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One97 Communication Which Runs Paytm Raises 400 Crore From Mediatek, Valuation Upto $5 Billion

31Aug By AnkitaNo Comments

FUNDING

One97 Communication Which Runs Paytm Raises 400 Crore From Mediatek, Valuation Upto $5 Billion

Taiwanese chip designer MediaTekis investing USD 60 million (about Rs 400 crore) in One97 Communications, which runs Paytm. The transaction values the digital payment services and e-commerce firm at about USD 5 billion. When contacted, a Paytm spokesperson confirmed the development. The funds will be used for expanding payments and commerce businesses and for building and launching the payments bank, she added. Paytm founder Vijay Shekhar Sharma has earlier said its payments bank will become operational later this year. Interestingly, Mediatek is also an investor in Paytm's rival, Mobikwik in India. In May this year, Mediatek had participated in an estimated USD 50 million fund raising by Mobikwik. Alibaba-backed Paytm is looking at raising about USD 300 million (over Rs 2...

Yes Bank Launches Digital Wallet ‘Yes Pay’ Across Android, iOS Platforms

30Aug By AdityaNo Comments

News

Yes Bank Launches Digital Wallet ‘Yes Pay’ Across Android, iOS Platforms

India's fifth largest private sector bank Yes Bank has announced the launch of 'Yes Pay', a digital wallet across Android and iOS mobile platforms. As a new development in the realm of digital payments, Yes Pay is also built as a Facebook app. The fact that the wallet can be accessed through Facebook without any additional registration, Yes Pay has now empowered all social media and Smartphone users to be money-wise. Apart from mobile recharge and bill payment which are the key offerings for most digital wallets in India, Yes Pay also features functionalities that allow both 'users' and 'non users' to send and receive money. "Our wallet does not require that both the transacting parties be registered on the wallet. That brings to fore immense possibilities. Think of a businessman wh...

MobiKwik Raises $40 million (Rs 268 Cr) From South Africa Based Net1

27Aug By NitishNo Comments

FUNDING

MobiKwik Raises $40 million (Rs 268 Cr) From South Africa Based Net1

South Africa based Net1 will invest USD 40 million (about Rs 268 crore) in Indian digital payment company, MobiKwik. "Net 1 UEPS Technologies has signed a subscription agreement with One MobiKwik Systems. As part of the strategic partnership, Net1 will invest USD 40 million in MobiKwik," the companies said in a statement. In addition, Net1's virtual card technology will be integrated across all MobiKwik wallets, it added. MobiKwik, which has over 32 million mobile wallet users and one lakh retailers onboard, has Sequoia Capital, Tree Line Asia, American Express, Cisco Investments, GMO Payment Gateway and MediaTek among its investors. Over the next three years, MobiKwik aims to reach 150 million users and 500,000 merchants. In May this year, Mobikwik had raised about Rs 330 crore...

MobiKwik Launches Aadhaar ‘eKYC’, To Update e-Wallets in Real Time

16Jun By NitishNo Comments

News

MobiKwik Launches Aadhaar ‘eKYC’, To Update e-Wallets in Real Time

MobiKwik, the largest independent mobile payments company in India has launched eKYC for its users. eKYC is RBI approved, paperless process for fulfilling KYC requirements that will allow MobiKwik users to upgrade their wallet with Aadhaar card in real time. Once a user requests eKYC on the app, a company representative will reach the user's location within 30 minutes and do real time wallet upgrade. "This launch further simplifies the wallet experience for our users and they can now avail benefits of a KYC account within half an hour," said Chief Operating Officer MobiKwik, Mrinal Sinha. UIDAI's e-KYC service enables KYC process to be performed electronically with explicit authorization by resident. As part of the e-KYC process, the resident authorizes UIDAI (through Aadhaar auth...

Mobikwik Offers Loans to Wallet Users to Push Digital Payments

22May By AnkitaNo Comments

News

Mobikwik Offers Loans to Wallet Users to Push Digital Payments

Fin-tech company Mobikwik is expanding its services by offering instant micro loans to wallet users running short on balance as part of its efforts to boost digital payment usage in the country. The company, which competes with Alibaba-backed Paytm, started pilot on the project a few weeks back and has already given loans to about 25,000 users. "These are micro loans, about Rs 500-2,500, given to users when they are running short on balance while making a purchase. We are happy with the product, the repayment rates are around 97 per cent. We are now looking at expanding this," MobiKwik co-founder Upasana Taku said. She added that the company has partnered consumer-lending marketplace, CashCare for the service. MobiKwik is in process of adding 10-12 other similar banks and...

