Payments News

On The Web

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Global

Why Crypto’s Rough Year In India Just Got Worse

India’s latest decisions governing cryptocurrency portend turbulent times ahead for the country’s nascent but booming digital currency industry. During its launch event in India on April 7, American cryptocurrency giant Coinbase announced that its Indian investors would be able to use the country’s popular online payments system, UPI, to transfer funds to its local exchange. […]
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Global

UPI Transactions Reaches New Heights with 5.58 Billion in April 2022

According to information provided by the National Payments Corporation of India (NPCI), 5.58 billion transactions were processed using the Unified Payments Interface (UPI) in April 2022. This is the most extensive number of UPI transactions in a single month since the system was launched in 2016.  Last month, the payments network saw transactions worth Rs. […]
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Global

Here Are The Top Trends Shaping India’s Payment Scene

“India’s digital payments space has seen a massive boom over the past few years, a growth that’s been supported by an expanding e-commerce marketplace and the wider availability of acceptance infrastructure at physical stores. Building on the rise in digital payment adoption induced by COVID-19 and growing collaborations between fintechs and traditional financial services providers, […]
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Companies

How Meta Platforms Fell Behind in Indian Mobile Payments

“Mark Zuckerberg has pinned his hopes on commerce to save his business from stagnating user engagement and decelerating advertising revenue growth. But in the massive market of India, Facebook parent company Meta Platforms has fallen far behind in mobile payments, which serve as the crucial last step in closing an online sale. It needs to […]
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Global

How Simplicity in Domestic Remittance Is Boosting Financial Inclusion in India

“In the world of digitisation, many FinTech companies have altered the digital payment space in India. Whether it is on-the-spot payments through UPI or quick grocery delivery, almost everything in our daily lives has been digitised. But with only 28% of rural Indians owning internet-enabled smartphones and a poor level of digital literacy, the country’s […]
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Global

India explores ‘rupee-rouble’ exchange scheme to beat Russia sanctions

“India’s central bank is in initial consultations on a rupee-rouble trade arrangement with Moscow that would enable exports to Russia to continue after western sanctions restricted international payment mechanisms. The talks, which would allow India to continue to buy Russian energy exports and other goods, risks angering Washington and its allies as they seek to […]
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Global

RBI Told Board It Wants Blanket Crypto Ban, Economic Times Says

“The Reserve Bank of India said it favors a complete ban on cryptocurrencies at a meeting of its central board on Friday, the Economic Times reported , citing unnamed people familiar with the deliberations. India’s central bank made a detailed presentation to its board highlighting “serious concerns” around the impact of cryptocurrencies on macroeconomic and […]

On The Wires

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Companies

B2B Payments Fintech Rupifi Raises $25 Million Funding Led by Tiger, Bessemer

“Digital payments startup focused on business-to-business payments, Rupifi has raised $25 million as a part of its first round of institutional funding led by Bessemer Venture Partners and Tiger Global.Existing Investors Quona Capital and Ankur Capital also participated in the round, along with Silicon Valley-based early-stage investor, Better Capital.”
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Global

MoneyGram Continues to Digitize Global Receive Network With Paytm Payments Bank Partnership, Connecting Company to Millions of Mobile Wallet Users in India

“MoneyGram International, Inc. , a global leader in the evolution of digital P2P payments, today announced a milestone in the digitization of its global receive network with a new partnership with Paytm Payments Bank , India’s leading payments bank and a driver of financial inclusion in the country. Through this partnership, MoneyGram customers around the globe can […]