Page 2 - Payment

SaaS major Zoho forays into fintech space, launches Zoho Payments

According to the ministry of finance data, digital payment transactions volume reached a staggering Rs 11,660 crore in 2023 from Rs 3,134 crores in 2018-19

Thousands of workers at UK retailer Next win years long fight for equal pay

Workers in the claim would be entitled to back pay for up to six years before they brought the action

Switzerland closer to being cashless, launches instant payment scheme

Instant payments are credit transfers that make funds available in the recipient's account within 10 seconds of a payment order being made rather than waiting for days for the cash to clear

Global Payments beats Q2 profit estimates as consumers spending resilient

Despite recent economic data fueling recession fears, American consumers have remained resilient in face of higher-for-longer interest rates

RBI releases draft rules on AePS to counter frauds on payments system

Banks and the National Payments Corporation of India (NPCI) are required to comply with these directions within three months from the date of issue of the guidelines

South Korea provides $400 million to small biz hit by Qoo10 payment delays

Missed payments by the e-commerce platforms have grown to around 210 billion won ($152 million), the government estimates

RBI imposes fines on 3 payment system operators including Visa Worldwide

The RBI has imposed penalties on payment system operators Visa Worldwide, Ola Financial Services and Manappuram Finance for deficiencies in regulatory compliance. A penalty of Rs 2.4 crore has been imposed on Visa Worldwide Pte Limited and Rs 41.5 lakh on Manappuram Finance Limited. A fine of Rs 87.55 lakh has been slapped on Ola Financial Services in two cases. The RBI said monetary penalty on Payment System Operators (PSOs) Manappuram Finance and Ola Financial Services has been imposed for non-compliance with certain provisions of Know Your Customer (KYC) directions. Compounding orders were also issued to two Ola Financial Services and Visa Worldwide for contravention of certain provisions. Giving details, the Reserve Bank of India said it was observed that Visa Worldwide Pte Limited had implemented a payment authentication solution without regulatory clearance from the central bank. Accordingly, notice was issued to it, advising it to show cause as to why a penalty should not

Paytm's offer to invest in payments arm under govt consideration: DFS Secy

The proposal is still under consideration by the inter-ministerial panel and expected to take a call soon, Financial Services Secretary Vivek Joshi told PTI

45-day SME payment rule aims to ease working capital issues, faces hiccups

For SMEs, which play a significant role in job creation and exports, this is a welcome move. However, the going has not been smooth

Sikkim govt asks taxi drivers to add QR code as additional payment option

All taxi drivers in Sikkim have been directed to compulsorily provide QR codes as an additional payment option to the passengers by July 15, a senior official said on Wednesday. The decision was taken in view of several complaints from the public over providing accurate fares to drivers due to the non-availability change either with the driver or the passenger, resulting in arguments and traffic jams, he said. "All drivers are to compulsorily provide the QR code by July 15, 2024, (as an additional payment option) and affix one on the front windscreen of the vehicle facing the passenger and another at the rear seat of the vehicle," the Transport Commissioner-cum-Secretary Raj Yadav said in a circular. The mandatory display of the QR code on the front and rear side of the taxis was ordered to address this issue of haggling between the taxi drivers and commuters on payment issues, Yadav said, adding that a meeting was held recently with the stakeholders/local taxi associations, where i

RBI, four Asean countries tie up for cross-border payments platform

Project Nexus is aimed at making retail cross-border payments efficient, faster and cost-effective, the RBI release said

Bandhan Bank launches new service for online collection of direct taxes

Bandhan Bank on Friday said it has launched a facility for online collection of direct taxes, enabling its customers and others to pay taxes seamlessly across India. As an RBI-appointed agency bank, it also accepts offline payments through its 1,700 branches, the lender said in a statement. The service is available through internet banking, payment gateway, cash, cheque, or demand draft, it said. Bandhan Bank's head of government business group, Debraj Saha, said, "The bank is proud to support the Central Board of Direct Taxes as an agency bank, aligning with the government's e-governance initiative." With over 6,300 banking outlets across 35 states and UTs, Bandhan Bank serves over 3.35 crore customers.

SMEs divided over impact of new 45-days payment rule. Is it a boon or bane?

The new 45-day payment rule for SMEs, effective April 2024, aims to ease working capital issues. While some SMEs welcome it, others fear adverse impacts on their businesses

Salt revolutionises B2B cross-border payments for Indian merchants

Salt simplifies cross-border payments, automates compliance, and cuts processing time for Indian merchants, supporting SMEs, startups, and freelancers with cost-effective solutions

Cred introduces offline QR code 'scan & pay' service, kiosks for merchants

New feature marks fintech company's foray into the offline payments space

Visa results beat Wall Street estimates on resilient consumer spending

Credit card giant American Express also beat expectations for first-quarter profit last week

BharatPe launches payment device BharatPe One with integrated POS

Indian fintech major BharatPe on Tuesday launched BharatPe One, an all-in-one payment product that integrates POS (point of sale), QR code, and speaker into one device. The company in a statement said it plans to launch the product in about 100 cities in the first phase. It will further scale it to around 450 cities over the course of the next 6 months. "Equipped with a high-definition touchscreen display, 4G and Wi-Fi connectivity, and powered by the latest Android operating system, BharatPe One delivers enhanced performance and security. "With user-friendly interface, portable design, and comprehensive transaction dashboards, BharatPe One caters to the diverse needs of the offline merchants," the statement said. BharatPe One is designed to streamline transactions for merchants, it further said, offering versatile payment acceptance options including dynamic and static QR code, tap-and-pay and traditional card payment options, across a wide range of debit and credit cards. Bharat

Immediate Payment Service: All that's to know about instant funds transfer

Transfer facility is available 24/7 accounts holder of any bank, helps in digitisation of payments

RBI mandates offline payment aggregators to verify KYC for merchants

Payment aggregators will need to conduct Contact Point Verification and verify the bank account where funds of small merchants are settled

In China, private companies are fed up with their payments being delayed

Chinese private firms are adopting more cautious business strategies, prioritising risk management as they grapple with post-pandemic payment delays