Page 7 - Online Payments

IppoPay raises $2.1 mn in seed funding from Coinbase Ventures, others

Set up in November 2020, IppoPay has enabled 50,000 offline merchants and daily income earners in Indian Tier-2, Tier-3, and rural markets to boost their revenues through acceptance of payments online

ICICI Bank now facilitates online payment of customs duty

Customers can make online payment by selecting ICICI Bank from the list of banks on the website of the Indian Customs Electronic Gateway (ICEGATE)

IndusInd Bank, NPCI join hands to offer cross-border payments through UPI

IndusInd Bank has signed an agreement with the National Payments Corporation of India (NPCI) for offering real-time cross-border remittances through UPI

Banks, online merchants race to comply with RBI card data storage norms

New rules for banks, merchants & stakeholders kick in from January 1

Most consumers wary of stricter rules for online card use: Survey

Fear of risks is likely to make 28 per cent of consumers shift to paying cash on delivery, says nationwide study

WhatsApp steps out on front foot to push payments feature

The company said that it has launched a pilot programme of adopting 500 villages to familiarise villagers with digital payments

UPI breaks 5-month growth streak; transactions decline 0.71% in November

In November, UPI recorded 4.18 billion transactions worth Rs 7.68 trillion

Amazon infuses Rs 1,000 crore into India payments unit

Amazon has been pumping in millions of dollars across various operations like marketplace, wholesale and payments business

PayU launches 'PayU Token Hub' to help businesses comply with RBI norms

Solution has been built by PayU and Wibmo, a PayU-owned full stack global PayTech firm, in partnership with major card networks such as Visa and MasterCard, and top issuing banks

WhatsApp may soon ask users to verify identity to make payments

Currently, when users set up WhatsApp Pay in India, the service only verifies the phone number linked to your bank account to enable UPI-based transactions

Facebook can't be trusted to manage payment system: US lawmakers

This comes after Facebook launched Novi, a new digital wallet, as part of a pilot programme in the US and Guatemala

Pine Labs enters online payments with three products under one platform

Firm says its 'Plural' platform is built to disrupt payments gateway space, make offline-to-online shift easier for merchant base and other online businesses

Aiming for $25 bn annual payments processed on Plural: Pine Labs CEO

Company says it now plans to disrupt the payments space through a suite of online payment products focused on speed, security, and user experience

IMPS limit to be increased from Rs 2 lakh to Rs 5 lakh: RBI Governor

In addition, the Reserve Bank also proposed to introduce a framework for retail digital payments in offline mode across the country

UPI records 3.65 bn transactions worth Rs 6.54 trillion in September

On a month-on-month (MoM) basis, UPI's volume of transactions was up 3 per cent, and the value of transactions was up 2.35 per cent

Top headlines: New RBI norms from today, Adani to run Colombo Port terminal

Eight core sectors' output accelerates in Aug, Monsoon to withdraw from Oct 6, and other top headlines of the day

RBI and Singapore central bank to link payment systems by July 2022

The RBI and MAS hope to complete the linkage by July 2022 "on a reciprocal basis without a need (for users) to get onboarded onto the other payment system".

Auto debit payment failures ease in August, shows NPCI data

In volume terms, 32.98% of transactions initiated declined, 26.82% in value terms

Working with RBI to ensure customers don't have to key in card number: PCI

The RBI's new rules are supposed to kick in from January 2022

No material impact on card issuers: Nomura on RBI restrictions

The RBI had earlier restricted American Express and Diners Club