Payments News

On The Web

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Global

Airtel Payments Bank Rolls Out Aadhaar-enabled Payment System

February 27 2020

“Airtel Payments Bank today announced that it has launched Aadhaar-enabled payment system (AePS) at over 250,000 banking points across India. Customers of any bank with Aadhaar-linked bank accounts can now make financial transactions at the designated banking points of Airtel Payments Bank. Customers of Airtel Payments Bank can also do financial transactions at any AePS […]
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Global

RBI Proposes Draft Rules to Set up Alternative Retail Payments System

February 11 2020

“The proposed umbrella body will set up, manage and operate new payments system, especially in the retail space, comprising of but not limited to ATMs, White Label PoS, Aadhaar-based payments and remittance services. It will develop new payment methods, standards and technologies and also operate clearing and settlement systems.”
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Global

‘Low KYC’ Norm to Help Mobile Wallets Retain Their Customers

February 7 2020

“In a move set to bring relief to scores of mobile wallet firms such as Paytm, PhonePe, Amazon Pay and their several million users, the Reserve Bank of India (RBI) will allow wallet service providers to continue operating their millions of non-compliant know-your- customer (KYC) accounts which earlier faced cancellation after placing certain transnational limitations.This […]
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Companies

Paytm Builds ‘Contactless In-store Ordering’ Solution for Restaurants After Lockdown

April 28 2020

“Paytm on Monday said it has developed a ‘contactless in-store ordering’ solution to help restaurants and eateries minimise physical contacts for menu, billing and cash transactions after these businesses open after the lockdown. The digital payments major aims to onboard over one lakh restaurants for the solution. It is looking at tapping into top-30 cities […]
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Deals

KKR caps Jio deal, upping payments reach in Asia

May 22 2020

“KKR & Co. said it negotiated its biggest Asian transaction, a $1.5 billion deal to buy stake in Mukesh Ambani’s India-based digital platform business, in 10 days. The New York-based private equity firm on Friday said it’s buying a 2.3% stake in Jio Platforms Ltd., the telecom and digital services holding company controlled by Ambani’s […]

On The Wires

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Domains

PayU Launches Initiative to Support Residential Societies Collect Dues Amidst COVID-19 Pandemic

May 18 2020

“PayU, India’s leading payment gateway, has launched an initiative to help residential societies and its residents to collect and transfer their dues online amidst COVID-19 pandemic. Through PayU’s offering, a resident welfare association (RWA) will be able to build a free customized website for its society with a built-in payment gateway and give residents a seamless checkout experience. The […]
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Domains

MoneyGram Partners With Federal Bank to Expand Account Deposit Capabilities to Millions of Consumers in India

May 15 2020

“MoneyGram Payment Systems, Inc., a wholly owned subsidiary of MoneyGram International, Inc. (NASDAQ: MGI ), a global leader in cross-border P2P payments and money transfers, today announced that it has entered into a partnership with The Federal Bank Limited, a leading private sector Bank in India,  for a strategic  partnership to offer a cost-effective direct […]
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Companies

Facebook Invests $5.7 Billion in India’s Jio Platforms

April 22 2020

“One focus of our collaboration with Jio will be creating new ways for people and businesses to operate more effectively in the growing digital economy. For instance, by bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp, we can enable people to connect with businesses, shop and ultimately purchase products in a […]