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BHU Students Launch Drive to Make Campus Go Cashless

24Dec By Press Trust of IndiaNo Comments

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...

Global Payment Firm Paypal May Acquire 25% Shares of Freecharge

23Dec By NitishNo Comments

News

Global Payment Firm Paypal May Acquire 25% Shares of Freecharge

A leading online payment firm PayPal is in talks with freecharge team to acquire 25% stake as the report by Mint. The expecting amount of the acquisition may be around $200 million (approximately Rs 1,357 crore). Jasper Infotech Private Limited known as snapdeal owned FreeCharge.com. Initially United States-based online payments company PayPal had made an offer for a 51% buyout. However, Snapdeal, which owns FreeCharge, is not too keen on selling a controlling stake. As per recent scenario, Paypal looking to stand itself as a direct competitor of paytm to acquire the large number of Indian market share. After acquiring the stakes in Freecharge, Paypal can offer national and international payment through Freecharge app. The talk is final stage, while PayPal has hired Goldman Sachs...

21Dec By AdityaNo Comments

News

PayTm Faces Service Outage

Users of e-payments company PayTm today faced difficulties in transacting through the app which the company said was due to some "technical" error. "We are facing some technical issues. We will have it resolved shortly so please try again after some time," an automated message popped up on screen at time of transaction. When contacted, a Paytm spokesperson attributed the outage to challenges the company is facing with sudden jump in number of users and associated traffic. The spokesperson said that Paytm has added 20 million new users in last 40 days taking the total number of registered users with us to 170 million. "Furthermore, we are seeing much higher interaction per user as compared to earlier and are also witnessing continuous increase in the traffic on our platform. At the eve...

Save 46 percent Tax Using Digital Transaction- Indian Govt to Small Traders

21Dec By NitishNo Comments

INDIA, News

Save 46 percent Tax Using Digital Transaction- Indian Govt to Small Traders

Government today said small traders will be able to save up to 46 per cent in tax by migrating from cash to digital transactions as the decision to tweak the presumptive income norms would reduce tax liability. "Apart from making a tax saving of almost 46 per cent by migrating to banking mode, the small businesses would be able to build their books which may also help them get bank loans easily," the Finance Ministry said in a statement. Also, if transactions are carried out through banking channels, then anybody having annual turnover up to Rs 66 lakhs will have zero tax liability after availing the benefit of Section 80C, after amendment of this new rate structure, it said. Earlier in the day, Finance Minister Arun Jaitley said "The object is if you do transactions using digital m...

Paytm Alleges Customers Cheated 6.15 Lakh, CBI Registers FIR

17Dec By NitishNo Comments

News

Paytm Alleges Customers Cheated 6.15 Lakh, CBI Registers FIR

CBI has registered an FIR against some customers of digital wallet Paytm on the company's complaint that it has allegedly been cheated to the tune of Rs 6.15 lakh by customers based here. It is rare for the agency to take up such cases unless they have been referred by the central government or there are directions by the Supreme Court or a high court. CBI has registered FIR against 15 customers who are residents of Kalkaji, Govindpuri and Saket besides unknown officials of One97 Communications--parent company of Paytm. The complaint from the Manager Legal, M Sivakumar, claimed that the company makes payment for defective products received by a customer and also arranges a reverse pickup of the damaged product which is sent to the merchant. The process is done by a team of custome...

Paytm to Complete 2 Billion Transactions This Year: VSS, Paytm CEO

8Dec By AdityaNo Comments

Entrepreneurs Talk

Paytm to Complete 2 Billion Transactions This Year: VSS, Paytm CEO

On its way to complete two billion transactions this year surpassing its own expectations, Digital payments platform Paytm today said it aims to become universal payments app across every bank account. The company also said it aspires to enter the US market in the long run as it sees an opportunity there. "Today Paytm is on the way to complete 2 billion transactions this year. I personally did not expect 2016 to end on such number. Our numbers are at 2 billion transactions this year, which in turn will enable us to become really the transaction layer on top of every bank account," Paytm Founder and CEO Vijay Shekhar Sharma told reporters here. He said, "With connectivity with the UPI (Unified Payment Interface)we will become the payment app for every bank account. With UPI support Paytm ...

Demonetisation Effect: MobiKwik Revises GMV Sales Target To $10 Billion

21Nov By AdityaNo Comments

News

Demonetisation Effect: MobiKwik Revises GMV Sales Target To $10 Billion

In the wake of demonetisation drive and a surge in the demand for digital payment options, mobile wallet MobiKwik has revised its monthly annualised Gross Merchandise Value (GMV) sales target by 10 times to USD 10 billion by 2017, a top company executive said. GMV is used in online retailing to indicate a total sales value for merchandise or services sold through a marketplace over a period of time. "The currency reform implemented by the government has liberated Indians from cash and has also promoted adoption of mobile wallets and digital payments across platforms. We have a target to reach USD 10 billion GMV sales by next year," Upasana Taku, co-founder, MobiKwik told Pixr8. The mobile payments network has over 1 lakh merchants and 35 million customers at present and has witnes...

Oxigen Converting Its Point of Sale in Mini ATM’s To Help Customers To Deposit Their Money

19Nov By PriyankaNo Comments

News

Oxigen Converting Its Point of Sale in Mini ATM’s To Help Customers To Deposit Their Money

Digital payments solution provider Oxigen Services is in the process of upgrading its point of sales (PoS) devices into micro ATMs to help customers in the present situation due to ban on Rs 500 and Rs 1,000 notes. "Micro ATM is a point of sales device which we have developed into a full featured banking access device and payment transaction device. We want to deploy these terminals in rural areas and in urban areas at all kirana and retail stores across India," Pramod Saxena, Founder Chairman & MD, Oxigen Services told PTI in an interaction. "We already have 2 lakh retail touch points, of these 60,000 stores have these PoS terminals but they are not micro ATMs, so we have started upgrading these terminals into micro ATMs now." He said Oxigen Services plans to deploy 2,000 mic...

Demonetisation Effect: SBI Collects Rs 1,14,139 Cr Deposits in Last 7 Days

16Nov By NitishNo Comments

INDIA

Demonetisation Effect: SBI Collects Rs 1,14,139 Cr Deposits in Last 7 Days

State Bank of India today said it collected Rs 1,14,139 crore in deposits in last seven days after the government announced demonetisation of Rs 500 and Rs 1,000 notes. The bank saw 240.90 lakh cash deposit transactions between November 10 and November 16 up to 7 PM, SBI said in a statement here today. The government announced to demonetise Rs 500 and Rs 1,000 notes on November 8. Banks were opened for transactions from November 10 but were closed on November 14 on account of Gurunanak Jayant in major parts of the country. The country's largest lender exchanged Rs 5,776 crore of old Rs 500 and Rs 1,000 notes since November 10. It said there were 151.93 lakh cash withdrawal transactions amounting to Rs 18,665 crore in the last seven days. People are allowed to exchange Rs 4,500 wor...