Business Standard

Payment Apps

A year after RBI notified PA-CB norms, only four entities receive licence

PAs-CB are entities that enable cross-border payment transactions for import and export

A year after RBI notified PA-CB norms, only four entities receive licence
Updated On : 27 Nov 2024 | 11:28 PM IST

Payment app CRED reports 66% increase in revenue to Rs 2,473 cr in FY24

Credit card bill payments app CRED on Monday reported 66 per cent year-on-year increase in revenue to Rs 2,473 crore in FY24, on the back of growth in monetised members and a drop in user acquisition costs. Operating losses were reduced by 41 per cent from Rs 1,024 crore in FY23 to Rs 609 crore in FY24, a company statement said. "This came on the back of some very exciting sort of pieces of execution that we always had as a thesis, but it's always good to see that play out in action. The number of members that we monetised grew 58 per cent year-on- year. Our CAC (customer acquisition costs) came down significantly by 40 per cent," CRED founder Kunal Shah said during a press briefing. Total Payment Value (TPV) for the platform surged 55 per cent to Rs 6.87 lakh crore, while monthly transacting users (MTU) rose by 34 per cent. "Members used CRED for a wide range of payments beyond credit card bills, with strong adoption of P2P UPI payments. They also expanded adoption of CRED Pay acr

Payment app CRED reports 66% increase in revenue to Rs 2,473 cr in FY24
Updated On : 30 Sep 2024 | 4:22 PM IST

India pitches for more info sharing on cross-border payments at FATF

At present, under the Travel Rules of FATF, data relating to the name of the sender, recipient, and the country of origin is recorded in any cross-border financial transactions

India pitches for more info sharing on cross-border payments at FATF
Updated On : 10 Sep 2024 | 11:32 PM IST

BharatPe launches UPI offering, taps into consumer payments segment

Fintech platform BharatPe on Wednesday announced the launch of its UPI TPAP (third-party application provider) to facilitate consumer digital payments. Earlier, BharatPe provided merchant-to-merchant digital payment services. The company has also rebranded buy-now-pay-later app postpe' to BharatPe', according to a statement. With this, there are now two apps available in the public domain: BharatPe (earlier postpe), and BharatPe for Business. The fintech platform said it has partnered with Unity Bank to enable TPAP. Customers can create their UPI ID on the BharatPe app with the extension @bpunity, and make both individual and merchant transactions. "With our UPI TPAP, we aim to enable millions across Bharat to make seamless and secure UPI transactions, for their individual as well as business needs. "The foray into the consumer payments category will help us to further propel adoption of digital payments and drive financial inclusion across the country," BharatPe CEO Nalin Negi

BharatPe launches UPI offering, taps into consumer payments segment
Updated On : 28 Aug 2024 | 11:39 PM IST

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

Small UPI players show promise even as larger ones continue to dominate
Updated On : 21 Aug 2024 | 4:55 PM IST

China may impose similar regulations for WeChat as India's UPI rules

Google Pay, PhonePe, and Paytm controls over 90 per cent of UPI transaction volume and value in India

China may impose similar regulations for WeChat as India's UPI rules
Updated On : 05 Jun 2024 | 3:08 PM IST

NPCI may defer market cap deadline for UPI payment platforms by 2 years

Eight months left for the implementation deadline, the National Payments Corporation of India (NCPI) may be favouring growth over concerns about market domination

NPCI may defer market cap deadline for UPI payment platforms by 2 years
Updated On : 09 May 2024 | 5:40 PM IST

Groww & Worldline join growing club of India's online payment aggregators

This year, major players such as Amazon Pay, Digio, CCAvenue, Decentro, MSwipe, Tata Pay, Zoho, Zomato, among others, received a final nod from the regulator to operate as payment aggregators

Groww & Worldline join growing club of India's online payment aggregators
Updated On : 30 Apr 2024 | 10:09 PM IST

Worldline ePayments India gets RBI nod to operate as payment aggregator

Last week, the RBI had given an in-principle approval to Prosus-backed PayU to operate as a payment aggregator

Worldline ePayments India gets RBI nod to operate as payment aggregator
Updated On : 30 Apr 2024 | 6:29 PM IST

PayU gets RBI's in-principle nod to operate as payment aggregator

Fintech firm PayU has received an in-principle approval from the Reserve Bank to operate as a payment aggregator, the company said on Wednesday. In January 2023, RBI had returned applications of Prosus Group firm PayU and asked it to resubmit them within 120 days. With in-principle approval in place, PayU can now onboard new merchants to provide them digital payment services. "This license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India. Aligned with the government's Digital India initiative and the RBI's forward-thinking regulations, we are dedicated to driving digitisation and financial inclusion, particularly for small merchants," said Anirban Mukherjee, Chief Executive Officer (CEO), PayU.

