Thursday, November 21

Tag: e-wallet

PhonePe on The Ladder of Success, Crossed 100 Million Users
2Jun By Gauri SinghNo Comments
News

PhonePe on The Ladder of Success, Crossed 100 Million Users

The Bengaluru-based Flipkart-owned company PhonePe has reportedly made its way across 100 million registered users on its platform in less than two years of its inauguration. The company's annual total payments volume (TPV) have also received a boost crossing $20 billion in the month of May. Paytm, the firm's close rival stated its annualised transactions amounting to $29 billion through its platform performing 63 million transactions in April, while the Digital payments firm PhonPe has performed 60 million transactions with a total of 30 million customers using Unified Payments Interface (UPI) in the month of May which is quite close to its competitor. “We have gone from launch to 100 million users in just 21 months. Our next goal is to onboard a million merchants for our customers, a...
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Paytm App Undergoes Major Makeover!
3Apr By Sheldan RungasamyNo Comments
News

Paytm App Undergoes Major Makeover!

Paytm, the Indian payment gateway mammoth, has redesigned its app to make it more user friendly and spontaneous. The application update allows users to personalize the app and provide a better overall experience to the user by displaying the most used ways of customizing the app. Transferring money is also something that the Paytm engineers worked heavily upon by making it easier, simpler and faster. Furthermore, now Paytm will also offer instant transfers from a user’s Paytm Payments Bank account or Paytm wallet to any other bank without charge. The major feature of this new look is the possibility to make bank-to-bank transactions under the section of ‘Money Transfers.’ The payment gateway app provisioned a budget of Rs 250 crore to endorse money transfers and presumes that this new o...
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PayPal Starts Payment Services In India
9Nov By reutersNo Comments
News

PayPal Starts Payment Services In India

Payment processor PayPal Holdings Inc on Wednesday launched domestic operations in India, a market already dominated by China’s Alibaba-backed PayTM, the country’s leading digital payments firm. PayPal’s entry in the Indian market comes as a push for cashless transactions by the Narendra Modi-led government is seeing more people use e-wallets and card payments. The online payment industry is pegged to grow tenfold to $500 billion by 2020. “India is transitioning away from our biggest competitor – cash – and our digital platform and technology has immense scope to enable this at scale,” Anupam Pahuja, country manager and managing director, PayPal India said. “For us, the marathon has just begun.” Alphabet Inc’s Google launched a localized payments app for India in September, tryi...
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Mobikwik Plans To Spend 80 Cr in 6 Months
8Oct By Press Trust of IndiaNo Comments
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...
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FreeCharge Crosses 500 Million Transactions
28Jun By PriyankaNo Comments
News

FreeCharge Crosses 500 Million Transactions

Bangalore, Karnataka, India- Amidst increasing digital payments preference and awareness amongst consumers, FreeCharge today announced that the number of transactions on its platform has crossed 500 million, with the value of these transactions exceeding USD 1.2 billion. Mobile recharges remain the biggest component of the transactions done on FreeCharge. Apart from recharges, nearly 20% of the wallet transactions happening on the platform are on one of the company’s online merchant partners. This is closely followed by offline partnerships wherein Fuel and Food are the top two categories driving adoption and transaction. The company also recently announced the launch of coupons on its e-wallet to enhance user engagement, where users can benefit from every recharge and bill...
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Indian State Telangana launches Its Own e-wallet
2Jun By PriyankaNo Comments
INDIA

Indian State Telangana launches Its Own e-wallet

One of India's leading technology based developed state Telangana has launched country's first official state e-wallet called T-wallet. The newly launched e-wallet offers any digital payments with in the state with no additional charge for the citizens. The Microsoft Accelerator alum startup Transaction Analysts has partnered with Telangana to develop T-Wallet which uses two factor authentications, through Aadhaar+Biometric or Aadhaar+OTP to Aadhaar linked mobile number, for feature and no phone users. Using this platform, citizens not only can make payments to government and private organisations towards various services but also receive the benefits from government like pensions, scholarships and MGNREGS wages. Unique Identification Authority of India (UIDAI) chairman J. Saty...
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Paytm Eyes 3X Growth in Train Ticket Bookings This Year
1Jun By AnkitaNo Comments
News

