Tuesday, May 21

Tag: digital wallet

Paytm Claims to Reach 5 Billion Transaction in a Year
News

Paytm Claims to Reach 5 Billion Transaction in a Year

The digital payments giant Paytm has reportedly claimed to reach the milestone of run rate of 5 billion transactions per year, along with the value of $50 billion GTV (Gross Transaction Value) transactions being processed in the platform every year. The company, in the last quarter, showed a growth of 500 percent in terms of peer-to-peer transactions. On the basis of UPI payments, the company states that it has processed more than 400 million transactions since January when it launched the product on its platform. “A bulk of these transactions are originating in tier-two and three cities like Surat, Durgapur, Meerut and others with more than 25% of the users using Paytm in regional languages,” the company said in a statement. The company also told about the increase in the customer ba...
Marketing Head Daman Soni steps down from MobiKwik
News

Marketing Head Daman Soni steps down from MobiKwik

Digital Wallet Firm MobiKwik's marketing and growth department head, Daman Soni has resigned from his post, marking another senior level exit from the company. While the firm witnessed a growth as compared to its previous reports it has lost some prominent employees in its senior level hierarchy in a span of last 6-8 months. A year back in November 2017, Akash Gupta Vice President and marketing head to walked away to launch his own green tech venture. Earlier, Vineet Singh, Chief Business Officer too had stepped down in April this year. Additionally, Rukaiya Rangwala, head at payment gateway business also called a quit in April, while retail head Vivek Sinha resigned in May. Soni has confirmed his exit informing that he would be looking at fresh opportunities in the mobile tech...
Paytm Trims Losses 39% to Rs 899.6 Crore in FY17
BUSINESS

Paytm Trims Losses 39% to Rs 899.6 Crore in FY17

India's leading digital wallet company Paytm, has reduced its losses to Rs 899.6 crore in the financial year 2016-17 compared to the previous fiscal, as per regulatory documents. The company had posted a loss of Rs 1,496.7 crore in 2015-16 fiscal against a total income of Rs 597.8 crore, as per documents filed by the company with the corporate affairs ministry. The documents, sourced by data intelligence company Paper.vc, showed that One97 Communications' total income had grown over 38 percent to Rs 828.6 crore in 2016-17 fiscal. One97 Communications' employee benefits expense in FY17 grew to Rs 333.87 crore, compared to Rs 143.13 crore in the previous fiscal. Paytm CFO and senior vice president Madhur Deora said, "the company invested over Rs 2,000 crore in the fiscal ended Marc...
MobiKwik Launches UPI on its Platform via its own VPA Handle
News

MobiKwik Launches UPI on its Platform via its own VPA Handle

The Indian digital financial service platform, MobiKwik has announced to launch Unified Payments Interface (UPI) on its platform through its own VPA handle called “@ikwik” for making payments unlike the one offered by non-banking entities. The company has also assured its users about safety being given utmost priority so that users don't have to worry about data issues even in the case of loss of SIM or device. Additionally, the digital wallet company has claimed to be the first in offering UPI access to a huge base of 3 million merchant payments. Moreover, its UPI app is 100% in compliance with NPCI guidelines and has been declared "most safe" UPI app by NPCI. MobiKwik users will now be able to use their mobile number as their own VPA by default which will be "ikwik". Multiple us...
Gurgaon Based Balance Management App Raises $23 Million
FUNDING

Gurgaon Based Balance Management App Raises $23 Million

Gurgaon based digital wallet and financial services platform True Balance raise $23 Million in a Series B funding. The company has raised total $38.6 Million funding so far. The funding will use towards talent acquisition and expanding benefits of need-based financial services. The funding saw the participation from Japan-based global messenger Line Ventures Corporation, Korean search engine Naver, leading Korean bank Shinhan Bank along with TS Investment and other partners. The app-based platform is planning to recruit from leading Indian educational institutes like Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs) among others to improve its business & technology. True Balance is a balance management utility application that helps prepaid u...
Hike, Airtel Payments Bank Tie-Up For Mobile Wallet
News

