Page 5 - Razorpay

Industry prepared for potential disruptions as tokenisation nears

industry insiders say, the success rate of token-based transactions is higher, but inadequate testing of certain use-cases may result in some transactions not going through

Razorpay acquires PoshVine, forays into loyalty and rewards management

Since 2016, PoshVine has been offering its loyalty-as-a-service product to over 20 leading banks and networks

Chinese loan apps: ED freezes Rs 46 cr kept in payment gateway accounts

The ED Friday said it has frozen Rs 46.67 crore funds of merchant entities kept in online payment gateway accounts of Easebuzz, Razorpay, Cashfree and Paytm following raids this week against a "Chinese-controlled" investment token app. The funds have been frozen under the anti-money laundering law. The latest action comes after the Enforcement Directorate (ED), earlier this month, raided the Bengaluru premises of Razorpay, Paytm and Cashfree over alleged irregularities in the operations of instant app-based loan-giving companies "controlled" by Chinese persons. Later, a seizure order for Rs 17 crore kept in their accounts was issued. The latest searches were launched on September 14 at multiple premises of the accused in Delhi, Mumbai, Ghaziabad, Lucknow and Gaya in a money laundering case being probed against an app-based token called HPZ and related entities. Sixteen premises of banks and payment gateways in Delhi, Gurugram, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and .

PhonePe tokenises 14 mn cards ahead of RBI's deadline of Sept 30

PhonePe said it is working with three major card networks, Visa, Mastercard, and RuPay, to meet the regulator's tokenisation deadline of September 30.

Chinese loan apps case: ED raids Razorpay, Paytm, Cashfree in Bengaluru

The Enforcement Directorate Saturday said it is conducting raids at Bengaluru premises of online payment gateways like Razorpay, Paytm and Cashfree as part of an ongoing probe against "illegal" instant smartphone-based loans "controlled" by Chinese persons. The searches were launched Friday at six premises in Karnataka's capital city, it said in a statement. The search operation is in progress, the Enforcement Directorate said. The federal probe agency said it has seized Rs 17 crore worth funds kept in "merchant IDs and bank accounts of these Chinese persons-controlled entities", during the raids. The modus operandi of these entities is that they use forged documents of Indians and make them dummy directors leading to generation of "proceeds of crime", it alleged. "These entities are controlled/operated by Chinese persons," it said. "It has come to notice that the said entities were doing their suspected/illegal business through various merchant IDs/accounts held with payment ...

Top headlines: Indian economic growth by 2029, ED raids Paytm, and more

From India becoming third largest economy by 2029 to CBDT issuing refunds of over Rs 1.14 trn, here are the top headlines this evening

MCA mulls imposing fines on unicorns over delay in filing financials

Swiggy had delayed its FY21 result filing by 11 months and Ola Electric was at least 13 months late in filing the financials with the RoC

Razorpay acquires Ezetap for $200 mn; forays into offline payments

Ezetap serves 500,000 touchpoints, including the likes of Amazon and BigBasket, works closely with India's largest banks and it processes over $10 billion in annual transactions on its platform

Mswipe Technologies gets RBI approval for payment aggregator's licence

Joins companies allowed to manage and process merchants' online transactions

RBI gives payment aggregators another window till Sep to apply for licence

PAs should have a minimum net worth of Rs 15 crore as on March 31, 2022

Mastercard enables 200,000 merchants for card-on-file tokenisation

Mastercard said it worked with 45,000 merchants, 34 issuing banks, 10 acquiring banks, and 30-plus token requestors (including all major payment aggregators) to create 90 million tokens

How data privacy, Razorpay became victims of Alt News vs Delhi Police fight

Alt News received money "through Razorpay from Pakistan, Syria, Australia, Singapore, and the UAE, which all require further investigation," a public prosecutor said

Necessary for us to comply with legal request: Razorpay CEO on Alt News

Amid the controversy over sharing transaction data of Alt News with the Delhi Police, Razorpay Co-founder and CEO Harshil Mathur said that it was necessary for them to comply with the legal request

RBI clears payment aggregator licence for Razorpay, PineLabs & Stripe

Payment aggregators enable e-commerce sites and merchants to accept payment instruments from customers without the need for merchants to create their own payment integration system

Razorpay shared donor data with police without informing, alleges Alt News

'Handed over data after receiving official notice,' says the fintech platform

Razorpay appoints former AWS executive Murali Brahmadesam as new CTO

Technology veteran will lead fintech unicorn's engineering strategy and development

Fintech startup HostBook raises $3 mn in series A funding led by Razorpay

Hostbooks intends to utilise the Series-A funding to further scale its operations and enhance its existing product suite

Hackers steal Rs 7.3 cr in 831 transactions over three months from Razorpay

Fraudsters were using the browser to tamper with authorisation data on some merchant sites that were using an older version of Razorpay's integration

Hackers, fraudulent customers stole Rs 7.38 cr, complaint lodged: Razorpay

Hackers and fraudulent customers have stolen Rs 7.38 crore by tampering and manipulating the authorisation process of Razorpay

Razorpay unveils ESOP buyback sale for 650 staffers as part of $75 mn deal

This is the fintech unicorn's fourth and largest ESOP sale for existing and former employees, irrespective of ranks