Page 3 - Online Payments

Govt clears ₹1,500 cr scheme to boost low-value BHIM-UPI transactions

Under the scheme, incentives will be provided for UPI transactions up to ₹2,000, specifically benefitting small merchants

Soon, merchants may lose option to request 'collect' UPI payments

Authorities are now favouring 'push' transactions, where customers initiate payments by scanning QR codes or using other secure methods

Paytm bets on AI-first features to power profitability in the next 2 years

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

Mswipe's payment business turns profitable, FY24 revenues grow 6%

In FY24, payments revenue grows 6.25% to Rs 275 crore; total payment value more than doubles to Rs 50,417 crore

RBI allows interoperability between PPIs like wallets for UPI payments

Currently, UPI payments are interoperable such that a user can use any TPAP to transfer funds

ULI will be for lending what UPI is for payments: RBI Dy Guv at BFSI Summit

BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor

GenWise launches UPI payments for senior citizens with secure interface

This is the industry's first-ever introduction of UPI for elders, offering a simple user interface, enhanced security, and cyber fraud awareness

Ashneer Grover withdraws NCLT plea against BharatPe after settlement

Ashneer Grover, co-founder and former managing director of BharatPe, withdrew his plea from the National Company Law Tribunal (NCLT), in which he had alleged oppressive conduct and mismanagement by the board of the fintech firm. The withdrawal of the plea from the NCLT's Delhi bench came after Grover reached a settlement with the company on September 30, 2024. A copy of the settlement agreement was also placed before the NCLT by the counsel appearing for Grover, who had filed an application for withdrawal of the petition. "... during the pendency of the said petition, parties have arrived with settlement and also executed the settlement agreement dated September 30, 2024, a copy of which is placed on record and in view of the settlement applicant (who ispPetitioner in the main company petition) has sought liberty to withdraw the company petition," the NCLT order dated October 14, 2024, noted. It further said: "Liberty is granted to the applicant to withdraw the company petition...

UPI crosses 500 million daily transactions; value falls flat in September

In volume terms, this is the highest number since UPI became operational in April 2016. The number of daily transactions was higher than 483 million and Rs 66,475 crore in August

NIPL, Trinidad and Tobago ink agreement to develop UPI-like payments system

The partnership follows a series of recent announcements NIPL has made regarding the global expansion of UPI and associated rails

Payoneer to adopt localised approach for expanding user base in India

Cross-border business payment services provider Payoneer looks to leverage its global marketplace partnerships and take a localised approach to expand its reach in India amid "rapid expansion" in the country's service export market. According to Payoneer India Vice-President and Spokesperson Gaurav Shisodia, India is a priority country for Payoneer and holds a strategic position. India's service export market is expanding rapidly and Payoneer looks to capitalise on this expansion, he said, adding that the company primarily caters to outsourcing and service export businesses and small and medium businesses (SMBs). Payoneer is well-positioned to capitalise on this expansion and would strategically respond to the strong surge in businesses in the domains of tech and programming, digital marketing, software-as-a-service (SaaS), e-commerce exporters, and marketplace sellers' sectors, Shisodia said. As part of measures to expand its reach in India, Payoneer looks to leverage its global

Google Pay launches UPI Circle, other features at Global Fintech Fest 2024

UPI Circle on Google Pay is a feature designed to help users make digital payments without needing to link their own bank account

Small UPI players show promise even as larger ones continue to dominate

Smaller fintechs gain traction as top UPI apps near 30% market cap limit

We have seen over 30% improvement using CoPilot: Razorpay's Brahmadesam

In the fintech sector, we focus a lot on feature development. While doing so, specifically in India, the regulation and the market landscape is constantly changing, he says

NPCI to level up UPI play with BHIM spin-off; appoints Nataraj CEO of arm

Lalitha Nataraj previously worked with IDFC FIRST Bank and ICICI Bank

PhonePe retains top position on UPI in June, Paytm's market share slips

Nearly one out of two transactions on the National Payments Corporation of India (NPCI)-run UPI are processed on fintech major PhonePe's platform

Paytm Q1: Loss widens to Rs 838.9 cr, total income declines 33.5%

Hope to deliver at least one profitable quarter this year, says Sharma

RBI approves Aurionpro Payments plea to become online payment aggregator

Aurionpro Payment Solutions on Thursday said it has received Reserve Bank's nod to operate as an online payment aggregator via its payment gateway brand AuroPay. The authorisation from the apex bank enables the company to operate as an online payment aggregator to provide digital payments services to merchants across the country. "Aurionpro Payment Solutions Private Limited, a subsidiary of Aurionpro...has received final authorisation from the Reserve Bank of India to operate as an Online Payment aggregator under the Payments Settlements Act, 2007, through its payments brand AuroPay," a company statement said. The Mumbai-based technology solutions company caters to the needs of banking, mobility, payments and government sectors. Shares of Aurionpro Solutions settled at Rs 2,669.40 apiece on Thursday on the BSE, up 4.94 per cent from the previous close.

Now, Adani Group plans to enter India's digital payment, e-commerce spaces

The Adani Group plans to offer new services through its consumer app, Adani One, which was launched in late 2022. The app currently offers travel services such as flight and hotel bookings

Non-fintech online PAs: Firms may reconsider payment aggregator biz

This comes as Zomato Payments, the wholly owned subsidiary of food delivery platform Zomato, voluntarily surrendered the certificate of authorisation issued by the RBI