Sunday, May 26

Tag: UPI

BharatPe raises $20 Million from Alteria Capital, ICICI Bank
FUNDING

BharatPe raises $20 Million from Alteria Capital, ICICI Bank

New Delhi, 18th Jan 2021: Indian fintech company BharatPe raises about USD 20 million in debt funding from venture firm Alteria Capital and ICICI Bank that will be used to strengthen its lending business and provide credit to merchants. Founded by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe offers merchants a single interface for all UPI apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge, and others. BharatPe co-founder and CEO Ashneer Grover said $13 million in debt came from Alteria Capital, while the remaining $7 million was from ICICI Bank. Bharat Pay also facilitates loan facility for its merchant partners. Last week, BharatPe raised around $8 million in debt funding from Innoven Capital. With this, BharatPe has raised a total of USD 28 ...
Chinese App Truecaller Automatically Sign in Indian Users UPI account
News

Chinese App Truecaller Automatically Sign in Indian Users UPI account

Chinese app Truecaller, which tells users identity and has over 100 million active users in India affected UPI-based digital payments service. The bug was automatically enrolling Truecaller users in the country to use unified payments interface (UPI) payment feature on the app. Truecaller apologised for failing to deliver quality standard in the app and said it has discontinued the version which was hit by the bug but "for the users already affected, the new version with the fix will be available shortly". The mobile directory app said the users who have been hit by the bug can choose to manually deregister through the overflow menu in the app. "We have discovered a bug in the latest update of Truecaller that affected the payments feature, which automatically triggered a regi...
Google Tez Expected to be Renamed as Google Pay
News

Google Tez Expected to be Renamed as Google Pay

The digital payments space is growing at a great pace these days and Google Tez has been a predominant player along with many other companies. Google is now planning to rename Tez to Pay and integrate it under the global payment umbrella of Google Pay. Being Google’s payments app, Tez gained a lot of attraction and also has hit various targets in less time as compared to others. The app has crossed more than 50 million downloads. This move is expected to open the Unified Payments Interface (UPI) as a mode of payment for app purchases on Google Play Store. And as stated by the experts, it is a huge use case waiting to be tapped. "We have always maintained that we will bring payments across different platforms," Google spokesperson said. It has also been mentioned that till now Tez h...
PhonePe Teams Up with IRCTC to Facilitate Digital Payments
News

PhonePe Teams Up with IRCTC to Facilitate Digital Payments

The emerging digital payments player PhonePe which is owned by Flipkart announced that it has teamed up with Indian Railway Catering and Tourism Corporation (IRCTC) to make digital payments easier and smoother through PhonePe on the IRCTC Rail connect Android app. This partnership will ensure the ease of payment with the help of PhonePe as a payment option on the IRCTC Rail connects Android app for their travel bookings. At present, the PhonePe app has options for payments through UPI, credit & debit cards and its own wallet. "We are extremely delighted to partner with IRCTC which has been a trusted platform for India's travel bookings. Through this partnership, we aim to boost digital payments across India. PhonePe offers IRCTC users the choice of using UPI along with all the othe...
UPI 2.0 to be Launched Today by RBI Governor Urjit Patel
INDIA

UPI 2.0 to be Launched Today by RBI Governor Urjit Patel

Following a number of delays and a few hurdles, the updated version of UPI which is commonly called UPI 2.0 is set to be introduced to the people by the National Payments Corp of India. The UPI 2.0 will be launched today at an event in Mumbai. Urjit Patel, the Governor of The Reserve Bank of India along with Rajnish Kumar, State Bank of India chairman and Nandan Nilekani, the non-executive chairman of Infosys are looking forward to formally launch the updated version. It has been reported that around 10 banks will join UPI 2.0 from the beginning which includes:  - SBI  - HDFC Bank  - Axis Bank  - ICICI Bank  - Yes Bank However, the other banks are in multiple stages of updating the payment product. "NPCI wanted the updated UPI to be launched by the Governor himse...
Infibeam Brings in Payment Acceptance Via UPI App Intent
News

