Payments News

On The Web

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Global

WhatsApp Pay Is on the Verge of Launching in India

“WhatsApp has created the necessary data storage facilities in India to introduce WhatsApp Pay to the chat app’s entire Indian user base, which is estimated to be between 350 million and 400 million users, according to The Economic Times. The service is now being audited by the India Computer Emergency Response Team (CERT-IN), and once […]
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Global

Credit Cards Usage on the Rise in India

“Indian consumers have showed their preference for credit cards, with 47.99 million credit cards in operation in April 2019, according to the Reserve Bank of India . At the same time, the number of debit cards has declined to 884.78 million, a reduction of 39.8 million existing cardholders. Between April 2018 and April 2019, India […]
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Global

Indian Central Bank to Review Data Storage Rules for Payment…

“India’s central bank will look into concerns about data storage rules that have been raised by companies, a government statement said on Tuesday, months after entities such as Mastercard and Visa were forced to store more of their data locally in the country. The Reserve Bank of India (RBI) last year mandated companies to store […]
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Global

Samsung Pay in India Now Lets You Apply for Loans and Credit Cards

“Samsung Pay has received a feature update in India, which allows users to apply for credit card and personal loans through Paisabazaar. The latter is India’s largest online marketplace and compare tool for loans, and its “Chance of Approval” predictive algorithm was introduced last December.”
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Deals

EBay Picks up Over 5% Stake in Paytm Mall – ETtech

“Ebay said its global inventory will be available to over 130 million active users on Paytm Mall and Paytm’s app ecosystem as part of the deal. The companies did not disclose the investment amount, but sources close to the transaction said the financing round is about $150 million.”
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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

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

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 […]

On The Wires

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Global

RBI publishes ‘Payment and Settlement Systems in India: Vision 2019 – 2021’

“The Reserve Bank of India has today placed on its website the “ Payment and Settlement Systems in India: Vision 2019 – 2021 ”. The Payment Systems Vision 2021 with its core theme of ‘Empowering Exceptional (E)payment Experience’ aims at empowering every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, […]