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Paytm And PhonePay Asks PM Modi To Make NPCI Neutral Towards Bhim

25Aug By AnkitaNo Comments

News

Paytm And PhonePay Asks PM Modi To Make NPCI Neutral Towards Bhim

An issue of NPCI's premium treatment to BHIM app was brought up by several leading entrepreneurs in the payments sector, including Paytm’s Vijay Shekhar Sharma and PhonePe’s Sameer Nigam, at the NITI Aayog event held last week, reiterating the suggestions made by the Watal Committee. They recommended the Prime Minister and the government to make National Payment Corporation of India (NPCI) a neutral body to ensure a level playing field between banks and pvt tech companies. The issue was NPCI’s backing of BHIM app and the government outlying nearly Rs 500 crore for cashback and bonus only for this UPI app as per the report by The Economics Times. Around 74.7% of the shareholding of NPCI is held by 10 promoter banks. Last year, NPCI broad-based its shareholding base to 56 banks fro...

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...

Flipkart Acquired Third Payments Start-up PhonePe

1Apr By PriyankaNo Comments

News

Flipkart Acquired Third Payments Start-up PhonePe

Bengaluru, 1st April 2016: Flipkart Ltd, India's leading E-commerce platform has acquired payments start-up PhonePe Internet Pvt. Ltd.. The startup was launched last December by former Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer. The amount of the deal is not confirmed yet but according to sources, the deal size is between $10 million to $20 million. The PhonePe team will join leading e-commerce company but will function as an independent business unit. This is Flipkart’s third major acquisition in payments, after it bought payments start-up NGPay (Jigrahak Mobility Solutions Pvt. Ltd) in 2014, and FX Mart Pvt. Ltd, which owns a prepaid wallet licence last August. “Payments has been one of the biggest hurdles for mass adoption of online shopping in India. UPI has ...

Paytm Enter Into Academic Campuses, tie-up with LPU

29Mar By AnkitaNo Comments

BUSINESS

Paytm Enter Into Academic Campuses, tie-up with LPU

India's largest mobile payment and commerce platform, Paytm, has taken its cashless solution to academic campuses with a strategic partnership with Lovely Professional University, Jalandhar. Known as one of the largest single campus university in India, with more than 25000 students, 3500 faculty and staff, the university will now offer an easy access to the cash alternative with Paytm. As per the statistics, over 60 percent of the students in the campus are already active users of the Paytm app. The users can now pay university fees and dues, hostel fees, cafeteria bills as well as buy books and merchandise through the Paytm Wallet. By minimizing cash, the initiative shall be highly beneficial for the students, teachers, the institution and parents alike. With making Lovely Profe...