Infibeam Brings in Payment Acceptance Via UPI App Intent

Ahmedabad-based e-commerce conglomerate Infibeam has launched a new UPI App Intent for the acceptance of payments and flow for CCAvenue payment gateway merchants. UPI App Intent processes the transactions on native mobile apps with the help of existing UPI supported apps such as Tez, BHIM, PhonePe etc that are downloaded on the customer’s phone. This aims to provide the customers with a quick and smooth payment experience. Most of the UPI apps and even UPI enabled bank apps have added support for the app intent flow. This will avoid the need for having and installing multiple apps for making transactions. Vishwas Patel, Director of Infibeam Avenues said, “We had launched UPI acceptance for businesses and have been offering P2M payments (customer to merchant) on UPI since 2016. The c...
UPI Payments Received 30% Growth in June Month
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 Claims to Share Only Limited Payment Data With Facebook
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...
MobiKwik Launches UPI on its Platform via its own VPA Handle
News

MobiKwik Launches UPI on its Platform via its own VPA Handle

The Indian digital financial service platform, MobiKwik has announced to launch Unified Payments Interface (UPI) on its platform through its own VPA handle called “@ikwik” for making payments unlike the one offered by non-banking entities. The company has also assured its users about safety being given utmost priority so that users don't have to worry about data issues even in the case of loss of SIM or device. Additionally, the digital wallet company has claimed to be the first in offering UPI access to a huge base of 3 million merchant payments. Moreover, its UPI app is 100% in compliance with NPCI guidelines and has been declared "most safe" UPI app by NPCI. MobiKwik users will now be able to use their mobile number as their own VPA by default which will be "ikwik". Multiple us...
Paytm Launches Recurring Payments Feature “My Payments”
News

Paytm Launches Recurring Payments Feature “My Payments”

Adding another feature to its Kitty, Digital Payment Major Paytm has come up with an automatic recurring payments feature that will allow recurring, high-value payment and other monthly expenses to happen in an instant. Titled as "My Payments", the feature enables bank transfers from/to bank account making it easier to make payments at no charge. Even non-KYC Paytm users can avail the facility.   Deepak Abbot, Senior Vice President, Paytm said, Our customers make regular recurring payments such as house rent, maid/driver’s salary, milk or newspaper vendor payments online. This has led to a major surge in our bank transfer service. We have now simplified these payments with ‘My Payments’ and are expecting 6X growth owing to this rapid shift in consumer behaviour in favour of ...
Paytm Will Invest $745 Million in Its Financial Services
News

Paytm Will Invest $745 Million in Its Financial Services

Paytm, the digital payments giant is ready to bring its service to the next level with investment plans of over $745.16 Mn (INR 5,000 crore) in its central business. In an interview with ET, Founder and CEO of Paytm, Vijay Shekhar Sharma announced that the company is targeting to double the amount of transactions it records every quarter to 2 billion by the end of 2018. To achieve this target, Paytm will invest $745.16 Mn in payments and predominantly in the financial services. The focus on financial services is because “customer lifecycle is getting to the next level of maturity.” “It’s a logical extension as we worked on commerce last year like travel and ticketing, where we are just a few notches below market leaders. Our obligation will always remain to increase the market size ...
Paytm UPI Transaction Acquire 40% of Market Share
News

Paytm UPI Transaction Acquire 40% of Market Share

Despite February being the shortest of the month, UPI (Unified Payments Interface) has seen a massive rise in the use of service. Indeed, in India alone, 170 million transactions has been made across the multiple mobile payment platforms available. UPI allows individuals to perform instant money transfer across different banks through their mobile phones. Paytm claims to be the highest contributor to the rising amount of UPI transaction in the country with over 6.8 Cr transactions in the month of February alone, the company announced in a note. As such, the Indian mobile wallet application claims the most shares of this new market with over 40% users utilizing this interface. “We have the largest share of UPI transactions within three months of launch,” said Deepak Abbot, senior vice-pr...