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US Based Ebix Acquire 80% Stake in India Based Digital Payment Startup Itzcash For 800 Crores

25May By AdityaNo Comments

ACQUISITION

US Based Ebix Acquire 80% Stake in India Based Digital Payment Startup Itzcash For 800 Crores

US headquartered Ebix today said it has invested about Rs 800 crore to acquire 80 per cent stake in payment solutions exchange ItzCash. Ebix is an international supplier of on-demand software and e-commerce services to the insurance, financial, e- governance and healthcare industries. Founded in 2006, ItzCash is Indias leading digital payments firm, the company has since expanded verticals such as remittances, financial services, corporate solutions, PoS and payment gateway. With the new investment by Ebix, the company is looking to foray into areas such as credit, insurance, healthcare and investments to accelerate growth momentum going forward, a release said. "We are big believers in the power of exchanges and thus have been keen to take an early position in India in terms o...

Teno- An App Launch For FREE Online School Fee Payment

22May By RishabhNo Comments

Story

Teno- An App Launch For FREE Online School Fee Payment

With Digital India being the current flavor of the nation, school Principals across India have taken it upon themselves to ensure their school isn’t left behind in this wave of digitization. A testimony of their enthusiasm and acceptance is the fact that more than 3000 schools across 300 cities in India have gone digital with the help of Free to use mobile app Teno. Teno App has helped schools completely digitize their communication methods. What was earlier being communicated to parents through printed circulars and diaries is now being sent to all parents of a class with just one simple click on the school’s app which is powered by Teno. After its successful endeavor of helping schools go digital with its communication, Teno App has now launched its Free Online School Fee Payment feat...

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...

Whatsapp Will Launch P2P Payment Service in India

4Apr By reutersNo Comments

News

Whatsapp Will Launch P2P Payment Service in India

Instant messaging app WhatsApp, owned by Facebook Inc, is mulling a foray into digital payment services in India, its first such offering globally, and has advertised to hire a digital transactions lead in the country. A WhatsApp move into digital payments in India, its biggest market that is home to 200 million of its billion plus global users, would replicate similar moves by messaging apps like Tencent Holdings Ltd's WeChat in China. WhatsApp is working to launch person-to-person payments in India in the next six months, news website The Ken reported earlier on Tuesday, citing unnamed sources. A job advertisement on WhatsApp's website said it was looking for a candidate with a technical and financial background - who understands India's Unified Payments Interface (UPI) and the ...

PayPal, Vistarooms Partnership for Online Payment to Hotel Bookings

30Mar By AdityaNo Comments

BUSINESS

PayPal, Vistarooms Partnership for Online Payment to Hotel Bookings

Digital payment firm PayPal has a partnered with Vistarooms.com to enable foreigners travelling to India book hotels in the country. "Vistarooms.com will help us further add to the existing list of travel and tourism partners that includes OYO rooms and Makemytrip. Additionally, our seller protection programme helps merchants safeguard their online services from frauds," PayPal Director for Large Merchants in India Megha Thareja Tyagi said in a statement today. Vistarooms.com has over 1,000 hotels across India, Sri Lanka and Maldives and they will be using the automated invoicing capability of PayPal. "Our partnership with PayPal allows us to provide further payment flexibility to both local and international travellers," Vista Rooms Co-Founder Ankita Sheth said.

Paytm Goes Global, Launched App For Canadian Bill Payments

17Mar By PriyankaNo Comments

News

Paytm Goes Global, Launched App For Canadian Bill Payments

Not a long ago, in an event of IAMAI, Vijay shekhar, founder of Paytm has said that the day when we launched our app on foreign soil will be the most memorable day of my life. The man of golden touch once again proved his word true and his company launched bill payment app in Canada. The Mayor of Toronto Mr. John Tory visited Paytm Noida headquarters and launched the app. Paytm started Canada operation back in 2014 as a two-member operation team, working out of local libraries but now the Paytm Labs team is a 55 member strong team of Software, Data and Machine Learning engineers who build technologies for the world’s fastest growing mobile payments and commerce ecosystem. Using Paytm bill payment app, Canadians will now be able to pay for their cell phone, cable, internet, electr...

Online Payments Firm PayPal Made Policy Changes For Employees in India

7Feb By AnkitaNo Comments

News

Online Payments Firm PayPal Made Policy Changes For Employees in India

Online payments firm PayPal today said it has enhanced the company's caregiving paid leave policies for its employees in India, including more than doubling its current maternity leave from 12 to 26 weeks and doubling its paternity leave from 5 to 10 days. The company has also introduced paid adoption leave of 16 weeks for its women employees, while the paternity policy has been adjusted to include adoption leave within its mandate, PayPal said in a release issued here. The extended caregiving leave policies are effective from January 1, 2017. "We believe that fostering an open, diverse and innovation-driven culture is essential for our employees to be at their creative best. As part of this effort, our extended caregiving policies not only enable women to come back to work after ...

