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UPI Payments Received 30% Growth in June Month

4Jul By AnkitaNo Comments

INDIA

UPI Payments Received 30% Growth in June Month

According to the data available with the National Payments Corporation of India (NPCI), India's unified payments interface (UPI) payments received 30 percent growth, over 246 million users in June month. A total of 246.37 million UPI transactions were conducted in June this year, as against 189.48 million in May 2018, recording the highest month-on-month rise for this year, the data showed. The total value of these UPI transactions stood at Rs 40,834.03 crore in the month of June as compared to Rs 33,288.51 crore in the preceding month, it added. During the conversation with Pixr8 News, PhonePe Head of Payments and Financial Services Hemant Gala said our platform drove over 50 million UPI transactions at over Rs 100 billion total payment value (TPV) in June. "We are also one of...

Whatsapp Will Provide 24/7 Customer Support on Its Payment Services in India

24Jun By AnkitaNo Comments

News

Whatsapp Will Provide 24/7 Customer Support on Its Payment Services in India

WhatsApp which has over 200 million users in India is working on to set up a 24-hour customer support for its payments services that are rolled out in India in the coming weeks. The leading chat app will provide support through e-mails as well as a toll-free number. "We will provide 24-hour customer support in English as well as three Indian languages- Hindi, Marathi and Gujarati. Payments users can also contact the support team via e-mail and a toll-free number (when the service is rolled out in India)," WhatsApp spokesperson said. While WhatsApp is yet to announce the official date of launch of its UPI-based payments service, industry watchers expect an announcement to come in the next few weeks. Almost one million people are "testing" WhatsApp's payments service in India, which ...

WhatsApp Claims to Share Only Limited Payment Data With Facebook

11Jun By Gauri SinghNo Comments

News

WhatsApp Claims to Share Only Limited Payment Data With Facebook

The well-known messaging app Whatsapp has stated that it shares only limited data of payment service with its owner firm Facebook and the parent company does not utilize the data for the commercial purpose. The messaging app has been lately working on its payment feature had to postpone the launch due to the ongoing Facebook data scam. Whatsapp payments service has partnered with UPI to launch an in-app payment service on its platform and, at present, is in beta version in India. Its users are concerned how much of their information is being shared with Facebook and how is the social media using it. This is the reason why WhatsApp has been compelled to put up an explanation in this regard. On its official website, Whatsapp claimed, "Facebook does not use WhatsApp payment information fo...

Paymate Acquires Lending Platform to Help SMEs

15May By NitishNo Comments

ACQUISITION

Paymate Acquires Lending Platform to Help SMEs

Mumbai- India’s payment startup PayMate announced the acquisition of Z2P (Zaitech Technology Pvt. Ltd.), a digital lending platform which provides hassle-free and real-time credit using social and banking data along with proprietary analytics and AI. The acquisition is expected to be completed by May 2018 and it follows the announcement in February of this year by PayMate of its B2B partnership agreement with Visa. As a result of the acquisition, PayMate acquires an innovative and proven lending solution in Z2P, which when combined with PayMate’s proprietary B2B payments platform will revolutionize the way businesses manage their payment operations, cash flow, and access to growth capital. PayMate plans to partner with banks and NBFCs to improve the flow of credit to SMEs. According to ...

Foodpanda Strengthens Payment Portfolio With PhonePe Deal

25Apr By Sheldan RungasamyNo Comments

BUSINESS

Foodpanda Strengthens Payment Portfolio With PhonePe Deal

Foodpanda, the food delivery app announced on Tuesday that it will begin a partnership with PhonePe to provide digital payments to every users on their platform. Moreover, Foodpanda users will benefit from a cashback of 50% up to Rs 100 on their first order as a first offer from PhonePe. This partnership will now enable consumers to benefit from several methods of mobile payment such as PhonePe Wallet, UPI (Unified Payment Interface), Credit and Debit cards which can now be used to pay for food orders on the app. “The partnership with PhonePe is in sync with the country’s swift movement towards digital payments considering they are less time consuming, secured and reliable. Like this, we intend to enter several other partnerships in the future to create a robust food tech ecosystem f...

22Mar By AnkitaNo Comments

BUSINESS

Swiggy and PhonePe Tie-up for the Business Expansion

Swiggy, a food delivery app, and Flipkart's payment arm Phonepe have collaborated to provide more payment option to users during the food ordering payment. So apart from other online payment option, now you can pay via Phonepe wallet in the Swiggy app. PhonePe is currently being accepted by more than 60,000 online and offline merchants. "An increasing number of consumers are relying on online food ordering platforms like Swiggy for their food and beverage (F&B) needs," PhonePe Head of Business Development Pradeep Dodle said. Also, there is an introductory offer where people will get 25% cashback on PhonePe on their first order up to 100 Rs & 50 Rs on their subsequent order. This partnership with PhonePe gives our users many simplified payment options like UPI and PhoneP...