Flipkart Acquired Third Payments Start-up PhonePe

1Apr By PriyankaNo Comments

News

Flipkart Acquired Third Payments Start-up PhonePe

Bengaluru, 1st April 2016: Flipkart Ltd, India's leading E-commerce platform has acquired payments start-up PhonePe Internet Pvt. Ltd.. The startup was launched last December by former Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer. The amount of the deal is not confirmed yet but according to sources, the deal size is between $10 million to $20 million. The PhonePe team will join leading e-commerce company but will function as an independent business unit. This is Flipkart’s third major acquisition in payments, after it bought payments start-up NGPay (Jigrahak Mobility Solutions Pvt. Ltd) in 2014, and FX Mart Pvt. Ltd, which owns a prepaid wallet licence last August. “Payments has been one of the biggest hurdles for mass adoption of online shopping in India. UPI has ...

Paytm Enter Into Academic Campuses, tie-up with LPU

29Mar By AnkitaNo Comments

BUSINESS

Paytm Enter Into Academic Campuses, tie-up with LPU

India's largest mobile payment and commerce platform, Paytm, has taken its cashless solution to academic campuses with a strategic partnership with Lovely Professional University, Jalandhar. Known as one of the largest single campus university in India, with more than 25000 students, 3500 faculty and staff, the university will now offer an easy access to the cash alternative with Paytm. As per the statistics, over 60 percent of the students in the campus are already active users of the Paytm app. The users can now pay university fees and dues, hostel fees, cafeteria bills as well as buy books and merchandise through the Paytm Wallet. By minimizing cash, the initiative shall be highly beneficial for the students, teachers, the institution and parents alike. With making Lovely Profe...

FreeCharge Partners CCAvenue; Expands Customer Access to Online Merchants

29Mar By Press Trust of IndiaNo Comments

BUSINESS

FreeCharge Partners CCAvenue; Expands Customer Access to Online Merchants

Snapdeal-owned digital payments platform FreeCharge has partnered with a payment gateway CCAvenue, giving its customers access to over 100,000 online merchants across sectors like hospitality, retail, and education. It will also help them access real-time, multi-currency online payment services, FreeCharge said in a statement on Monday. "We want to make FreeCharge wallet ubiquitous in both the online and offline space by creating an ecosystem of partnership. With CCAvenue, we will further strengthen our partner ecosystem and offer our customers a wider assortment of online merchants. Our endeavour is to build the payment OS for digital India and I am confident that alliances like this will help us move in the right direction," Govind Rajan, Chief Operating Officer, FreeCharge said. ...

Paytm Appointed Alibaba’s Former Executive as President

25Mar By AnkitaNo Comments

News

Paytm Appointed Alibaba’s Former Executive as President

Paytm, India's mobile payment and commerce platform has appointed ex-head of Alibaba Group Holding's wholesale business, Bhushan Patil as the company's new President. Bhushan Patil joins Paytm as President after serving 5.5 years at the Chinese company, where he was handling operations of Alibaba.com. He will now focus on building Paytm's cross border commerce. At the largest B2B marketplace, Bhushan was instrumental at leading new initiatives for Global Markets business development across SME linked associations, Banks and Government trade organizations, local trade services and e-companies. As a major accomplishment he incepted, led and launched B2B Trade-Trust products across 50 countries in Asia/Europe and Americas and was instrumental developing new India plans for Alibaba.co...

Chillr is Not a Wallet, We Have No Direct Competitors- Sony Joy, Founder of Chillr

25Feb By NitishNo Comments

Entrepreneurs Talk

Chillr is Not a Wallet, We Have No Direct Competitors- Sony Joy, Founder of Chillr

Meet Mr. Sony Joy, the Co-founder at MobME Wireless and CEO at Chillr, which is building a digital banking ecosystem connecting banks, customers, businesses and enterprises in an intuitive and mobile-first way. Chillr is a multi-bank mobile banking application that links directly to your bank account and helps you make easy money transactions. You can use Chillr to send and receive money, recharge your mobile phone, data card and DTH and also make payments at stores. We interviewed him on recent successful approach of chillr towards payment banking system, 1. Could you explain the end-to-end process of sending money via Chillr? As a customer, you initiate a payment by selecting the “Pay” option on our App and authenticating the payment using the MPIN. We then validate the de...