Page 3 - Payment

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

Paytm receives third-party application provider licence from NPCI

Axis Bank, HDFC Bank, State Bank of India, and YES Bank will act as Payment System Provider (PSP) banks to Paytm

Paytm's third-party application licence likely to get approval this week

UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks

IndusInd Bank launches Indus PayWear, an all-in-one tokenisable wearable

This tokenisable wearable, for both debit and credit cards, has been launched by Induslnd Bank in collaboration with Mastercardand can be purchased in the form of a ring, watch clasp, or stickers

Visa, Western Union expand their partnership to more than 40 nations

Past iterations of the partnership focused on serving consumers in North America and Europe, said Chris Newkirk, Visa's head of commercial and money-movement solutions

JPMorgan Chase joins France's payments network CB to avoid Visa, Mastercard

For payments made locally in France, it's usually cheaper for merchants run them over Cartes Bancaires

Reserve Bank of India widens scope of BBPS to non-bank payment aggregators

Number of participants on BBPS to go up with participation of PAs

RBI orders Visa to stop unauthorised B2B card payment system: Report

Business-to-business payments via cards include payments by businesses to their vendors and in some cases tax payments by small units

SBI ties up with Flywire to make payments easier for foreign students

Country's largest lender SBI on Tuesday tied up with Flywire for easing payments for Indian students studying abroad. A seamless and fully digital payment experience will be given to students, which is better than the existing complex process, an official statement said. Under the partnership, Flywire's technology will be integrated directly into the bank's platform, offering Indian students an advanced digital checkout experience for their international educational payments.

Bandhan Bank clarifies the NCGTC audit is only on CGFMU loan claims

CGFMU is a government-established trust fund which ensures payment against default for micro loans that are extended to small borrowers

SoftBank veteran Arora becomes a billionaire after another huge payday

Palo Alto Networks handed Arora a $125 million stock and options compensation package when he was hired in 2018

RBI extends payments infrastructure development fund scheme till 2025

As part of the announcement, beneficiaries of the PM Vishwakarma Scheme have been included as merchants under the PIDF scheme