After Airtel Banned From UIDAI, Airtel Payments Bank Head Quits

23Dec By NitishNo Comments

News

After Airtel Banned From UIDAI, Airtel Payments Bank Head Quits

Airtel Payments Bank Managing Director and CEO Shashi Arora has resigned in the wake of the firms eKYC licence suspension by Aadhaar-issuing body UIDAI. "Shashi has decided to move on to pursue opportunities outside of Airtel. We wish Shashi the very best for his future endeavours," the company said in a statement. Arora has been working with Airtel in senior leadership roles since 2006. He was appointed MD and CEO of Airtel Payments Bank on June 1, 2016. "He has been an asset for Airtel and over the years has contributed to the company?s growth story. Having led the operations in key telecom circles followed by building a strong DTH business, he has laid the foundation for Airtels payments bank operations," the statement said. The Unique Identity Authority of India...

8Jun By Press Trust of IndiaNo Comments

INDIA

Indian Banks to start charging for P2P payments on UPI

Nearly two years after operationalisation of the Unified Payment Interface (UPI), banks have started moving to charge for peer-to-peer payments on the new platform. Countrys largest lender State Bank of India has came out with charges with effect from June 1, while the second largest private sector lender HDFC Bank has also gone public with its rate structure which will be effective July 10. "So far, no bank is charging for UPI transactions but at the same time it is at their discretion to levy a reasonable fee towards Person to Person (P2P) transactions for UPI and IMPS," National Payments Corporation of Indias chief operating officer Dilip Asbe said in a statement. A senior NPCI official explained that worldover, charges are levied for such transactions and added that in case of...

Mobikwik & Freecharge Initiated Merger Talks

25Apr By AnkitaNo Comments

BUSINESS

Mobikwik & Freecharge Initiated Merger Talks

As per the report, India's two leading e-wallet company MobiKwik & Freecharge looking to merge in an all-stock deal. According to speculation, behind this deal a chinese investor who is willing to pump Rs USD 200 million into this deal. The talks between Freecharge and MobiKwik are on their initial stages. Sequoia Capital is the major investor in both startups. Jason Kothari, the CEO of Freecharge is in talks with various investors in the US and China. PayPal had earlier shown interest in investing into Freecharge, but the deal did not materialise. PayU, Flipkart and Paytm is rumoured to be interested in FreeCharge. Freecharge is a part of online shopping platform Snapdeal, which has also been in merger talks with e-tailer Flipkart. MobiKwik, which has opened 13 new offices...

17Mar By NitishNo Comments

INDIA

BHIM App Crosses 18 Million Downloads

Indigenous digital payments app BHIM, launched by the central government last December for fast and secure cashless transactions, has recorded 18 million downloads so far, Niti Aayog CEO Amitabh Kant today said. "#BHIMApp breaks all records! Crosses a record of 18 million downloads since its launch on Dec 30 2016. #GoCashlessGoDigital," Kant said in a tweet. The Bharat Interface for Money (BHIM) app was launched on the iOS platform earlier this month. It is also available on the Android platform. BHIM is a Mobile App developed by National Payments Corporation of India (NPCI), based on the Unified Payment Interface (UPI). It was launched by Narendra Modi, the Prime Minister of India, at a Digi Dhan programme at Talkatora Stadium in New Delhi on 30 December 2016. It has been name...

25Feb By NitishNo Comments

CHINA

China Third Party Mobile Payments Alipay Climbs to USD 5.5 Trillion

Driven by the explosive growth of Internet finance, China is now witnessing a boom on mobile payment market which touched a whopping USD 5.5 trillion last year. Data showed that value of Chinese third-party mobile payments has tripled to 38 trillion yuan (USD 5.5 trillion) in 2016, state-run People's Daily reported on Saturday. With the popularity of mobile payment, Chinese people can enjoy life without cash or cards as what they need is a mobile device, it said. Even the farmers and herdsmen living in the remotest villages in Tibet can now use their cell phones to purchase daily necessities online since local administrative villages have been completely covered by communication signal. A survey by Nieslen, a US-headquartered global information data and measurement company, showed ...

22Feb By AdityaNo Comments

News

Snapdeal to Lay Off 600 People Over Next Few Days

SoftBank-backed Snapdeal will lay off around 600 people across its e-commerce, logistics and payments operations over the next few days. According to sources, the company started the process last week and will lay off 500-600 people across Snapdeal, Vulcan (logistics) and Freecharge (digital payments business). The sources added that the reduction will include employees across levels and the process will be completed in the next few days. A Snapdeal spokesperson said, "On our journey towards becoming India's first profitable e-commerce company in two years, it is important that we continue to drive efficiency across all parts of our business, which enables us to pass on the value to our consumers and sellers." "We have realigned our resources and teams to further these goals and d...