Friday, July 19

Tag: digital payment

India’s DMRC has partnered with PhonePe to Facilitate Payments
INDIA

India’s DMRC has partnered with PhonePe to Facilitate Payments

The digital payment player PhonePe has tied up with Delhi Metro Rail Corporation (DMRC) to offer PhonePe users with the service of recharging their DMRC smartcards on the app itself. This service will be made available to the users through a micro app in the freshly created 'Apps' section on the PhonePe app. The fintech company stated that it will be the exclusive partner to power UPI payments for DMRC smartcard recharges. The people can also make use of the PhonePe app as a payment option to recharge their smart card on DMRC website. This association has added to PhonePe’s travel and commute services portfolio which already consists of cabs, buses, hotels and flight services. PhonePe which is part of Walmart-owned Flipkart group had also partnered with Indian Railway Catering and...
Bengaluru based Payment Platform Raises $10 Million Funding From Amazon
FUNDING

Bengaluru based Payment Platform Raises $10 Million Funding From Amazon

Bengaluru based ToneTag, a contactless payment platform has raised $8-10 million from investors like Amazon Inc. and Mastercard etc. Founded in 2013, ToneTag enables contactless digital transactions on mobile phones, card swiping machines, automated teller machines and other payment-enabling devices. The payment platform enables existing POS devices to accept payments using sound. Tonetag was founded by Kumar Abhishek and Vivek Singh and currently have a 47-member team constantly working to bring innovation to its technology. ToneTag has filed 7 global patents for a variety of exciting use cases in the payments ecosystem and the offline retail space and has touched the lives of its over 50 million global consumers. The startup collaborated over 250,000 merchants to made thei...
Why Vijay Shekhar Sharma concern may be Valid For Whatsapp Pay Feature
News

Why Vijay Shekhar Sharma concern may be Valid For Whatsapp Pay Feature

The day since the popular messaging app WhatsApp rolled out its digital payment feature, everybody but the founder and CEO of Paytm is not happy. However, maybe its all for the right reasons. WhatsApp, the Facebook owned application announced its entry in the electronic payment space with the feature that allows peer-to-peer money transfer through the messaging app. The payment service is launched in the beta version of WhatsApp for selected users on trial basis. The feature of the messaging platform, that is a fruit to its 200 million users in India with no Login ID and Password, is facing wrath of Vijay Shekhar Sharma, the founder and CEO of the most used digital payment application all over India, Paytm. The founder of Paytm is angry with Facebook and taking a jibe on the forme...
WhatsApp’s Digital Payments Could Change the Scenario for Other Digital Players
News

WhatsApp’s Digital Payments Could Change the Scenario for Other Digital Players

Whatsapp has finally rolled out its much awaited payments feature across the country which is giving a huge boost to digital payments in India. Pixr8 also today published that digital payments in India will soon touch $1 trillion by 2023, which is for sure is good news for 'Digital India'. However, this is not the first time when WhatsApp tried foraying into the payments business. Last year it tried launching a payments app but was turned down by RBI, which says,"Non-bank entities applying for authorisation shall be a company incorporated in India and registered under the Companies Act 1956 / Companies Act 2013."  WhatsApp, owned by Facebook is headquartered in United States hence it could not enter the payments market. However, after Modi's Starup India and Digital India campaigns, ...
Digital Payments in India to touch $1 Trillion by 2023
News

Digital Payments in India to touch $1 Trillion by 2023

After Paytm, Google Tez, Hike and PhonePe like platforms that provide online peer to peer transactions and more, have rolled out, millions of users have moved to electronic payment interface thus expanding the Digital Payment Space. But what is expected to make Digital Payments in India to progress to $1 trillion from $51,756 million (2018) by 2023, is the entry of global players in the country's automated space, as mentioned by investment banking firm Credit Suisse in a report. "Digital payments (in India) currently aggregate less than USD 200 billion, of which mobile is still at just USD 10 billion in financial year (FY) 2018 E (estimated) . We estimate that the total digital payment market in India will grow to USD 1 trillion by FY23E led by the growth in mobile payments," the repor...
Mobikwik Looking to Hire 1000 People From Ahmedabad, Lucknow & Others Cities
News

