Payments News

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E-commerce marketplaces face three major challenges

“The department of industrial policy and promotion recently released Press Note 2 of 2018, wherein it has reviewed and clarified the foreign direct investment policy for e-commerce. The changes are set to come into effect from 1 February. The question that plagues the industry is what will be the impact on the sector. Here’s a […]
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Global

RBI issues consumer protection rules for mobile wallets: Users liability limited

“As per the guidelines, Prepaid Payment Instrument (PPI) issuers will be required to provide a contact number and/or email ID in the transaction alert SMS through which consumers can report the unauthorised transactions or notify objections. If an unauthorised transaction takes place from the customer’s mobile wallet due to the negligence of PPI issuer, then in […]
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Global

Paytm Payments Bank resumes KYC for bank, wallet customers

“Paytm Payments Bank Ltd (PPBL) has said it has resumed Know Your Customer (KYC) process as well as onboarding new customers after receiving a formal nod from the Reserve Bank of India (RBI). PPBL in June last year was asked to stop adding new customers after an audit by the RBI that made some observations about the […]
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Global

Exclusive: Tencent Is Launching UPI-powered Payments App WeChat Pay in India

“Ever since its launch in April 2016, Unified Payment Interface (UPI) has been growing quickly and reached a milestone of Rs 1 trillion worth monthly transactions in December 2018. Sensing the opportunity in digital payments space, several global behemoths including Google, Amazon, WhatsApp and Xiaomi jumped to UPI bandwagon. Following the footprints of above four […]
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Global

Xiaomi Introduces Own Mobile Payment Service in India

“Chinese smartphone maker Xiaomi has launched its own mobile payment service Mi Pay in India. The Chinese firm received regulatory approval to introduce the service in December last year. The Unified Payments Interface (UPI)-based payments application will enable Xiaomi users to send money to any UPI address and bank account in the country.   Furthermore, […]
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Global

Amazon Pay Makes an Offline Push With ‘scan and Pay’ Service

“Amazon Pay, the online payments service owned by the world’s biggest online retailer, is planning to introduce “scan and pay” service at neighbourhood stores, said three people familiar with the matter, requesting anonymity. Amazon has already introduced the payments service in department store chain Shoppers Stop, in which the online retailer owns a 5% stake, […]