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Global Digital Payment Transaction Volumes set to reach 1.3 trillion in 2023

15Sep By PriyankaNo Comments

ANALYSIS

Global Digital Payment Transaction Volumes set to reach 1.3 trillion in 2023

Paris, September 15, 2023 – The Capgemini Research Institute’s 2023 World Payments Report, published today, reveals non-cash transaction volumes will reach 1.3 trillion by 2023 globally. As consumers and businesses adopt new digital payment schemes, the report suggests this growth will accelerate to 2.3 trillion by 2027 growing at a rate of 15% annually. At a regional level, digital payments will grow by 19.8% across the Asia Pacific, 10.7% in Europe, and 6.5% in North America by 2027. The expanding digital payment infrastructure, regulations, and open banking are swiftly changing how customers and businesses pay for goods and services. According to the report, by 2027, new payment methods (instant payments, e-money, digital wallets, account-to-account, and QR code payments) will ...

PhonePe Raises $700 million at $5.5 billion valuation

3Dec By PriyankaNo Comments

FUNDING

PhonePe Raises $700 million at $5.5 billion valuation

Bengaluru, 3rd Dec. 2020-- Walmart owned eCommerce platform Flipkart separated its payment unit PhonePe, as the digital payment firm raises $700 million in funding valued at USD 5.5 billion. The financing round was led by Walmart including existing Flipkart investors, a statement said. Flipkart will remain PhonePe's majority shareholder, and the two businesses will retain their close collaboration, it added. "Recognising the momentum that has been achieved, as well as PhonePe's significant growth potential, Flipkart's Board determined that this was the right time to partially spin-off PhonePe so it can access dedicated capital to fund its long-term ambitions over the next three to four years," the statement said. PhonePe has crossed the 250 million registered user milestone, wi...

Y Combinator backed Digital Payment Firm Cashfree raises $35 million

25Nov By PriyankaNo Comments

FUNDING

Y Combinator backed Digital Payment Firm Cashfree raises $35 million

Bengaluru-based fintech, Cashfree raises USD 35.3 million (approximately ₹ 260 crore) as part of its Series B round. The investment was led by Uk based Apis Growth Fund II, with participation from existing investor Y Combinator. Cashfree, a payments and banking technology company that enables businesses in India to collect payments online and make payouts, was founded by Akash Sinha and Reeju Datta in 2015. The company is a 2017 alumnus of Y Combinator, the start-up incubator based in San Francisco, and has grown exponentially, processing over $ 12 billion annualised payment volumes as of March 2020, the statement said. Cashfree said it has been profitable since its first year of operations and counts more than 50,000 businesses amongst its merchants including internet companie...

PayPal Introduces Buy Now Pay Later feature “Pay in 4”

2Sep By AdityaNo Comments

USA

PayPal Introduces Buy Now Pay Later feature “Pay in 4”

SAN JOSE, Calif., Sept 2, 2020-- PayPal announced "Pay in 4," a short-term installment offering for customers in the U.S. Pay in 4 can help merchants drive conversion, revenue, and customer loyalty without taking on additional risk or paying any additional fees while enabling consumers to make a purchase and pay over four, interest-free installments. Pay in 4, which is part of PayPal's growing suite of Pay Later solutions, enables merchants and partners to get paid upfront while enabling customers to pay for purchases between $30 and $600 over a six-week period. Pay in 4 is included in the merchant's existing PayPal pricing, so merchants don't pay any additional fees to enable it for their customers. Consumers pay no fees or interest, and payments are seamless with automatic re...

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 en...

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 regis...

24Jul By AdityaNo Comments

INDIA

PayPal opens Third Tech Centre in India

Hyderabad, 24 July 2019: Digital payments platform PayPal opened its third global technology centre in Hyderabad. The two other centres are in Chennai and Bengaluru. "The Hyderabad facility would house around 100 engineers across roles, including risk management and operations, to provide cutting-edge digital payments solutions to customers around the world," said Guru Bhat, Vice-President and Head of Engineering, PayPal India, said to Pixr8 News. The expansion follows the acquisition of fraud prevention platform Simility in 2018. The new centre will focus on leveraging PayPal's extensive expertise in data science, risk management and machine learning to empower small and medium-sized businesses to identify and protect themselves from fraud. The Nasdaq-listed firm said the Hyde...

