Payments App

Fintech firm Zaggle Prepaid Ocean Services has placed Rs 97 crore bet on consumer credit card and UPI-based payment solution provider Rivpe Technology with its 100 per cent acquisition, according to a regulatory filing. Zaggle will acquire Rivpe for Rs 22 crore and invest Rs 75 crore in the latter's brand Rio.Money to support product enhancement and expansion of consumer payment offerings. "We wish to inform you, the Board of Directors of Zaggle Prepaid Ocean Services Limited at its meeting held today...approved ...acquisition of 81,429 Equity Shares and 16,407 Compulsory Convertible Preference Shares for consideration up to Rs 22 crores from the existing shareholders of Rivpe Technology Private Limited (Rivpe), representing 100 per cent of issued and paid-up capital of Rivpe on a fully diluted basis," the filing said. The transaction is expected to close in 120 days. "Zaggle will invest up to Rs 75 crore in Rio.Money, in one or more tranches, to support product enhancement, ...

Venmo announced early Thursday that an issue impacting the payment service had been fixed and it was back up and running, after users reported trouble sending and receiving money for hours. We're sorry for the inconvenience and appreciate you bearing with us while our team addressed this, the company said in a post on the social platform X. Downdetector, a website that tracks online outages, showed reports that problems began spiking at about 6:30 p.m. Eastern Standard Time on Wednesday. Many people posted on social media about experiencing problems with the service, including some who said they were unable to pay for medication or buy dinner. Venmo had said Wednesday night on X that it was working on a fix. The company didn't provide any additional details about what caused the problem or how it was fixed. Peer-to-peer payment apps have exploded in popularity in the last decade. Venmo had 92 million active users as of last year.

Payment apps PhonePe and Paytm have helped citizens avert potential financial frauds worth Rs 200 crore by using the fraud risk indicator platform developed by the Department of Telecom, a senior Walmart group official said on Wednesday. While giving a presentation to Prime Minister Narendra Modi at the inaugural session of India Mobile Congress (IMC), PhonePe co-founder Rahul Chari said that by using FRI (Fraud Risk Indicator) data, apps like PhonePe and Paytm have frozen more than 10 lakh accounts and wallets. "They have blocked more than 48 lakh suspicious transactions. More than 200 crore rupees in potential financial loss have been averted. The DoT has been able to save more than that in the potential financial loss to consumers in just 3-4 months prior to the launch," Chari said. According to the breakup shared by Chari, PhonePe claims to have helped citizens avert potential financial fraud losses of around Rs 125 crore, while Paytm has helped save Rs 68 crore in the last 2 ..

UPI now processes more than 18 billion transactions per month and dominates other electronic retail payments in India, the note said

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The Bengaluru-based company, which operates as a technology service provider (TSP), plans to strengthen its artificial intelligence capabilities

The ticket size for peer-to-peer UPI payments was recorded at Rs 2,666 in H2 2024

Chatbot will let customers ask questions, explore topics in Indian languages and make financial decisions

The firm said the corporate card would enable customised spending limits and supplementary cards

This is a first among companies that have decided to offer direct solutions to customers without requiring a merchant's reliance on third-party payment orchestration platforms

Google Pay, PhonePe, and Paytm controls over 90 per cent of UPI transaction volume and value in India

BRISKPE will use the funding to improve its product and service offerings, expand its team, and scale its services

Credit card giant American Express also beat expectations for first-quarter profit last week

The company said it can start onboarding new merchants on its platform with the in-principle approval

UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks

The company said, given the trend, the bank would add one million on a monthly basis

The Reserve Bank of India last week ordered Paytm Payments Bank to bar most of its businesses, including deposits, by February 29

Pai is a seasoned digital payments sector leader with a proven track record of launching innovative solutions and structuring strategic business partnerships globally

The first violation of the law by the central government is to divide job card holders into eligible and non-eligible for ABPS, the CPI(M) said

The minimum cost of compliance has nearly doubled over the past year, say companies