Mobikwik Looking to Hire 1000 People From Ahmedabad, Lucknow & Others Cities

Digital payments firm MobiKwik said it will invest over Rs 50 crore and hire 1,000 people during this quarter as it looks to expand its footprint across cities like Ahmedabad, Lucknow and Vijayawada among others. Aimed at enabling 150 million users in India to transact on its platform by early 2018, MobiKwik is setting up offices in 13 cities by the end of the first quarter of 2017. "We will be investing over Rs 50 crore in setting up new offices to cater to regional requirements and will be hiring over 1,000 employees, pan India, across technical and non-technical requirements," MobiKwik co-founder Upasana Taku said in a statement. These cities include Mumbai, Pune, Bangalore, Kolkata, Hyderabad, Chennai, Ahmedabad, Noida, Lucknow, Vijayawada, Kochi, Jaipur and Chandigarh. "Po...
Paytm Gets RBI Licence For Payments Bank
News

Paytm Gets RBI Licence For Payments Bank

Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. On its blog, Paytm announced this news. However, Airtel is the first company which already start a pilot project of payment bank in Rajasthan. In a statement Paytm said, "At Paytm Payments Bank, our aim is to build a new business model in banking industry, focused on bringing financial services to 100’s of millions of unserved or undeserved Indians." With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking. This is our chance to build something that every Indian can be proud of. No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank. Earlier today,...
Soon You Dial ‘14444’ To Raise Your Queries on Digitial Payments
INDIA

Soon You Dial ‘14444’ To Raise Your Queries on Digitial Payments

Nasscom, telecom operators, and NITI Aayog have come together in creating a dedicated helpline 14444 for addressing all queries on digitial payments, as government takes strides to push for more digital transactions post demonetisation. After the fourth meeting of the Committee of Chief Ministers on digital payments, Convenor and Andhra Pradesh Chief Minister Chandrababu Naidu said, plans are afoot to import one million PoS machines to enable cashless payments across India. Briefing the media on the discussions, Naidu also said the Committee of Chief Ministers will present its interim report on digital payments movement to Prime Minister Narendra Modi within a week. "We are planning a sustainable, long-term, policy to attract majority in India to move to digital payments through prov...
Mahindra Incubator Based Startup TerraPay Acquires UK Based Pay2Global
ACQUISITION

Mahindra Incubator Based Startup TerraPay Acquires UK Based Pay2Global

TerraPay today said it has acquired UK-based Pay2Global, a move that will help the Mahindra Comviva incubated company fast-track its entry into the European market. However, the company did not disclose the deal size. Pay2Global is a regulated digital international money transfer company with rights into the European Economic Area (EEA). "We have completed the acquisition of Pay2Global Limited, following regulatory approvals. Europe is one of the biggest regions for money transfer accounting for an estimated quarter of global remittance flows," TerraPay founder and CEO Ambar Sur said. This acquisition will help TerraPay instantly scale service footprint in the 32 countries of the EEA with a range of money transfer products, he added. He, however, declined to comment ...
Freecharge Launches Buyer Protection Escrow Services
News

Freecharge Launches Buyer Protection Escrow Services

India's fastest growing digital payments platform Freecharge has unveiled a buyer protection service by launching escrow facility for merchants and customers. The escrow service mitigates risk of unsuccessful shopping experiences and safeguards customers' money by withholding funds till they receive the right product. The first merchant for this service, Shopo, has integrated Freecharge wallet on its app to offer escrow protection to its buyers and sellers. After buyers place orders by paying through Freecharge, the seller is notified that the buyer has completed the payment, and money is on hold in escrow. Once the order is delivered to the buyer, the money is automatically released to the seller. In case the order is not shipped or delivered within the stipulated time, the mon...