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RBI to Introduce Mobile Wallet Interoperability Soon

11Jun By Lavina TolaniNo Comments

News

RBI to Introduce Mobile Wallet Interoperability Soon

While the mobile wallet industry is emerging at an impressive pace in India, it now is looking actively for the Reserve Bank of India to release interoperability guidelines for the industry. Notably, RBI's master directions on Mandatory KYC compliance (Issuance and Operation of Pre-paid Payment Instruments) that came in October 2017 had proposed digital wallets to become interoperable within six months. However, the following discussions with stakeholders had postponed the decision. If sources are to be belived RBI is now determined to bring wallet interoperability rules in a month with a delay of two months after the deadline A report quoting bankers published by ET said, The National Payments Corporation of India (NPCI) has already cleared the safety security aspects of taking wal...

McAfee to Provide Security Solutions for Mobile Wallet

22May By Sheldan RungasamyNo Comments

News

McAfee to Provide Security Solutions for Mobile Wallet

McAfee, the leading cyber-security company, is now focusing on developing security solutions for digital wallets to overcome frauds and scams, an aim driven by the increasing use of mobile wallet payment platforms. A quarter of McAfee’s global workforce hail from its Bengaluru office and has now made it a priority to find solutions to frauds and scams that can be achieved from digital wallets. For example, A report from ET published a few weeks ago stated that cases whereby fraudsters were buying merchandise by sending merchants fake mobile wallet payment confirmation messages were on the rise. India has a large number of wallets when compared to other countries. While these wallets are expanding to the newer regions of the country, the number of scams is also increasing by the day, ...

Intex in Collaboration With Tata’s mRupee Launched Its Own Digital Wallet

6Oct By Press Trust of IndiaNo Comments

BUSINESS

Intex in Collaboration With Tata’s mRupee Launched Its Own Digital Wallet

Domestic handset maker Intex has partnered with mRUPEE, a Tata Teleservices subsidiary, to launch mobile wallet Intex MyWallet. The wallet will offer easy and quick integrated payment functionalities and conveniences within the device related to recharge, money transfer, shopping, booking train, movie, bus tickets and more in just one click, Intex said in a statement. "This is in line with our focus to offer the customers additional value which is being created right from video, gaming, healthcare, utility, entertainment, e-commerce/mobile advertisement, all packed in their handsets at customers fingertips," Intex Technologies Head VAS Vineet Singh said. Company's larger rival, Micromax, also has a mobile wallet service Udio in partnership with TranServ and Visa. As part of its tie...

Mahindra Incubator Based Startup TerraPay Acquires UK Based Pay2Global

29Aug By PriyankaNo Comments

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 ...

Vijay Shekhar Sharma Led Paytm Will Spend Rs 600 Cr on Advertisement in 2016-17

7Jun By NitishNo Comments

News

Vijay Shekhar Sharma Led Paytm Will Spend Rs 600 Cr on Advertisement in 2016-17

Mobile wallet and e-commerce firm Paytm, run by One97 Communication Ltd, will spend Rs.600 crore on ads in 2016-17, the company said on Monday. Last year the company had spent more than Rs.500 crore in 2015-16. According to sources, last three years when companies would invest heavily in brand building and customer acquisition, now the target is expected to be more on the lines of return on investment. Currently, the Paytm has close to 130 million wallets. Companies 40% traffic belongs from the categories such as money transfer, bill payments, and movie ticketing business through the ad campaign. Last year, Paytm had bagged the deal of title sponsorship rights for Indian cricket for four years, which covers 84 matches to be played in India under the aegis of Board of Control for Cric...

Mobikwik Offers 6% Annual Interest Rate on 5000/month Balance in Wallet

1Jun By AdityaNo Comments

News

Mobikwik Offers 6% Annual Interest Rate on 5000/month Balance in Wallet

Fin-tech company MobiKwik today said it will offer 6 per cent annual interest on the account balance to its mobile wallet users. The company, which competes with Alibaba-backed Paytm, has over 30 million wallet users in the country. MobiKwik claims it is growing at 250 per cent per year and expects to touch 70 million users by the end of 2017. "This is the first time in India that users can get higher profits than institutional savings on their mobile wallet balance," MobiKwik said in a statement. To avail the 6 percent annual return, users would have to maintain an average of Rs 5,000 or more in their wallets per month. "Profits will be credited to users MobiKwik accounts on a monthly basis only. The announcement is part of the company's plan to expand its services across solution...