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From Cash to Cashless: Prime Minister Narendra Modi’s Sudden Move To Promote Digital Payment

28Nov By PriyankaNo Comments

INDIA, News

From Cash to Cashless: Prime Minister Narendra Modi’s Sudden Move To Promote Digital Payment

As calls for going cashless grow louder in India, a key challenge being faced globally is to check the continuing rise in the total value of currency in circulation and their share in the overall GDP -- a trend particularly visible in the US, Switzerland and Euro area. With Prime Minister Narendra Modi's sudden move to cancel the legal character of old Rs 500 and Rs 1,000 currency notes in the fight against black money and corruption, the focus is all the more high on digital payments as the way forward. However, experts feel that continuing rise in the circulation of currencies in economic activities could well be a key impediment in the transformation to a cashless and digital economy. India's cash to GDP ratio, an indicator of the amount of cash used in the economy is around 12 to...

Razorpay First Payment Gateway to Announce Zero Transaction Fees on Debit Cards

24Nov By AnkitaNo Comments

News

Razorpay First Payment Gateway to Announce Zero Transaction Fees on Debit Cards

Razorpay, an online payments platform, announced today that it is waiving off all service charges on Debit Card transactions for all of its 10,000+ merchants, from 12 PM on Nov 24 till December 31, 2016. This move is aimed at helping businesses affected by demonetization and encourage users to transact online. While some banks are still deciding upon the waiver proposed by RBI, Razorpay has taken initiative and is the first payment gateway to remove all charges for debit cards. Debit cards are the most popular mode of online payments. In July 2016, a total of 25.94 million credit cards and 697.22 million debit cards were in operation, according to the Reserve Bank of India. In July 2016, total number of transactions through credit cards were 79.44 million while the figure for debit card...

Paytm Hits $5 billion GMV, Rs 150 Crore Offline Transaction

22Nov By AnkitaNo Comments

News

Paytm Hits $5 billion GMV, Rs 150 Crore Offline Transaction

With people being compelled to switch to non-cash mode after the demonetisation move, digital payments company Paytm has been witnessing over 5 million transactions worth Rs 120 crore a day, helping it crosss $5 billion GMV sales, four months ahead of its target. Gross Merchandise Value (GMV), which is an industry term for estimating the total worth of goods sold through a digital platform, for Paytm was $3 billion last year. The Alibaba-backed company, which offers both mobile payment platform and e-commerce marketplace, said it is now witnessing about 5 million daily transactions worth about Rs 120 crore. "Paytm is registering over total 7 million transactions worth Rs 150 crore in a day as millions of consumers and merchants across the country try mobile payments on the Paytm p...

Demonetisation Effect: MobiKwik Revises GMV Sales Target To $10 Billion

21Nov By AdityaNo Comments

News

Demonetisation Effect: MobiKwik Revises GMV Sales Target To $10 Billion

In the wake of demonetisation drive and a surge in the demand for digital payment options, mobile wallet MobiKwik has revised its monthly annualised Gross Merchandise Value (GMV) sales target by 10 times to USD 10 billion by 2017, a top company executive said. GMV is used in online retailing to indicate a total sales value for merchandise or services sold through a marketplace over a period of time. "The currency reform implemented by the government has liberated Indians from cash and has also promoted adoption of mobile wallets and digital payments across platforms. We have a target to reach USD 10 billion GMV sales by next year," Upasana Taku, co-founder, MobiKwik told Pixr8. The mobile payments network has over 1 lakh merchants and 35 million customers at present and has witnes...

Oxigen Converting Its Point of Sale in Mini ATM’s To Help Customers To Deposit Their Money

19Nov By PriyankaNo Comments

News

Oxigen Converting Its Point of Sale in Mini ATM’s To Help Customers To Deposit Their Money

Digital payments solution provider Oxigen Services is in the process of upgrading its point of sales (PoS) devices into micro ATMs to help customers in the present situation due to ban on Rs 500 and Rs 1,000 notes. "Micro ATM is a point of sales device which we have developed into a full featured banking access device and payment transaction device. We want to deploy these terminals in rural areas and in urban areas at all kirana and retail stores across India," Pramod Saxena, Founder Chairman & MD, Oxigen Services told PTI in an interaction. "We already have 2 lakh retail touch points, of these 60,000 stores have these PoS terminals but they are not micro ATMs, so we have started upgrading these terminals into micro ATMs now." He said Oxigen Services plans to deploy 2,000 mic...

