Page 5 - Online Payments

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

RBI hikes UPI limit for hospital, educational payments: What does it mean?

RBI MPC: In another key announcement related to digital payments, Governor Shaktikanta Das proposed to hike the e-mandate for recurring payments to Rs 1 lakh from the current Rs 15,000

Sequoia-backed mobile wallet Mobikwik selects banks for $84 million IPO

The Gurugram-based fintech firm is working with DAM Capital Advisors Ltd and SBI Capital Markets Ltd for preparations for its listing

Paytm trims losses to Rs 290 crore in Q2, total income increases 8%

The Noida-based fintech's total income rose 8 per cent on a quarter-on-quarter basis from Rs 2,464.2 crore in Q1FY24 to Rs 2,662.5 crore in Q2FY24

India's UPI system leading in cross-border payment: US treasury official

India's Unified Payments Interface system (UPI) stands out in advancing bilateral links with other countries, including Singapore and the United Arab Emirates, a US treasury official said. In a speech at Harvard Law School on Wednesday, Jay Shambaugh, Under Secretary of US Treasury for International Affairs, spoke on new technologies and cross-border payments. He said a set of ASEAN countries have the greater ambition of interlinking their fast payment systems multilaterally. Shambaugh said several initiatives are already underway to upgrade legacy payment systems. He said payment service providers, system operators, banks, and FMIs are investing in operational improvements to make their systems faster, cheaper, more transparent, more accessible, and more efficient for individual or financial sector users. "For example, institutions around the world are presently at different stages of implementing the ISO 20022 messaging standard. This standard is more data-rich than its precursor

Here's how the Indian banks are making $64 billion from a freebie

Since April, customers dipping into their mobile-phone wallets to settle bills of more than Rs 2,000 ($24) have to bear a maximum

No phones, cards needed, your car can pay for its fuel and Fastag directly

The service can be availed by linking the Unified Payments Interface (UPI) with the car's infotainment system, thus eliminating the need for a smartphone to make payments

The next orbit of financial inclusion will be in the offline world

Payment solutions will allow transactions when connectivity is poor or if there is a systems breakdown

PhonePe forays into online stock broking as it expands its services

The platform will charge users an onboarding price of 199 rupees, while there will be no charge for trades of up to 400 rupees, the company said in a statement

When money talks: All you need to know about voice-based payment method

PhonePe, the digital payments firm, has launched a service by creating voice-based alerts for payments

BharatPe to double its POS network in India over the next 12 months

As a part of the plan, it launched its new Android POS terminal, BharatPe Swipe Android

Odisha EOW detects 'rarest' QR code scam of Rs 14 cr, hints at Chinese link

The complainant had alleged that they had entered into Technology integration agreements with the Directors of Noida-based Company Payone Digital Services Pvt Ltd during April-May 2023

How India fell in love with online payments

From paying a vegetable vendor to buying a high-end gadget, Indians are swiftly adopting online modes of payments for different needs. Watch the video to know why

SBI Cards and Payment Services to raise Rs 3,000 crore through NCDs

The board approved raising of funds by way of issuance of NCDs in one or more tranches, on a private placement basis

Paytm's loan disbursals more than doubled to Rs 9,618 crore in Apr and May

The total number of loans via Paytm was up 54% to 8.5 million during the period, as compared to 5.5 million last year

QR code, the smudgy pattern on a square, is becoming a tool for marketing

While marketers have started using it in innovative ways across consumer touch points, the QR code's full potential is yet to be tapped, experts say

How are PPI wallets different from UPI? All that you need to know

The rising popularity of UPI-based transactions is eating up traditional payment options like debit cards