Shekhar Sharma Led Paytm Will Spend Rs 600 Cr on Advertisement in 2016-17

Mobile wallet and e-commerce firm Paytm, run by One97 Communication Ltd, will spend Rs.600 crore on ads in 2016-17, the company said on Monday. Last year the company had spent more than Rs.500 crore in 2015-16. According to sources, last three years when companies would invest heavily in brand building and customer acquisition, now the target is expected to be more on the lines of return on investment. Currently, the Paytm has close to 130 million wallets. Companies 40% traffic belongs from the categories such as money transfer, bill payments, and movie ticketing business through the ad campaign. Last year, Paytm had bagged the deal of title sponsorship rights for Indian cricket for four years, which covers 84 matches to be played in India under the aegis of Board of Control for Cric...