Payments News

On The Web

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Global

Concerns Over Security: Govt Fears WhatsApp May Share Payments Data With Facebook, Others

“Indian authorities are concerned that WhatsApp’s payment service might share user data with group companies Facebook & Instagram, compromising the security, privacy and non-commercial information of its subscribers. The government has asked the National Payments Corporation of India (NPCI) to look into the matter and ensure that user data collected through payment services such as […]
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Global

WhatsApp to Roll Out Payments Feature in India This Year

“WhatsApp will roll out its payments service in India this year following a year-long pilot, its global chief Will Cathcart has said, as the Facebook-owned messaging giant taps an upsurge in digital payments in its dominant market. WhatsApp is ubiquitous across India, where data consumption is surging thanks to cheap internet, but a full launch […]
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Global

Indian Panel Proposes Fines and Jail Time for Cryptocurrency Use

“A panel reporting to India’s Finance Ministry suggested the country’s regulators have an “open mind” about a governmental cryptocurrency and, at the same time, proposed fines and up to ten years in prison for general use of crypto in the country. The panel, created by the Ministry of Electronics and Information Technology, the Securities and Exchange Board […]
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Companies

Visa Invests in India-based B2B Payments Platform PayMate’s $25M Round

“PayMate, a Mumbai-based startup that helps businesses automate and digitize their payments, is raising $25 million in a new round, its founder said, as it looks to expand its presence within India and in international markets. In an interview with TechCrunch, Ajay Adiseshann, founder and CEO of PayMate, said the startup has already raised a substantial […]
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Global

Cashless India? Digital Payment Drive Not a Hit With traders

“Banks may be dutifully executing the government’s cashless agenda but there’s little buy-in from merchants. Fewer than half the vendors acquired by banks have gone cashless. A good 53 banks have been chasing targets but barely a dozen can claim a 50% success ratio when it comes to their merchants accepting payments digitally. And this […]
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Global

PayU India Launches Multi-functional Mobile App for Merchants

“PayU has launched a multi-functional mobile app for merchants designed to conveniently track their businesses on the move. Merchants can use the app to monitor their business performance and request for payments. It aims to simplify business for the small and medium merchants and augment the ease of business for 63 million MSMEs in the […]
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Global

Google, Walmart Help Drive India Payments Past 1 Billion Transactions

“Indian digital payments took off when the government pushed demonetization in 2016, invalidating most of the country’s high-value currency notes in a move to curb corruption and push Indians away from cash. The Unified Payments Interface or UPI has now surpassed a 100 million users three-and-a-half years after its launch, thanks to booming smartphone use […]
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Global

No MDR on Digital Payments to Companies With Rs 50 Crore Turnover – ETtech

“Keen to promote digital payments , the government on Friday said banks or other payment system providers will not impose charges, or merchant discount rate ( MDR ), on customers as well as merchants on digital payments made to establishments with turnover in excess of Rs 50 crore from November 1.The Central Board of Direct […]
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Global

Cashless Payments Are Growing Faster in India Than Just About Anywhere Else

“Cashless payments are taking off in India, growing faster than in other countries around the world. The shift has attracted a host of tech companies, backed by deep-pocketed foreign investors, battling for market share. Digital transactions in India increased by 55% last year, compared with 48% in China and 23% in Indonesia, according to data […]