Mobikwik Looking to Raise more funds before IPO

17Jun By AnkitaNo Comments

News

Mobikwik Looking to Raise more funds before IPO

Mumbai: Digital payment app Mobikwik is looking to onboard an investor who will help it go public in the next three years, a top official has said. The 2009-incorporated company is planning to report its first quarterly profit in March and will be profitable from a full year perspective from FY21. "We are looking for an investor who will help the company go for an initial public offering (IPO) in three years," co-founder and chief executive Bipin Preet Singh said. Singh said he is in talks with multiple players but refused to share more details including to specify whether it will be a strategic or a financial investor. Mobikwik already has Sequoia Capital, Bajaj Finance and South African firm Net 1 UEPS Technologies among its investors. The company, whose competitors includ...

19Mar By AdityaNo Comments

FUNDING

InstareM Raises $41 mn Series C Funding Round

InstaReM, Southeast Asia’s hottest digital cross-border payments company has announced the close of its US$ 41 million Series C funding round.The latest round of funding is led by Singapore’s Vertex Growth Fund (their first investment in Southeast Asia) and is supported by a new investor Atinum Investment, a leading Venture Capital investor from South Korea.The proceeds of this round will be used to drive growth in new markets, and to drive growth in existing and new market and support the launch of new products (including a cards platform). London, 19 MARCH 2019: InstaReM, Asia’s only digital cross-border payments company closes US $41 million Series C funding round in Singapore. The company’s spectacular growth has attracted an additional US $20 million investment in Series C round, l...

9Jan By reutersNo Comments

INDIA

India Forms Panel for Digital Payments, led by Infosys’ Chairman Nandan Nilekani

India’s central bank has constituted a panel with Infosys chairman Nandan Nilekani as its head in a bid to deepen digital payments in Asia’s third-biggest economy. The five-member panel, which includes a former deputy governor of the Reserve Bank of India (RBI), will identify ways to widen financial inclusion via the use of digital payments and suggest measures to “strengthen the safety and security of digital payments”, the central bank said in a statement. In 2017-18, card payments in India rose 43 percent from the previous year to 10.61 trillion rupees ($151.21 billion), while payments through state-backed unified payments interface rose 16 times year-on-year to 1.01 trillion rupees, according to RBI data released in August. India’s digital payments are expected to grow five-fo...

WhatsApp CEO Seeks RBI Nod to Expand Payment Services to all Users

3Dec By Gauri SinghNo Comments

News

WhatsApp CEO Seeks RBI Nod to Expand Payment Services to all Users

The popular messaging app Whatsapp which has drawn fire from the government over spread of fake messages on its platform, has written to the Reserve Bank of India (RBI), seeking a formal nod to expand payments services to all its 200 million users in India. The company is waiting for a regulatory clearance to launch full-fledged payments operations in India - months after its 'testing' amassed nearly one million users. It has been almost two years since it first began discussions with the government on its payments services plans. "I write to request your formal approval to immediately expand WhatsApp's BHIM UPI (Unified Payments Interface) compliant payments product to all users in India, giving us the opportunity to offer a useful and secure service that can improve the lives of Indi...

Digital Payments Giant Paytm Rolls Out Spam-Proof SMS Inbox

2Oct By Gauri SinghNo Comments

Tech

Digital Payments Giant Paytm Rolls Out Spam-Proof SMS Inbox

Digital Payments major Paytm has reportedly launched spam-proof SMS Inbox as a part of the Paytm Inbox. This feature uses proprietary Machine Learning (ML) methods and regulations to divide messages into personal, transactional and promotional categories. As stated by the company, the app will categorize the messages locally on the device. This would be done only after the users give their straightforward consent to avail this service. When the user avails the service, the app informs the users about the various classifications of the SMS categories and their utility value. Along with this, the users can also choose to delete messages, re-classify SMS and mark SMS as read/unread. Deepak Abbot, Senior Vice President of Paytm said, “We have witnessed a huge discomfort by mobile phone ...