Payments

Razorpay secures RBI's PA-CB licence to enable cross-border payments

Razorpay has received RBI's PA-CB licence, allowing Indian businesses to send and receive cross-border payments easily, supporting exporters and global firms

Indian engineers' median pay drops 40% in 2025, US salaries rise

Product and design professionals in India also saw median pay drop to $23,000, compared to $138,000 in the US, highlighting growing inequality in global tech salaries

Emirates NBD-RBL deal, credit revival, RBI warns of geopolitical risks to global payments & more

Emirates NBD to acquire 60% stake in RBL Bank UAE-based Emirates NBD will invest around $3 billion for up to a 60% stake in RBL Bank, the largest cross-border investment in an Indian private lender.

UK's Revolut to launch India payments platform, eyes 20 mn users by 2030

The UK-based fintech firm, which said last month it was exploring a US bank purchase and credit card launch at home, is betting on India as a key plank of its global expansion

Post offices across India to start accepting digital payments from August

Post offices across India will start accepting digital payments at counters from August after completing the rollout of a new application in their IT system, official sources said. Post offices have not been able to accept digital payments as they don't have their accounts synced with UPI (unique payment interface) system. "The Department of Posts is implementing its IT infrastructure which will have new applications that are enabled to perform transactions with Dynamic QR Code. Rollout will be completed at all post offices by August 2025," an official source told PTI. Pilot rollout of the new system under IT 2.0 has been started in the Karnataka circle. QR-based booking of mail products was successfully carried out at the Mysore head office (HO), Bagalkot HO and its subordinate offices. Initially, the Department of Post had introduced static QR code at the point of sale counters at the post offices to enable digital transactions. However, due to recurring technical difficulties

PhonePe acquires GSPay IP to launch UPI payments for new feature phones

PhonePe on Friday said it has acquired the IP of GSPay -- a proprietary technology stack from conversational engagement platform Gupshup -- to enable UPI-based payments on new feature phones. The company in a statement said it plans to customise the stack and launch its own UPI payment app for new feature phones in India in the next few quarters. The new app will offer essential UPI features such as peer-to-peer transfers, offline QR payments, and receiving money via mobile numbers or self-QR codes. Industry research indicates that there were over 24 crore feature phone users in India in 2024, and in the next five years, another 15 crore feature phone shipments are anticipated. PhonePe CEO Sameer Nigam said the acquisition will help bring millions of feature phone users into the digital payments ecosystem, a segment largely underserved so far.

UPI QR codes fastest-growing payment infrastructure in FY25, shows data

In FY25, the number of UPI QR codes saw 91.5 per cent year-on-year (Y-o-Y) growth to 657.9 million, while growth in credit card slowed down to 7.94 per cent Y-o-Y

From Amazon to Google: Global SaaS companies face fresh tax demands

Demands raised for FY22, FY23

Juspay establishes an entity in Singapore as part of APAC expansion

Juspay has a presence across markets such as India, United States of America (US), United Kingdom (UK), Brazil and Singapore. It has teams spanning 1,200 members across these regions

India pushes homegrown network to rival Visa, Mastercard in payments

Launched in 2016, the Unified Payment Interface (UPI) accounted for 83% of India's digital payments volume in 2024, up from 34% in 2019, and dominates the domestic retail payments sector

PayU appoints new risk officer in a streak of new leaderships hires

Rao's appointment follows a streak of leadership changes at the payments technology company

Razorpay elevates Haria to role of CPO as it eyes Southeast Asia expansion

The appointment comes at a time when the company is planning to expand in Southeast Asia and focus on expanding Unified Payments Interface (UPI) and Razorpay POS

Fintech firms embrace AI for credit, payments, customer insights, more

AI models help financial institutions in understanding delinquencies and speed up disbursements

