Page 6 - Online Payments

UPI merchant transactions over Rs 2,000 to carry charge of 1.1% from Apr 1

National Payments Corporation of India, through a circular has recommended Prepaid Payment Instrument charges for UPI payments

The cashless economy: Sweden's switch to digital tells a cautionary tale

Sweden's an extreme case: It's a small, tech-savvy economy. But the direction of travel is the same everywhere, accelerated by a pandemic that saw QR codes replace restaurant menus

It's a high-volume, low-margin game: PAs eye the online payments boom

Of the 28 new players, 19 have been granted in-principle authorisation by the central bank; the applications for the rest are under consideration

Fintechs see UPI-PayNow linkage as foundation for a global network

On Tuesday, India and Singapore linked their digital payment systems, United Payments Interface (UPI) and PayNow, to enable real-time money transfers

CAMSPay receives RBI authorisation to operate as payment aggregator

Registrar and transfer agent of mutual funds Computer Age Management Services Ltd (CAMS) on Wednesday said its payment platform CAMSPay, has received in-principal authorisation from the Reserve Bank of India to operate as a payment aggregator, the company said on Wednesday. CAMSPAy, a payment platform specialising in solving banking and finance services sector's payment challenges has been supporting mutual fund investors, insurance policy holders and loan borrowers for over a decade in enabling them to move from paper-based mandate process to offering digital payment solutions. CAMSPay, has received in-principle authorisation from Reserve Bank of India to operate as a 'Payment Aggregator," a bank statement said here. "We are thrilled to receive the in-principle authorisation to operate as a payment aggregator to create a much more robust and inclusive digital payment stack for the chosen merchant segments that we operate in, delivering a variety of acceptance options," CAMSPay CEO

Trade leaders demand to constitute digital payment regulation board

Faster adoption and acceptance of digital payments in India if transaction charges levied by the banks on digital payments is waived and a Digital Payments Regulation Board is constituted.

Digital payments record 24% annual growth at end of Sept 2022: RBI data

Digital payments across the country registered a growth of 24.13 per cent in a year through September 2022, as per RBI's index that measures the adoption of online transactions. The newly-constituted RBI's Digital Payments Index (RBI-DPI) stood at 377.46 in September 2022 against 349.30 in March 2022 and 304.06 in September 2021. "The RBI-DPI Index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period," Reserve Bank of India (RBI) said in a statement on Tuesday. The central bank had announced the construction of a composite RBI-DPI in March 2018 as a base to capture the extent of digitisation of payments across the country. The index comprises five broad parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods. These parameters are Payment Enablers (weight 25 per cent); Payment Infrastructure Demand-side factors

Samsung to merge payments, password app into 'Samsung Wallet' on Jan 31

Samsung Wallet would also be launched in seven other markets

BharatPe gets in-principle nod from RBI for online payment aggregator

The company is one of the leaders in the UPI offline transactions, processing more than 18 crore UPI transactions per month (annualised transaction processed value of over $24 billion in payments)

UPI payments touch record high of Rs 12.82 trillion in December 2022

Payments through the Unified Payments Interface (UPI) touched a record high of Rs 12.82 lakh crore in December. During the month, 782 crore transactions in volume terms were done on the platform, which was launched in 2016. "UPI has made major contribution in ushering digital payment revolution in the country. In December 2022, UPI has crossed 7.82 billion transactions worth ?12.82 trillion," the Department of Financial Services said in a tweet on Monday. Payments through UPI had crossed the Rs 12 lakh crore mark in October this year. In November, as many as 730.9 crore transactions worth Rs 11.90 lakh crore had taken place via UPI. UPI is an instant real-time payment system which facilitates inter-bank peer-to-peer (P2P) transactions. The transaction is done through mobile in easy steps. Besides, there are no charges applicable for UPI transactions. The inexpensive medium for cashless transactions has been gaining traction month-on-month and 381 banks are live on it. UPI transa

Four senior execs quit BharatPe, to pursue 'entrepreneurial passions'

Among the top brass leaving today were Vijay Aggarwal, Rajat Jain, Geetanshu Singla, and Nehul Malhotra

Zomato, Paytm dole out ESOPs to top executives in H1FY23 despite losses

According to regulatory filings by Paytm and Zomato, key managerial personnel have been rewarded ESOPs worth crores during the first half of FY23

Fino Payments zooms 36% in 2 days as Capri Global buys 1.3 mn shares

On Wednesday November 23, Capri Global Holdings Private Limited bought 1.32 million shares representing 1.59 per cent of total equity of Fino Payments Bank via open market deals.

Like China's WeChat, Musk will let Twitter users make digital payments

Twitter last week filed registration paperwork with the US authorities to allow it to process payments on the platform

No break-up fee from Prosus after termination of deal with BillDesk

PayU's expansion plans which it had charted out based on the acquisition have been put on hold for over a year

India saw 20.5 billion online transactions worth Rs 36 trillion in Q2FY22

India saw 20.57 billion online transactions worth Rs 36.08 trillion in the second quarter (Q2) this year, a report showed on Tuesday

We've moved away from being a founder-run company: BharatPe's Suhail Sameer

In a Q&A, the firm's CEO asserts that the company is now professionally run and is focused on being IPO ready

India's Pine Labs eyes $4-5 bn in monthly payments from new business

India's Pine Labs is targeting $4 billion to $5 billion in monthly transactions within two years for its new online payments business.

Need to protect consumers from consolidation of internet-economy: Govt

The government said consumer complaints related to online transactions are rising and pointed out that of the total complaints registered last month on NCH, 38-40% pertained to e-commerce trade

Top crypto exchange Coinbase freezes hiring, revokes accepted offers

The company also revoked accepted offers from some candidates who haven't joined it yet