PayU gets RBI's in-principle nod to operate as payment aggregator
Updated On : 24 Apr 2024 | 12:37 PM IST

Amazon Pay gets final approval from RBI to operate as payment aggregator

The company added that the authorisation from the banking regulator would enable it to strengthen its distribution channels

Amazon Pay gets final approval from RBI to operate as payment aggregator
Updated On : 26 Feb 2024 | 11:41 PM IST

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

Zomato Payments gets RBI approval to operate as payment aggregator
Updated On : 25 Jan 2024 | 4:15 PM IST

Mobikwik's Zaakpay gets in-principle nod to operate as payment aggregator

The Reserve Bank of India has allowed the payment gateway to onboard new merchants to its platform

Mobikwik's Zaakpay gets in-principle nod to operate as payment aggregator
Updated On : 26 Oct 2023 | 4:55 PM IST

Amazon expands to address business needs, offers credit to customers

Subhas noted that prompt delivery is a crucial element for all business customers, as evidenced by Prime members contributing to over 50 per cent of sales this year

Amazon expands to address business needs, offers credit to customers
Updated On : 20 Sep 2023 | 9:06 PM IST

Fintech firm BharatPe appoints Pankaj Goel as chief technology officer

Fintech firm BharatPe Group has appointed former Razorpay senior executive Pankaj Goel as the chief technology officer. Prior to joining BharatPe, Pankaj was the head of payments engineering at Razorpay. He will report to BharatPe chief financial officer and interim CEO Nalin Negi, the company said in a statement on Wednesday. "With a seasoned engineering leader like Pankaj joining the team, we are confident that we will be able to build best-in-class fintech products that will further enable the next level of growth for the BharatPe Group of Companies," Negi said. Goel has held senior positions at various companies, including Intuit, Trilogy, and Sun Microsystems.

Fintech firm BharatPe appoints Pankaj Goel as chief technology officer
Updated On : 05 Jul 2023 | 11:03 PM IST

BNPL platform Simpl to add 10,000 merchants in Delhi over next 3-4 years

According to the company, this is being done to meet the needs of the city's rapidly growing startup ecosystem and evolving demands of the customers

BNPL platform Simpl to add 10,000 merchants in Delhi over next 3-4 years
Updated On : 30 Jun 2023 | 1:10 PM IST

Paytm gets extension from RBI for resubmission of PA license application

RBI says firm can continue with its online payment aggregation business while it awaits Centre's nod for investments from its parent firm One97 Communication into Paytm Payments Services Ltd

Paytm gets extension from RBI for resubmission of PA license application
Updated On : 26 Mar 2023 | 7:02 PM IST

Upgraded payments platform with 100% indigenous technology, says Paytm

Digital financial services firm One97 Communications, which owns the Paytm brand, on Friday announced the launch of its new technology platform built on 100 per cent indigenously developed technology. The company said the new platform can handle 10 times more payments traffic compared to its older platform. "Today by making sure that every component of our technology is made in-house, we have proved that India can build world-class technology software of scale. We have built a new operational risk system and fraud management from the ground up, catering to India's payments growth. "This platform will be able to scale to the next up to 10X payments in India. We are here to serve India with a technology made in India," Paytm founder and CEO Vijay Shekhar Sharma said in a statement.

Upgraded payments platform with 100% indigenous technology, says Paytm
Updated On : 24 Mar 2023 | 11:23 PM IST

HDFC Bank to launch revamped payments, banking application soon

To take on Google Pay, PhonePe with new PayZapp

HDFC Bank to launch revamped payments, banking application soon
Updated On : 08 Mar 2023 | 11:34 PM IST

Amazon Pay, 31 other payment aggregators get RBI nod to continue operations

PayTM Payments Services and PayU Payments Private Limited are the entities whose application to continue as payment aggregators has been returned by the RBI

Amazon Pay, 31 other payment aggregators get RBI nod to continue operations
Updated On : 16 Feb 2023 | 3:49 PM IST