Hike, Airtel Payments Bank Tie-Up For Mobile Wallet

Messaging app Hike today said it has tied up with Airtel Payments Bank to power its mobile wallet product. Hike users will have access to the bank?s vast product line including merchant and utility payments, it added. The SoftBank-backed app, which has over 100 million registered users, saw over 30 per cent month-on-month growth for its wallet service. "Through this partnership, Airtel Payments Bank gets access to over 100M (million) users on Hike and will begin powering the Hike Wallet product," Hike said in a statement. Hike Messenger VP (Product) Pathik Shah said the company has seen tremendous traction on the wallet over the last few months, most of it being organic. It is on track for over 5 million transactions this month with services like Recharge and peer to peer transa...
Mobile Wallets Will Become Strong Players: Paytm Official
ANALYSIS

Mobile Wallets Will Become Strong Players: Paytm Official

Mobile wallets will become strong players in the financial ecosystem as the RBI guidelines on prepaid instruments will allow more features like unlimited transfer of funds between a bank account and a wallet, a top official of Paytm Payments Bank said. Paytm Payments Bank MD-CEO Renu Satti said the RBI guidelines released this month will enable mobile wallets to gain access to more functionalities like unlimited transfer of funds between a bank account and a wallet and higher limit of up to Rs 1 lakh for money transfer to beneficiary accounts. She added that as part of Paytm Payments Bank, customers get the convenience of wallets and can earn interest on their deposits by transferring money from the wallet to their payments bank account. "This will further strengthen the value propo...
Mobikwik Plans To Spend 80 Cr in 6 Months
BUSINESS

Mobikwik Plans To Spend 80 Cr in 6 Months

Digital payments firm MobiKwik plans to invest Rs 60-80 crore on marketing and promotions in the next six months as it looks to drive transaction volumes on its platform and get more consumers onboard. MobiKwik, which competes with the likes of Alibaba-backed Paytm and Flipkarts PhonePe, also expects to see 2.5X growth in daily transactions on its platform. "We have seen a phenomenal growth, especially during the ongoing festive season. We have a lot of activities going on that will continue till January. In the next six months, we are looking at a ATL-BTL (marketing and promotions) spend of Rs 60-80 crore," MobiKwik Vice President Marketing Akash Gupta told PTI. Post demonetisation, in November last year, there has been a massive growth in digital transaction volumes in India, in...
Mobikwik Loses Rs 19.6 Cr In A Glitch
News

Mobikwik Loses Rs 19.6 Cr In A Glitch

Minutes after Pixr8 published Mobikwik's launch of Digital ticketing for Mumbai Metro One and shared it on our twitter account, some Mobikwik customers reported that some money went missing in their Mobikwik Wallet. Have a look:   यहां देखे pic.twitter.com/kmgaQhNMNC — irfan anjum (@irfananjum7861) September 29, 2017 MobiKwik, has lost over Rs 19.61 crore due to a technical glitch apparently in its own online payment system. Company officials said the money was allegedly deducted from the firm's own corporate account during online transactions made by some individual customers using the wallet for different recharges and bill payments. In his complaint, Lokesh Rajpal, general counsel of MobiKwik, alleged that certain people took advantage of the technical glitch a...
Kishore Biyani Led Future Group Launches It’s Own Digital Wallet FuturePay
News

Kishore Biyani Led Future Group Launches It’s Own Digital Wallet FuturePay

Kishore Biyani-led Future Group has launched FuturePay, which is a digital loyalty wallet that helps consumers shop without card or cash across formats such as Big Bazaar, Ezone and Home Town. The app is directly linked with all existing loyalty programs and cards bringing all kinds of transactions under one roof. "We are providing a friendly account management to our customers through FuturePay. We are ensuring that the customer has the confidence to shop with us and not go anywhere else," said Kishore Biyani, Group CEO, Future Group. The app's Price Match feature will compare the price items on the customers bill with that of competitors -both online as well as offline -and credit the difference to the FuturePay wallet in case it finds a lower price for the product. Future Group...