Thursday, December 19

Tag: online payment

PayU Acquires Majority Stake in Singapore-based Red Dot Payment
5Jul By NitishNo Comments
ACQUISITION

PayU Acquires Majority Stake in Singapore-based Red Dot Payment

Online payment firm PayU acquired a majority stake in Singapore based Red Dot Payment, a Southeast Asia focused online payment solutions provider. Under the terms of the agreement, PayU has acquired a majority stake in RDP in a transaction valuing the company at $65 million. With this transaction, PayU expands into the Southeast Asia region and brings the total amount deployed in fintech investments and M&A to north of $700 million over the last three years. The move demonstrates PayU's commitment to becoming the leading payments solution provider in high-growth markets and one of the largest fintech investors in the world. Formed in 2011 by a group of payment experts from various Fortune 500 companies in the industry, RDP has grown into Singapore's largest home-grown and t...
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Online Payment firm PayU acquires US-based Wibmo for $70 mn
16Apr By AdityaNo Comments
ACQUISITION

Online Payment firm PayU acquires US-based Wibmo for $70 mn

Online payment service provider PayU acquires the US-based financial technology firm Wibmo for $70 million (around Rs 484 crore). Given different capabilities and positioning in the value chain, Wibmo and PayU businesses will continue to run separately, PayU said in a statement. Wibmo partners and deeply integrate with banks in over 20 countries to offer payment authentication and risk-based decisions across billions of online and mobile payment transactions. "This strategic acquisition combines PayU's strong merchant network and Wibmo's leadership in digital transaction security solutions to offer industry-leading payments solutions to merchants and financial institutions in India and other high growth markets," the statement said. Aakash Moondhra, CFO, PayU Global said, "We...
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Visa Acquires Minority Stake in an Indian Payment Gateway Firm
17Nov By Gauri SinghNo Comments
News

Visa Acquires Minority Stake in an Indian Payment Gateway Firm

The popular US-based payments processor Visa is acquiring a minority stake in Mumbai-based BillDesk. This acquisition will make BillDesk the newcomer in India’s Unicorn club of private technology companies valued at over $1 billion. The financial details of the deal were not disclosed, however, it is expected to value the 18-year-old company at $1.8 billion. The transaction involves a primary investment of about $200 million with a secondary purchase of shares from existing investors and founders of $80-100 million matter. This could take the total investment to about $300 million. Visa’s investment in help BillDesk develop new product lines for its payment and loyalty businesses and expand its footprint into other geographies, according to a statement from Visa. The investment wi...
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Flipkart Rolls Out Cardless Credit for Customers Amid Festive Season
19Sep By Gauri SinghNo Comments
BUSINESS

Flipkart Rolls Out Cardless Credit for Customers Amid Festive Season

With the upcoming festive season, the e-commerce platforms are gearing up for various mediums to attract customers through methods like festive season sale and offers. With this, the e-commerce player Flipkart has come up with a fresh feature that is a credit line for customers to complete their shopping on the platform. This credit line is known as ‘Cardless Credit’ which will allow the customers to get an instant credit line of up to Rs 60,000 based on the user’s creditworthiness. The customers who do not have a formal credit access, through this feature, can purchase products and in turn trigger a growth in the gross merchandise value for the e-commerce major Flipkart. “Close to 45 million customers on our platform do not have formal access to credit and a good portion of this is em...
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Paytm to Offer Rs 5 Lakh Insurance Cover to Merchant Partners
26Jun By NitishNo Comments
News

Paytm to Offer Rs 5 Lakh Insurance Cover to Merchant Partners

India’s largest digital wallet company Paytm will now start offering life insurance cover of up to Rs 5 lakh to its offline partners and their staffs. One97 Communications, the parent company of Paytm, said that this effort will help in giving a push towards realizing India’s vision of the digital economy. Paytm will offer life insurance cover through its newly formed entity Paytm Life Insurance Corporation Ltd, which was established in February this year. This newly formed entity will offer life insurance cover in partnership with the existing life insurance player. The name of this life insurance player has not been disclosed by Paytm. IRDA, the insurance regulatory body had granted Paytm the corporate license to sell insurance products in 2017. The license is reportedly valid only...
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Gurgaon Based Balance Management App Raises $23 Million
21Apr By NitishNo Comments
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...
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Paytm Launch Business App For Merchants
22Jan By AnkitaNo Comments
News

Paytm Launch Business App For Merchants

Noida based Paytm has launched ‘Paytm for Business’ app on the Google Play Store. This new app will allow our merchants and business partners to track payments instantly, navigate through the past collections and track settlements made to their preferred bank accounts. They can also generate their Paytm QR through the app, print it and put it up in their shops. However, the app was launched on 28th December and received 5 million downloads, which itself shows the popularity of app among merchants. It's available in more than 10 regional languages. The App empowers business owners to do a paperless and instant on-boarding and get started to accept payments instantly for zero charges (0% commission). Merchants can now view their transactions without the need to wait for a confirmation S...
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Flipkarts Payment Arm PhonePe Collaborated With Rival FreeCharge
10Jan By PriyankaNo Comments
News

Flipkarts Payment Arm PhonePe Collaborated With Rival FreeCharge

Flipkarts payment wallet PhonePe today said it has partnered mobile wallet company FreeCharge to allow the latters customers pay for transactions at PhonePes partner merchants. According to the deal terms, PhonePe has now enabled its over 45 million users to link their existing FreeCharge wallets to the PhonePe app, PhonePe said in a statement. Once linked, PhonePe customers will be able to spend their FreeCharge wallet balance at all online and offline merchant outlets that accept payments via PhonePe, it added. "This is in line with our vision of making PhonePe Indias first truly open payments platform, where customers can use any and all payment instruments of their choice," PhonePe Head Banking Products and Strategic Partnerships Hemant Gala said. To pay via FreeCharge on P...
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Paytm Payments Bank, IndusInd Tie-up For Fixed Deposit Facility
8Jan By AdityaNo Comments
News

Paytm Payments Bank, IndusInd Tie-up For Fixed Deposit Facility

NEW DELHI: Paytm Payments Bank on Saturday said it has partnered Induslnd Bank to introduce a facility to create a fixed deposit when the customer balance exceeds Rs 1 lakh at the end of day. Paytm Payments Bank customers can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85 per cent annual interest, the company said in a statement. Additionally, if a customer becomes a senior citizen before the maturity period, the account will be auto renewed under the senior citizen scheme, thus earning higher interest, it added. "Majority of Indians prefer safer investment options that offer them higher earning potential. Our offering will add the much-needed convenience of zero paperwork, instant redemption and no charges to...
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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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Samsung to Bring Samsung Pay to Indian Devices
16Jun By Press Trust of IndiaNo Comments
Tech

Samsung to Bring Samsung Pay to Indian Devices

Handset maker Samsung will expand its mobile payments service, Samsung Pay, to more affordable devices in its portfolio in India over the next few weeks. The service, which was launched in March this year in India, allows users to just tap and pay using the debit/credit cards and wallets stored on their mobile devices. Samsung Pay is available for users of flagship devices like Samsung S8, Samsung S7 Edge, S7 and S6 Edge Plus among others. The company today launched two new devices - J7 Max and Pro, priced at Rs 17,900 and Rs 20,900, respectively that feature Samsung Pay. "Since its launch in India, we have received tremendous response to Samsung Pay and we remain committed to taking it to maximum number of consumers. Over the next few weeks, we plan to extend Samsung Mini as a...
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