E-commerce Transactions

Meesho acts against 22 mn suspicious transactions, files 12 cases in a yr

SoftBank-backed e-commerce platform Meesho has acted against 2.2 crore suspicious transactions on its platform and filed 12 cases in the last 12 months, according to the company's annual report released on Monday. Meesho's 'Trust Assurance Report' said that it's team has developed pioneering analytical models, sophisticated data science frameworks, and advanced computational logic, which has helped prevent 13 lakh bot orders and blocked 77 lakh scam attempts from accessing the company's platform. "In the last 12 months, Meesho has prevented over 2.2 crore fraudulent transactions. Additionally, Meesho undertook extensive steps to remove bad actors from the platform," the report said. The report said that as part of its effort against account takeover fraud, Meesho launched a proactive investigation that led to filing of 9 cases against over 40 suspects in Kolkata and Ranchi. "By working closely with authorities, Meesho achieved an impressive 98 per cent success rate in addressing ..

E-commerce order volumes surge 18.7% during Republic Day sales: Unicommerce

The growth of e-commerce during the sale period was supported by attractive deals and nationwide marketing campaigns done by leading marketplaces, the report said

CBDT clarifies applicability of TDS liability for e-retailers on ONDC

The income tax department on Thursday clarified the applicability of TDS liability of e-retailers trading through the government's ONDC initiative. As per the FAQ issued by the Central Board of Direct Taxes (CBDT), a 1 per cent TDS will have to be deducted from the gross sale amount after including convenience/ packaging/shipping fees as charged by e-commerce trading platforms for the order placed on ONDC. As ONDC or Open Network for Digital Commerce is a new initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), the CBDT had received representations seeking clarity on who should be liable for Tax Deducted at Source (TDS) compliance under I-T laws. Under the law, every e-commerce operator is required to deduct TDS at the rate of 1 per cent of the sales amount of goods/services sold through its platform. The CBDT has clarified that in a situation where multiple e-commerce operators (ECOs) are involved in a single transaction through the ECO platform, the

Govt to extend RoDTEP benefits to e-commerce exports: Piyush Goyal

The RoDTEP scheme, which came into effect three years ago, refunds the embedded non-creditable central, state, and local levies paid on inputs to exporters

Consumers disapprovingly pay convenience fees on online platforms: Survey

Around 83 per cent of consumers disapprovingly pay convenience fees online platforms for booking tickets or any other service, online survey firm LocalCircles said on Tuesday. According to the survey, 84 per cent of respondents want the government and its public sector units (PSUs) like IRCTC to stop charging convenience fees or service charges and promote Digital India. LocalCircles claims to have received over 32,000 responses from consumers in 319 districts of India in response to the survey conducted between June 16 and October 19, while the number of feedback to each question varied. "On an aggregate basis, 79 per cent of consumers surveyed claim they are being charged convenience fees for services they have booked online," the survey said. According to the report on convenience fees, when services like tickets are procured digitally, the supplier or seller is able to lower the cost of manpower and facilities and instead spend more on the deployment of user interfaces and back

PM Vishwakarma scheme to integrate e-commerce, digital payments: Minister

On the occasion of his 73rd birthday, Prime Minister Narendra Modi launched the Vishwakarma Yojana scheme today to mark the birth anniversary of Lord Vishwakarma

Paytm to forego 3% commission it charges as buyer app on ONDC: Report

The commission will be removed on orders fulfilled by the sellers where there are no complaints by the customers

Best of BS Opinion: Beyond the Yatra, the everywhere retail, and more

Here is the best of Business Standard's opinion pieces for today

Credit card spends drop sequentially as festive season draws to close

Monthly spending is more than Rs 1 trn again, led by the rising share of e-commerce transactions

Credit card use at PoS higher than at e-com sites in July-Sept: Report

Attributes trend to value-added services such as EMI and BNPL which are allowing consumers to use cards for big-ticket transactions, as opposed to small-ticket earlier

Festivals boost credit card spends to record high of Rs 1.29 trillion

On a year-on-year (YoY) basis, spends were up over 25 per cent, despite a high base

NSDL acquires 5.6% stake in govt's e-commerce project ONDC for Rs 10 crore

Leading depository NSDL on Wednesday said it has acquired a 5.6 per cent stake in the Union government's Open Network for Digital Commerce for Rs 10 crore. National Securities Depository Limited (NSDL) invested an amount of Rs 10 crore in ONDC under the private placement route, the depository said in a statement. "This strategic deal will further strengthen the digital ecosystem to take digital e-commerce to the people of India," Padmaja Chunduru, MD and CEO at NSDL, said. ONDC is an initiative of the Commerce Ministry to create an open public digital infrastructure, while NSDL has played a key role in transforming the Indian securities market by facilitating, holding and transfer of securities in dematerialised form. NSDL demat account holders are serviced through the Depository Participants from 58,000 service centres. Its investors are present in 99 per cent of pincodes in India and are spread across 189 countries. "We are glad to have NSDL as a stakeholder which would be of ..

Extending purview: RBI to regulate offline payment aggregators, too

Pinelabs, MSwipe, Ezetap, FSS, Hitachi payments, Worldline, etc. are some offline payment aggregators

You don't know it but we're involved in each of your card swipes: Fiserv GM

In a Q&A, Rishi Chhabra, who also heads the firm's India and Sri Lanka operations, dwells on his company's swift response to RBI's six-month moratorium and data localisation rules

Top headlines: Tata firms beat peers; India awaits first sport unicorn

The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year. Read more on our top headlines of the day

How one simple rule change could curb online retailers' snooping

All the policies contain vague, confusing terms and give consumers no real choice about how their data are collected, used and disclosed when they shop on these websites

Marico Q1 PAT down 6% YoY to Rs 365 cr on steep rise in input costs

Net sales up 31.2% on a low base to Rs 2,525 cr, volumes grow 21%

A substantial fall in installation of PoS machines in India: Report

According to the Worldline India Digital Payments Report for Q1 2021, the new number likely reflects a more realistic number of the terminals deployed

Snapdeal partners with Sama for online dispute resolution, sees success

In the pilot, which looked at a few hundred cases, Snapdeal and Sama helped settle a 100, with an overall success rate of 50 per cent

Flipkart hires 23,000 in 3 months as demand for e-commerce services surges

Additional hiring to meet demand for home delivery as people continue to remain indoors due to coronavirus pandemic