On The Web

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Global

State Bank of India Joins JPMorgan’s Blockchain-based Payment Network – ET BFSI

February 24 2021

• in
• Blockchain
• India

“State Bank of India has tied up with JPMorgan to use the US bank’s blockchain technology to speed up overseas transactions. The tie up is expected to reduce SBI customers’ transaction costs and time taken for payments, sources said. Time taken to resolve cross-border payments-related inquiries can be reduced to a few hours from up […]

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Deals

India’s BharatPe Valued at $900 Million in New $108 Million Fundraise

February 11 2021

• in
• India

“India may soon have another fintech unicorn. BharatPe said on Thursday it has raised $108 million in a financing round that valued the New Delhi-based financial services startup at $900 million, up from $425 million last year. Coatue Management led the three-year-old startup’s Series D round… BharatPe operates an eponymous service to help offline merchants […]

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Companies

PayPal Is Shutting Down Domestic Payments Business in India

February 5 2021

• in
• India
• PayPal

“PayPal is shutting down its domestic business in India, less than four years after the American giant kickstarted local operations in the world’s second largest internet market…In a long statement, PayPal said its priorities had shifted in India, but did not elaborate why it was winding down the business. A report recently said the company, […]

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Global

Finance Minister Nirmala Sitharaman Proposes Rs 1,500 Crore-scheme to Promote Digital Payments

February 1 2021

• in
• Digital payments
• India

“New Delhi: The government on Monday proposed a Rs 1,500 crore-scheme to promote digital transactions in the country, a move that the industry believes will drive adoption of e-payments in smaller cities and spur innovation by fintech firms.”

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Domains

Pine Labs Launches AllTap App for Small Merchants to Accept Contactless Payments Via Their Smartphones

January 27 2021

• in
• India
• mPOS

“Merchant commerce platform Pine Labs has today launched an AllTap app with am aim to accelerate digital payments adoption in India. Specially designed for small merchants, this free to download app can enable the user to immediately start accepting digital payments without the need of any additional hardware. As of now, the app Pine Labs […]

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Global

Small Fin Banks See Highest Credit Growth | Ahmedabad News – Times of India

January 6 2021

• in
• India

“Small finance banks have seen the highest credit growth rate in Gujarat on the back of robust credit uptake by underbanked consumers following a successful kharif season.”

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Domains

NPCI Lets Indian Merchants Accept RuPay Domestic Card Payments on Standard NFC Phones

January 4 2021

• in
• India
• mPOS

“Merchants in India can now use a standard NFC mobile phone to accept contactless RuPay domestic card payments valued at up to 5,000 rupees (US$68).   The RuPay POS solution enables merchants to turn their Android smartphones into POS terminals and accept tap-and-pay payments from RuPay cardholders via the PayNearby payments app.”

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Global

In India, Smartphones and Cheap Data Are Giving Women a Voice

January 4 2021

• in
• India

“Mallika, like 200 million other women in India, is illiterate. In the past few years though, millions of Indian women have gone online thanks to cheaper smartphones and mobile data, and apps that let them communicate using sounds and images. Anecdotal evidence suggests the phones are empowering many women to access information, build networks, and […]

On The Wires

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Companies

Mastercard and Razorpay Join Hands to Make Digital Payments More Accessible for MSMEs and Startups | Asia Hub

February 16 2021

• in
• India
• Mastercard

“To drive digital payments acceptance by small businesses and startups in India, Mastercard and Razorpay have launched a strategic partnership that combines Razorpay’s payment processing capabilities with Mastercard’s trusted and secure digital banking solutions and card services. The partnership will empower Indian micro, small and medium enterprises (MSMEs) in digitizing their operations, maintaining business continuity […]

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Companies

PayPal’s Xoom Adds UPI Payments Enabling NRIs and PIOs to Remit Money to India in Real Time

January 21 2021

• in
• India
• PayPal

“Xoom, PayPal’s international digital money transfer service announced its integration with NPIL’s/NPCI’s Unified Payments Interface (UPI), a real-time payment system facilitating inter-bank transactions in India. Non-Residential Indians (NRIs) and Persons of Indian Origin (PIOs) living in the United States (US), Canada and Europe can now remit money to their family and friends in India. Using UPI to send money to India via Xoom is easier […]