Paytm Acquired Delhi Based O2O Startup Shopsity

12Nov By PriyankaNo Comments

ACQUISITION

Paytm Acquired Delhi Based O2O Startup Shopsity

India's largest mobile payments and commerce platform Paytm has acquired a Delhi-based startup Shopsity, a O2O solutions to small retail stores. Earlier This move is in line with Paytm’s vision to create strong seller-focused services for its offline merchants. Shopsity is focused on small unorganized retailers, providing them with tools to attract and retain customers. Co-founders Danish Ahmed and Gaurav Arya have joined Paytm’s management and are actively working to strengthen seller services for the 800,000 strong offline sellers on the Paytm ecosystem. ”Shopsity has done a great job at providing innovative solutions to small offline retailers. By integrating their technology with our advanced seller services, we will be able to offer additional solutions to our fast-growing famil...

Now You Can Book Tatkal Ticket Using Mobikwik Wallet

3Nov By AnkitaNo Comments

News

Now You Can Book Tatkal Ticket Using Mobikwik Wallet

Mobile payments network MobiKwik has partnered Indian Railway Catering and Tourism Corporation (IRCTC) to launch e-cash payments for tatkal bookings. "MobiKwik collaborated with Indian Railways to digitise payments on the IRCTC app and IRCTC FoodOnTrack app this year, and now we are powering payments for tatkal online that will help users book tickets almost instantly," MobiKwik Co-founder Upasana Taku said in a statement today. MobiKwik said instantaneous e-cash payments will help tatkal online in managing the load of over a thousand ticket bookings per minute. The service will also help users in ensuring that their bookings do not get rejected due to payment delays. On an average, over 15 percent daily ticket bookings for Indian Railways happen under tatkal, it said. The paym...

Now Paytm QR Code Based Payments For Cashless Transaction

16Oct By PriyankaNo Comments

News

Now Paytm QR Code Based Payments For Cashless Transaction

Paytm has introduced another innovative feature which would enable more people to shop around cashless. Now pay online to big mega stores, in malls or the cab driver or may be the vegetable vendor in your neighborhood by Paytm QR code. The QR code or the Quick Response code is a machine readable bar code that stores private information about a customer. The users will just need to scan the QR codes of merchants, enter the amount & approve the payment. The merchants' QR codes will contain only the merchants' name and account information. Paytm is moving quickly and its efforts to bring value to the Indian economy and its customers in an attempt to achieve the goal of cashless transactions in India. Paytm's endeavor has been to facilitate both online & offline payments. The ...

MobiKwik launches Unified Payments Interface (UPI) on Its Platform

13Oct By AdityaNo Comments

News

MobiKwik launches Unified Payments Interface (UPI) on Its Platform

MobiKwik, an Indian mobile payments network and mobile wallet announced that it has launched UPI on its platform. MobiKwik users can now load their wallet with e-cash using UPI. The company already has options of netbanking, credit & debit card and the exclusive cash pick up & cash deposit service for wallet loading. Speaking on the announcement, Mrinal Sinha, Chief Operating Officer at MobiKwik said, “MobiKwik users now have an additional option for real time wallet loading with UPI. Users can use their MobiKwik e-cash at over 100000 online and offline merchants across India.” Unified Payments Interface (UPI) is an additional layer of payment architecture built upon the IMPS (Immediate Payment Service) mobile payments system which allows customers to transfer money across differ...

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

6Oct By AdityaNo Comments

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...

Razorpay India’s First Payment Gateway Launched UPI For Merchnats

23Sep By AnkitaNo Comments

News

Razorpay India’s First Payment Gateway Launched UPI For Merchnats

Razorpay is India’s first payment gateway to launch Unified Payment Interface (UPI), for its 10,000+ merchants. The option will enable customers to make online payments via UPI in addition to netbanking, wallets and credit/debit cards. This will be the first large-scale rollout on the merchant side and does not require the addition of any code to start offering UPI payment options to their customers. All of Razorpay’s merchants will have access to receiving payments via UPI starting today. UPI is a unique payment solution built to empower customers to initiate payment requests through their smartphone. It provides a Virtual Payment Address (VPA), through which users can send and receive money on a two-factor authentication. “In keeping with our robust technology, our systems will aut...

Paytm Plans to Open Multi-Format Physical Touch Points Soon

17Sep By Press Trust of IndiaNo Comments

News

Paytm Plans to Open Multi-Format Physical Touch Points Soon

Mobile payment firm Paytm, which has remained restricted to the digital format this far, will soon have physical branches and touch points, a top company official said today. "We will have physical touch points in various formats. We have submitted a 12 months business plan," Paytm Payment Bank VP Ruchita Taneja Aggarwal said on the sidelines of a CII organised banking event here. She said that these physical touch points have become necessary after Paytm forayed into payment bank business and received the regulators nod. "We are waiting for the final license from RBI, but we expect to start payment bank operations by Diwali," Aggarwal said. With payment bank license, Paytm would be able to give interest on wallet balance to those who upgrade their accounts to savings bank, but Agg...