On The Web

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Global

Fino Payments Bank Starts QR-based Payments for Merchants

July 26 2021

• in
• India

“MUMBAI: Fino Payments Bank on Monday said it is facilitating person-to-merchant (P2M) payments through QR code-based unified payments interface (UPI) solution. Fino’s initiative comes amidst a surge in QR-code based payment solutions riding on increased smartphone penetration, usage of high-speed internet and Aadhaar-linked bank accounts.”

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Global

India’s RBL Bank Signs up Visa After Cenbank Ban on Mastercard

July 19 2021

• in
• Cards
• India

“India’s RBL Bank (RATB.NS) said on Thursday it has signed up Visa Inc (V.N) for its credit cards, a day after India’s central bank decided to bar rival payments company Mastercard Inc (MA.N) from issuing new debit or credit cards in the country. The lender aims to issue new credit cards under the Visa network […]

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Global

RBI Bars Mastercard From Issuing New Debit, Credit Cards in India From 22 July

July 14 2021

• in
• India

“The Reserve Bank of India (RBI) on Wednesday imposed restrictions on Mastercard Asia / Pacific Pte Ltd (Mastercard) from onboarding new domestic debit, credit or prepaid customers on its card network. The ban on Mastercard issuing new cards takes effect on 22 July. The action has been against the payment system operator for violating RBI’s […]

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Global

After El Salvador, India May Move to Classify Bitcoin As an Asset Class

July 13 2021

• in
• Bitcoin
• India

“After El Salvador’s historic move to adopt Bitcoin as legal tender (rendering it full currency status), things are looking brighter back home in India for crypto-enthusiasts. Top sources tracking the industry told this publication that the government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify Bitcoin as […]

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Deals

Flipkart Valued at $37.6 Billion in New $3.6 Billion Fundraise

July 12 2021

• in
• India

“Flipkart said on Monday it has raised $3.6 billion at a post-money valuation of $37.6 billion in what is considered as the pre-IPO round for the Indian e-commerce conglomerate as it works to list in the public markets as soon as early next year.”

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Deals

Naspers-Backed PayU In Race To Acquire BillDesk

July 9 2021

• in
• India

“Mumbai-based fintech giant PayU, which is backed by Naspers, is exploring the possibility of acquiring top domestic payment gateway firm BillDesk in what could be the second biggest indian internet-based acquisition since the  $16 Bn Walmart-Flipkart deal according to a report.”

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Global

India’s Central Bank Says Growing Presence of Big Tech in Financial Services a Concern

July 6 2021

• in
• India

“India’s central bank has identified Big Tech’s push into financial services as a challenge for banks in the South Asian market, saying the growing presence of these firms have prompted concerns about creation of an uneven playing field. In a report published on Thursday, Reserve Bank of India (RBI) said Big Tech offers a wide […]

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Companies

Amazon Pay Later Hits 2 Million Sign-Ups Mark in India

July 2 2021

• in
• Amazon
• India

“Amazon Pay Later has reached the milestone of two million customers who have signed up for the service in a little over a year since its launch, Amazon has announced. The credit service specifically for Amazon India customers was launched in April last year to let them make purchases of essential and high-value items by […]

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Global

NPST’s TimePay Gets Nod for Third-party UPI App – Times of India

July 1 2021

• in
• India

“Banking technology provider Network People Services Technology (NPST) has availed a registration for the third-party application provider (TPAP) from the National Payments Corporation of India (NPCI) for its TimePay solution. TPAPs are third-party providers that roll out a distinct Unified Payments Interface (UPI) handle for their customers. NPST aims to put the recently received registration […]

On The Wires

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Domains

PayU Partners With WooCommerce to Accelerate Digitalization for SMBs

July 9 2021

• in
• India
• Remote Commerce

“PayU, India’s leading online payment solutions provider, has partnered with WooCommerce, an open-source, customizable e-commerce platform, to enable WooCommerce merchants with digital payments infrastructure, and end-to-end digitalization of business processes. The partnership will offer merchants exclusive pricing on transactions, no hidden charges, and contactless payment solutions to scale growth and profitability.”