25,000 Crore Digital Transactions in India, Post Demonetisation

10Jan By NitishNo Comments

News

25,000 Crore Digital Transactions in India, Post Demonetisation

Post demonetisation, cash-based transactions worth Rs 25,000 crore have moved to the digital mode, says a survey. The Economic Research Department of State Bank of India carried out the survey from December 30, 2016 to January 3, 2017 so as to understand the nuances of demonetisation. It showed that 15 per cent of transactions moved to electronic payments such as m-wallets and Point of Sale machines. "This means that Rs 25,000 crore of cash based transactions have moved to digital in the last two months. If this is so, this is a good beginning," SBI Research said in its Ecowrap report. This number could have been even higher because the behavioural shift has not happened yet and many merchants still prefer cash transactions when the amount is not large, the survey said, adding t...

Adventz Group Declined To Acquire Paytm stake, Sunil Munjal Still in Race

3Jan By AdityaNo Comments

News

Adventz Group Declined To Acquire Paytm stake, Sunil Munjal Still in Race

Saroj Poddar-controlled Adventz group today said it was approached for buying a minority stake in Paytm, but has decided against it. If the deal were successfully performed then it will reportedly value the Vijay Shekhar Sharma-led firm at about USD 5-5.6 billion, an increase from USD 4.8 billion valuations in August 2016. "We were approached by a few merchant bankers for a minority stake in Paytm. But we have decided not to go ahead with it," a top official of the group told Pixr8 today. According to sources, Saroj Poddars son Akshay Poddar was negotiating the deal. Valuation is the key reason for not buying into the leading wallet company, the sources indicated. The deal was offered Rs 50 crore worth secondary stock at Rs 8,000 per share. According to media reports, indust...

ICICI Launches Eazypay Mobile App For Merchants

27Dec By NitishNo Comments

News

ICICI Launches Eazypay Mobile App For Merchants

In what it claims to be a first in the country leading private sector lender ICICI Bank today launched 'Eazypay', an app for merchants, retailers and professionals to accept payments on mobiles from multiple digital modes. The Eazypay, based on the Unified Payment Interface (UPI) of the National Payment Corporation, allows a person to make payments through credit/debit cards and online banking, and also through the 'Pockets', which is the digital wallet of ICICI Bank, the bank said in a statement. Any current account holder of ICICI Bank can instantly download the Eazypay app and start using it, it said, adding the facility can also be used by non- ICICI Bank customers. The app is available on smartphones with Android operating systems now and will shortly be available on the iOS ...

Paytm App Still Facing Glitches; Users Complain of Payment Issues

23Dec By AnkitaNo Comments

News

Paytm App Still Facing Glitches; Users Complain of Payment Issues

Mobile payments company Paytm is still facing issues in transacting as many users have complained that money was deducted from their bank accounts but did not reach the e-wallet. Besides, the users said they are not able to see the existing balance in their Paytm wallet and their attempts to transfer the balance back to bank accounts were failing. Paytm customers have been facing such issues for the last few days. Its customer care hasn't been of much help as no transaction IDs are getting generated on its platform to help track details, they said. Several customers using Apple handsets complained that they could not even access their accounts and pay through using. When contacted, a Paytm spokesperson said there are regular cases wherein owing to server connectivity issues, bank dow...

Indian Govt Will Release Aadhaar Linked e-payments App Soon

17Dec By AdityaNo Comments

INDIA, News

Indian Govt Will Release Aadhaar Linked e-payments App Soon

Government will soon launch a mobile application to facilitate Aadhaar-linked digital payments and roll out a nation-wide programme to train over 1 crore people on e-payments. "We are going to promote Aadhaar-enabled payment system (AEPS) in coordination with Finance Ministry. About 40 crore bank accounts have been linked to Aadhaar," IT and Law Minister Ravi Shankar Prasad told reporters today. He said that the government is working on a plan to connect rest of the accounts with Aadhaar numbers. He said that there are biometric devices which can be connected to smartphones and convert a smartphone into a Point of Sale (PoS) machine. "We are developing a UPI enabled mobile application. It will be available in 2-4 days. Customer feed Aadhaar number, scan finger on the biometric,...