Paytm Eyes 3X Growth in Train Ticket Bookings This Year

Digital payments platform, Paytm today said it expects to clock over 3X growth in number of train tickets booked through its platform this financial year. The company is also strengthening its overall travel vertical and will hire more people over the next two quarters. "Paytm is booking over one million train tickets in a month and has become Indias largest platform for train tickets booking, after IRCTC," it said in a statement. The Alibaba-backed company had launched online train ticket bookings in partnership with IRCTC in October last year. "Paytm is now targeting 3X growth this financial year," it said. Currently, 90 per cent of the train ticket bookings on Paytm are done through the mobile platform. "We are extremely overwhelmed by the response received for train t...
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Paytm Starts Payments Bank, Will Offer 4% Interest Rate
23May By AdityaNo Comments
News

Paytm Starts Payments Bank, Will Offer 4% Interest Rate

New Delhi, May 23- Targeting 500 million customers by 2020, digital payments firm Paytm today launched its payments bank with 4 per cent interest rate and cashbacks on deposits, zero fees on online transactions and no minimum balance requirement. Backed by Chinese firm Alibaba and Japanese conglomerate SoftBank, the company has earmarked initial investment of Rs 400 crore to build its banking network over two years. Paytm is the third entity in the country to launch a payments bank after Airtel and India Post. "RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets," Paytm Payments Bank...
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Now Softbank Said Paytm Karo, Invested $1.4 Billion in Paytm
18May By AnkitaNo Comments
FUNDING

Now Softbank Said Paytm Karo, Invested $1.4 Billion in Paytm

Japanese conglomerate SoftBank has pumped in USD 1.4 billion (over Rs 9,079 crore) in Indian digital payments platform, Paytm, marking the largest fund infusion by a single investor in an Indian start-up. This is Softbanks largest investment in a single company in India. While both the companies have declined to comment on the valuation, market watchers say that the deal values Paytm at about USD 8 billion. The funding will help Paytm expand fast its soon-to-be launched payments bank operations as well as grow its user base and introduce more financial products for consumers. SoftBank joins Alibaba and its payments affiliate Ant Financial as amongst the largest investors in One97 Communications which operates Paytm. Interestingly, SoftBank was an early investor in Alibaba. "In ...
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Mobikwik & Freecharge Initiated Merger Talks
25Apr By AnkitaNo Comments
BUSINESS

Mobikwik & Freecharge Initiated Merger Talks

As per the report, India's two leading e-wallet company MobiKwik & Freecharge looking to merge in an all-stock deal. According to speculation, behind this deal a chinese investor who is willing to pump Rs USD 200 million into this deal. The talks between Freecharge and MobiKwik are on their initial stages. Sequoia Capital is the major investor in both startups. Jason Kothari, the CEO of Freecharge is in talks with various investors in the US and China. PayPal had earlier shown interest in investing into Freecharge, but the deal did not materialise. PayU, Flipkart and Paytm is rumoured to be interested in FreeCharge. Freecharge is a part of online shopping platform Snapdeal, which has also been in merger talks with e-tailer Flipkart. MobiKwik, which has opened 13 new offices...
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Paytm in Talks With SoftBank to Raise $1.2-$1.5 Billion: Report
19Apr By AdityaNo Comments
FUNDING

Paytm in Talks With SoftBank to Raise $1.2-$1.5 Billion: Report

Electronics payments provider Paytm is in talks with Japan's SoftBank Group to raise $1.2 to $1.5 billion in cash, making the latter one of the largest shareholders in the fintech start-up, Mint newspaper reported on Wednesday citing sources. The deal, which could increase Paytm's valuation to $7 billion to $9 billion, will see SoftBank buying some shares from existing Paytm investor SAIF Partners and founder Vijay Shekhar Sharma beside investing money in the company, the report said. Local media had reported recently that SoftBank is keen to sell its stake in India's e-commerce firm Snapdeal in exchange for a stake in market leader Flipkart. Paytm may also buy Snapdeal-owned payments rival Freecharge, as part of the deal, the report said. Digital payments have assumed great si...
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