Page 4 - Online Payments

Razorpay forays into UPI infrastructure space, offers UPI Switch

Razorpay plans to offer the service to more banks in the future, the company's chief executive officer (CEO), Harshil Mathur said

NPCI allows Paytm to start migration of users to PSP bank handles

UPI users with the @Paytm UPI handle can now create new virtual payment addresses or VPAs with partner PSP banks

BharatPe elevates Nalin Negi to full-time CEO after Sameer's exit in 2023

Fintech firm BharatPe on Tuesday said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer. Negi was given charge of interim CEO in January 2023 after then CEO Suhail Sameer stepped down from the post. "We look forward to supporting Nalin Negi in his new role and are grateful for his tremendous contribution as the interim CEO. His extensive experience in the fintech industry and the growth witnessed for BharatPe under his leadership, makes him a natural choice to lead the company," BharatPe, Chairman of the board, Rajnish Kumar said. Negi joined BharatPe in 2022, with over 28 years of experience in building and scaling businesses in the fintech and banking domains. "I am excited and honoured to take on this new role at BharatPe. Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products. "We are committed to building on the strong foundation, .

Govt to broaden e-rupee distribution beyond banks to boost retail use: RBI

It has now proposed that non-bank payment system operators, which include third-party payment app providers like PhonePe, Google Pay and Paytm, offer the e-rupee through CBDC wallets

Amazon Pay to ramp up Smart Stores service partnership to 150 brands

The company has launched 18,000 Smart Stores in India since its inception in 2019

UPI transactions decline marginally in February to Rs 18.28 trillion

In volume terms, transactions were seen at 12.10 billion, compared to 12.20 billion in January

Paytm Payments Bank, RBI controversy: How will it impact the customers

The company, part of One97 Communications, is a leader in Indian fintech and faces challenges of regulatory scrutiny and customer uncertainity

Competitors Google Pay, PhonePe and BHIM go all out for Paytm user base

Players such as Google Pay, PhonePe, and even banks like HDFC and State Bank of India (SBI) are said to be deploying several thousand 'feet on the street' or salesforce to attract merchants

Health ministry launches Aiims-SBI smart card for cashless transactions

The AIIMS-SBI smart payment card was launched by Union Health Minister Mansukh Mandaviya on Monday, paving the way for cashless payments at the premier hospital. The card does away with cash payments at AIIMS Delhi for any patient services, including the canteen. A patient can deposit amount in this card, and recharge it at various points in different blocks at AIIMS, the health ministry said. Referring to the Smart Payment Card as 'One AIIMS, One Card', the Union Minister added that funds can now be transferred easily and swiftly from across the country by anyone in case of any urgent payment-related requirement, for the patient being attended at the hospital. "Soon this will be extended to other AIIMS too," Union Health Minister stated. "The AIIMS Smart Payment Card will resolve the long-pending issue of patients from far flung areas carrying cash with them to the hospital. On completion of the treatment, the remaining amount in the card will be transferred back to the patient's

Paytm secures merchant support, guarantees uninterrupted services

Fintech firm One97 Communications, which owns the Paytm brand, has received support from merchants, and it assured them of continuity of services without any disruption, the company said in a blog on Sunday. The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), an associate company of Paytm, which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29. Withdrawal or utilisation of balances by its customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, are to be permitted without any restrictions up to their available balance. "We assure our users and merchant partners that the Paytm app and services continue to operate at full capacity. In instances, where our associate Paytm Payments Bank acts as a back-end bank, we can seamlessly transition these services to other partner ...

'Virtual currency, e-payments, dark web attracts terrorist organisations'

According to a Financial Action Task Force (FATF) report, virtual currencies such as Bitcoin have increasingly been used in various illegal and criminal activities and terror financing

Snapmint Appoints SAAS Veteran Amitt Sharma as Chief Customer Officer ( CCO ), Setting the Stage for 3000 Merchant Partners by 2024

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Shadow of KYC-led money laundering falls over Paytm Payments Bank

Payments bank says it has upheld compliance with supervisory instructions

PayPal to cut around 2,500 jobs as company grapples with competition

PayPal, which employed around 29,900 workers at the end of 2022, announced a similar round of cuts last January. The latest move will affect about 2,500 workers

Zomato Payments gets RBI approval to operate as payment aggregator

January 24 2024 onwards, ZPPL has the authorisation to act as a payment aggregator and issuer of prepaid payment instrument

Sequoia-backed MobiKwik refiles DRHP with Sebi for Rs 700 crore IPO

MobiKwik will consider a pre-IPO placement of Rs 140 crore and if this pre-placement is completed, the fresh issue size will be reduced

RBI introduces card tokenisation facility at bank level for convenience

The RBI on Wednesday introduced a Card-on-File (CoF) token facility at the level of banks and other institutions to provide convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications. At present, a CoF token can only be created through the merchant's application or webpage. For a CoF, a token is a 16-digit number unique for a combination of card, token requestor and merchant. Through tokenisation, the actual card details are replaced with token credentials that can be used only with the intended merchant. "It has been decided to enable Card-on-File Tokenisation (CoFT) directly through card-issuing banks/institutions also. This will provide cardholders with an additional choice to tokenise their cards for multiple merchant sites through a single process," the RBI said in a circular. Generation of CoF tokens for a card, through the card issuer, can be enabled through mobile banking and internet banking channels. In ..

UPI transactions up 118% in semi-urban, rural retail stores in 2023: Study

UPI is a driving force in the overall growth of digital payments in India, says government separately

Paytm's billionaire founder-CEO bets on young wealth to hit profit sooner

Billionaire founder-CEO Vijay Shekhar Sharma is overhauling its suite of money management products to better tap growing wealth among younger users, who're warmer to the idea of investing online

RBI raises limit of e-Mandates for recurring online transactions to 1 lakh

The move is believed to further encourage transactions through the digital payment channels in the country