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ETtech Deep Dive: How RBI and NPCI are working to tackle mule account frauds
The RBI, the National Payments Corporation of India, and the Ministry of Home Affairs are teaming up with banks, financial institutions, and tech security companies to crack down on mule accounts and prevent fraud in the country's banking system.
Infibeam Avenues reports 55% jump in profits at Rs 147 crore for FY24
Infibeam Avenues, the Ahmedabad-based company behind CCAvenue payment gateway and BuildaBazaar enterprise software, saw its annual revenue soar by 61% to Rs 3,171 crore in FY24, compared to Rs 1,962 crore the previous year. Profit after tax also jumped significantly, rising 55% to Rs 147 crore from Rs 94.6 crore.
RBI tells online payments firms to track fishy transactions amid Lok Sabha elections
The central bank has also asked payment companies to monitor and report high-value merchant payments during ongoing general elections. In a letter dated April 15, the RBI asked payment system operators (PSOs) to prevent likely misuse of e-fund transfer systems to influence voters or indirectly fund poll candidates.
Track fishy transactions, RBI tells payment firms
In a letter dated April 15, the RBI asked payment system operators (PSOs) to prevent any potential misuse of electronic fund transfer mechanisms to influence voters or indirectly fund candidates who are participating in the elections.
Cred receives in-principle approval from RBI for payment aggregator business
Fintech firm Cred, supported by Peak XV, secures RBI's approval for PA business. Post final nod, it'll expand merchant payments, focusing on credit card bills. Cred collaborates with payment companies, plans QR payments and offline business, aiming for comprehensive user transactions.
Processing charges a drag on fast-growing payments startups
Digital payment startups are facing rising payment processing charges despite revenue growth, impacting profitability. High operation costs persist due to fees charged by network operators and system maintenance expenses.
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BillDesk reports slight growth in revenue, fall in profit in FY23
BillDesk's operational revenue increased to Rs 2,678 crore for FY23, with net profit at Rs 141.9 crore. Entrackr reported the financials, highlighting revenue stagnation and profit strain over the last three years, surpassing competitors like Razorpay and CCAvenue.
Innoviti Payments, Concerto Software get RBI payment aggregator licences
Innoviti, Vegaah, and Concerto Software secured RBI's online payment aggregator license. CCAvenue from Infibeam Avenues also received the license, offering unified payment experience and omnichannel service.
Infibeam Avenues picks up 20% stake in US-based AI company XDuce
Infibeam Avenues acquires 20% stake in XDuce for $10 million to boost international business and support US growth of CCAvenue. Rajesh Kumar, CEO of Phronetic.AI, highlights the integration of PhroneticAI capabilities with XDuce. XDuce offers business application implementations and integration services to a clientele including Bank of America, Morgan Stanley, and Deutsche Bank.
Paytm to invest Rs 100 crore in GIFT City; focus on cross-border payment solutions
Along with the GIFT city investment, Paytm said it will establish a development centre in GIFT City to build cross-border solutions and provide a technology backbone.
RBI ban makes online payment aggregators seek alternative business lines
Razorpay, Cashfree, Paytm and PayU cannot add merchants for their online payments business, this has allowed their rivals to grab market share
CCAvenue UAE launches QR Code solutions in Dubai
The Indian listed fintech wants to tap the broader omnichannel payments market opening up worldwide.
Infibeam Avenues receives RBI in-principle nod for payment aggregator licence
In March this year, the RBI issued a framework under which payment aggregators are mandated to obtain a license for acquiring merchants and providing them with digital payments acceptance solutions.
IAMAI calls founders meet to discuss Google's decision to make its billing system compulsory for in-app purchases
Google has made it compulsory for developers to use Google Play Billing system as the only method of payment for in-app purchases. The policy is applicable for purchase of digital goods and not physical goods.
Digital payments slip 30% on Covid-19 curbs
Digital transactions processed by leading firms, both online and offline, are bearing the brunt due to restrictions in place to prevent a Covid-19 outbreak. It has especially impacted the air travel, hospitality and retail sectors. While customer traffic on digital channels are still high, the value of transactions has significantly declined.
CCAvenue collaborates with Riyad Bank to make inroads into Saudi Arabia's digital payment space
In collaboration with Riyad Bank the company will expand its payment platform in Saudi Arabia at a time when there is an upsurge in the country’s eCommerce market.
Cashing in: 7 payment gateways for small businesses
Finalizing a payment gateway for your business depends on various factors like integrations, currency support, proactive customer support and more. We list here seven payment gateways that are suited for small businesses.
Infibeam invests in payment firm
Infibeam didn’t disclose the amount it invested, but in a news release said Instant Global would use part of the funds to acquire customers and merchants.
Infibeam Avenues invest in IGPL
The technology enables merchants and retailers to offer digital solutions to the largely cash transacting customers
Infibeam introduces payment acceptance through new UPI App Intent
UPI App Intent processes payments on native mobile applications using existing UPI supported apps like Phonepe, BHIM, and Tez etc
RBI should ensure fair MDR share: ePayment companies
As of now, MDR share is higher for the issuing entity while acquiring co gets a much smaller share.
New digital payments rules may empty wallets for payments businesses
Recent interventions done on merchant discount rate (MDR) are bound to have an impact on margins for payments businesses.
PayU India plans to double value of processed transactions to $1 billion per month
Co to launch products related to investments and lending in a bid to gain a foothold in all key financial technology domains by October.
FreeCharge-CCAvenue to give customers access to 1 lakh online merchants
With this, FreeCharge is the fastest growing wallet in the country and well on its way to being the Digital Payment Operating System of India.
Ringing Bells begins refunding customers after allegations of fraud
Ringing Bells has started refunding customers who paid upfront for Freedom 251 after intense scrutiny of its business model and allegations of fraud.
Ringing Bells starts refunding customers, to only offer cash on delivery
CCAvenue, the payment gateway used by Ringing Bells on its website, told ET that it has started refunds worth Rs 84 lakh for 30,000 transactions.
Startups' payment solutions making online buys easier
Their improved technology helps make the process faster and safer for shoppers.
SBI country’s first bank to set up payment gateway
"We will be brining in new merchant categories with a special focus on government merchants such as, central, state departments and municipal corporations," said an official.
Indian platform www.dhamaal.com launched for traders
Ahmedabad-based e-tailer and digital service provider Infibeam has teamed with payment gateway solution provider.
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