Pension is a basic entitlement and its payment cannot be denied: HC

Pension is a basic entitlement and retired employees cannot be deprived of this payment, which is a very source of livelihood for them, the Bombay High Court has said, rapping the Maharashtra government for withholding the dues of a man for more than two years after his retirement. A division bench of Justices G S Kulkarni and Jitendra Jain on November 21 said such a state of affairs was totally unconscionable. The HC was hearing a petition filed by one Jayram More, who used to work as a 'hamal' (coolie) with the Savitribai Phule Pune University since 1983, seeking a direction to the Maharashtra government to release his pension amount. The high court noted that More had rendered a meritorious and unblemished service but still on untenable and technical grounds for a period of two years from his retirement (May 2021), he was not paid pension. More in his plea claimed that the pension was not being paid despite submission of all necessary documents by the University to the concerned

In India, Russia calls for 'extra efforts' to overcome payment hurdles

Aiming at strengthening economic ties with India, Russia's envoy to India on Monday said payment problems hinder trade and there is a need for "extra efforts" from banks and exporters to overcome this hurdle. Denis Alipov, Russian Ambassador to India, said that the Vostro trade settlement mechanism (Rupee payment) did not work well. "Some extra efforts are needed by companies and banks to explore the conditions," he said. He, however, did not elaborate on what he meant by "extra efforts". In response to a question on the sidelines of an MCCI-organised interactive session, he emphasised the necessity for additional efforts from Indian banks and exporters to resolve this issue. Though he admitted that resolving the payment method would require much fine-tuning, Alipov said banks are willing to cooperate. On the defence deal for the advanced long-range surface-to-air missile defence system S-400, Alipov acknowledged delays but said supplies are on but in a new schedule. Sanctions l

CCAvenue.ae launches mobile-based QR Code payment solution in the UAE

This is the company's first foray into the offline payment space in the UAE market

L-G directs mandatory geo-tagging of all civil work projects of Delhi govt

Lieutenant Governor VK Saxena has directed mandatory geo-tagging of all civil work-related projects of Delhi government departments to curb corruption, cost escalation and delay in execution, according to a note of the Raj Niwas. It will also be mandatory for contractors to upload pictures of project sites before and after completion on the IT department's portal for evaluation. Payments will be made to them following verification by authorities, it said. "The LG (lieutenant governor) has made it mandatory to geo-tag each and every project on the IT department portal to curb corruption, cost escalation and inordinate delays in execution of civil works by various Delhi government departments," the note issued on Monday said. The directions were issued by the LG while approving a proposal of the Directorate of Vigilance, it said. Besides geo-tagging, he also directed heads of the departments to ensure uploading of progress report with photographs of projects and works, mandatorily on

NPCI launches voice-enabled transactions feature on UPI payments platform

The NPCI on Wednesday launched a slew of new payment options on popular payments platform UPI, including conversational transactions. Reserve Bank of India (RBI) Governor Shaktikanta Das announced the launch of the products by the National Payments Corporation of India (NPCI) at the ongoing Global Fintech Festival here. One of the products is Hello! UPI that will enable users to make voice-enabled UPI payments via apps, telecom calls, and IoT devices in Hindi and English. It will soon be available in several other regional languages also. NPCI said the credit line on UPI facility will enable customers access pre-sanctioned credit from banks via UPI. Separately, users will be able to send and receive money offline using the other product, LITE X product. Further, the UPI Tap & Pay facility, in addition to the conventional scan-and-pay method, will allow customers to simply tap Near Field Communication- (NFC-) enabled QR codes at merchant locations to complete their payments. The .

Cashfree Payments rebrands Zecpe, a one-click checkout platform, as Ecom360

Ecom360 aims to address core problems of D2C businesses by improving checkout and payment processes

GeM's provision of penal interest on delayed payments to start from July

A functionality enabling public procurement portal GeM to impose penal interest for making delayed payments to vendors by government ministries and departments will be operational in July, a senior official said on Tuesday. In 2020, the government decided to levy a 1 per cent penalty on government departments and agencies for delayed payments to vendors selling goods on the GeM platform. The provision would be effective from July, a senior official said on Tuesday. Government e-Market (GeM) CEO P K Singh said that there are issues pertaining to getting timely payments from buyers, particularly state governments. In case of the central government, the payments by enlarge happen in 10-15 days, he said, adding there are problems in case of state governments. "We are working on that and let me tell you that by the end of July, this functionality for imposing the penal interest will be up and running...Interests will be charged from October," Singh said here at CII MSME Growth Summit.