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13Dec By AdityaNo Comments

News

Digital Payment News: Paytm Processes Rs 220 cr Payment, MobiKwik Tie-up With JNU, IIT-Delhi

Digital payments platform Paytm today said it has processed sales of over Rs 220 crore at retail partner outlets during its four-day campaign. The Alibaba-backed company registered three-time surge in payment transactions across offline partner stores during its 12/12 Cashfree Festival, processing over Rs 220 crore in retail sales at partner stores during four days (December 9-12), it said in a statement. The company was processing over 3 lakh transactions per day in offline retail transactions worth around Rs 15-16 crore before the event, a company spokesperson said. "During the festival, we processed more than one million transactions every day worth close to Rs 55-60 crore," she added. Paytm had partnered with several major offline stores including Big Bazaar, Pantaloons, Spenc...

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...

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...

PayU Hires Pradeep Shekhawat as Head of SMB Business

6Sep By PriyankaNo Comments

News

PayU Hires Pradeep Shekhawat as Head of SMB Business

Unique online payments solution PayU India has announced appointment of Pradeep Shekhawat to Head the SMB Business division of its operation. The decision follows suit with the growing aspirations of the brand to expand its line of Businessand deliver valuable products and services to small business, hence pivoting the current surge in FinTech services. Pradeep Shekhawat, an alumnus of IIT-Bombay and IIM-Bangalore, will have the pivotal task of looking after the strategic growth and expansion of SMB Business, a wing initiated towards the growing MSME and startup sector in India. "Our SMB Businessis one of our PremierBusinessin Indiaand it continues to be a key contributor to PayU India's success. Pradeep's broad experience, competencies and strong leadership skills make him the...

MobiKwik Raises $40 million (Rs 268 Cr) From South Africa Based Net1

27Aug By NitishNo Comments

FUNDING

MobiKwik Raises $40 million (Rs 268 Cr) From South Africa Based Net1

South Africa based Net1 will invest USD 40 million (about Rs 268 crore) in Indian digital payment company, MobiKwik. "Net 1 UEPS Technologies has signed a subscription agreement with One MobiKwik Systems. As part of the strategic partnership, Net1 will invest USD 40 million in MobiKwik," the companies said in a statement. In addition, Net1's virtual card technology will be integrated across all MobiKwik wallets, it added. MobiKwik, which has over 32 million mobile wallet users and one lakh retailers onboard, has Sequoia Capital, Tree Line Asia, American Express, Cisco Investments, GMO Payment Gateway and MediaTek among its investors. Over the next three years, MobiKwik aims to reach 150 million users and 500,000 merchants. In May this year, Mobikwik had raised about Rs 330 crore...

Razorpay, an Online Payments Platform Introduces Flash Checkout

22Aug By AdityaNo Comments

News

Razorpay, an Online Payments Platform Introduces Flash Checkout

Razorpay, an online payments platform, today, announced the launch of "Flash Checkout", which will cut down transaction times by 60% when the card is saved with Razorpay, further simplifying online payments. In our constant endeavor to simplify transactions, this feature will help customers close a transaction quicker and bring these benefits to the entire gamut of Razorpay's merchants, said Shashank Kumar, Co-Founder, Razorpay. The product runs on a patent-pending technology through which a customer needs to authenticate themselves only once on a mobile device. Following which, all saved cards will be available across merchants of Razorpay helping users have simpler and faster transactions on mobile and desktop transactions. The device authentication feature is a first in the payments i...

Nasper is Set To Acquire Citrus Pay For $180 Million

8Aug By NitishNo Comments

ACQUISITION

Nasper is Set To Acquire Citrus Pay For $180 Million

Citrus Pay, founded by Jitendra Gupta and Satyen Kothari in 2011 set to acquire by South African media and internet conglomerate Naspers for around $150-180 million, in an all-cash transaction deal. Japan's internet major Rakuten was also one of the contender to acquire Citrus Pay. However, the deal fell through. This acquisition deal is one of the largest deals in the Indian payments market. Earlier Snapdeal buy out Freecharge for $400 million (30% cash, 70% stock). The domestic payments market has been abuzz with mergers and acquisitions in the past year after vast opportunity created by leading players Paytm and Freecharge. ALSO READ: PayPal founder invest $3 million in Mumbai based startup citrus Pay Payment company Citrus Pay acts as a bridge between bank acc...

7 Key Points of RBI’s New Online Payment System “Unified Payments Interface Protocol”

11Apr By NitishNo Comments

News

7 Key Points of RBI’s New Online Payment System “Unified Payments Interface Protocol”

The Unified Payments Interface (UPI), which comes into effect Monday, is a single interface across all National Payments Corporation of India (NPCI) systems, allowing customers to instantaneously transfer funds across different banks with the use of a single identification and password. Multiple bank accounts can be linked to a single mobile banking application and money can be both received and requested through the same interface. This could weaken the case for consumers having to store money in multiple electronic wallets to pay for services such as cab rides, movie tickets or utility bills. Mobile banking has surged in India in recent months as banks have pushed both retail and corporate customers to adopt platforms designed to transact on the phone. In the September-December qua...

29Dec By AnkitaNo Comments

CHINA

Due to string of fraud cases in recent years, China Central Bank introduced rules on online payment

BEIJING, (Xinhua) -- China's central bank released detailed regulations of online payment services by non-bank institutions on Monday in the latest effort to contain possible risks in the booming Internet finance industry. The new rules require real-name registration for all non-bank payment accounts and classifies them into three categories depending on the security levels. The size of payments allowed through such accounts will then range from 1,000 yuan (155 U.S. dollars) to 200,000 yuan per year. Transactions through banking payment platforms would not be restricted by the regulation, the central bank said.. The aim of the policy is partly to avoid large sums of money being deposited in third-party payment accounts, which are beyond the protection of bank deposit insurance and...