INSTANT PAYMENT
Is it a good idea to get a personal loan for travel?
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Raselle Capital VCC pays Rs 1.23 cr to settle FPI violation case with Sebi
Foreign portfolio investor Raselle Capital VCC has settled a case related to the alleged violation of FPI rules with capital markets regulator Sebi after paying Rs 1.23 crore as settlement charges.
RBI, ASEAN countries to create instant cross-border retail payments platform
The Reserve Bank of India and ASEAN nations are collaborating on "Project Nexus," aimed at establishing a platform for instant cross-border retail payments by linking fast payment systems. India joins Malaysia, Philippines, Singapore, and Thailand as founding members, with plans to expand globally by 2026, enhancing efficiency and reducing costs in international transactions.
India, four SE Asia countries plan instant retail cross-border payments
Five central banks from India, Malaysia, Thailand, Singapore, and the Philippines collaborate on Project Nexus, a cross-border retail payments platform set to launch by 2026, facilitated by the Bank for International Settlements (BIS). Nexus will integrate digital payment systems like India’s UPI and Singapore’s PayNow, potentially linking 1.7 billion people globally.
IPOs of Flipkart, PhonePe could take couple of years: Walmart executive
Walmart's Flipkart marketplace and PhonePe digital payments platform could have IPOs in the next couple of years, as stated by Walmart's executive, Dan Bartlett.
HDFC Bank's netbanking services will not be available for several hours on 9th and 16th June. Check details
HDFC Bank announces scheduled maintenance for online services on June 9 and 16, affecting netbanking, mobile app services, and transactions including UPI payments.
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NPCI, Peru central bank ink pact to build UPI-like payments system
The partnership makes Peru the first South American nation to adopt NPCI’s technology. It will enable BCRP to facilitate instant payments between individuals and businesses within Peru, and expand the usage of digital payments among the country’s large unbanked population.
Stripe pulls back from India; Oxyzo FY24 results
Citing stricter regulatory requirements, US payments major Stripe has shifted to an ‘invite only’ mode in India. This and more in today’s ETtech Top 5.
US payments firm Stripe pulls back from India; cites regulatory changes
Stripe has shifted to an 'invite only' mode in India for merchants, citing strict KYC requirements. The move may indicate a shift towards cross-border payments, with support for more Indian merchants expected by the second half of 2025.
Razorpay launches Q-Zap, new solution for faster offline billing
Razorpay launches Q-Zap for offline payments, reducing billing time by 40% and operating costs by 20%. Offers seamless integrations with 120+ billing partners for efficient processing.
Nestle India shareholders reject proposal to hike royalty to parent
Majority of Nestle India shareholders reject proposal to increase royalty payout to Swiss parent Nestle SA. 57.18% shareholders voted against, including 70.8% public shareholders. The board approved a 5-year royalty increase from 4.5% to 5.25% of net sales. Proposal included Maggi instant noodles and Nescafe instant coffee.
You can use PhonePe on your next trip to Sri Lanka
Indian fintech giant PhonePe has launched its UPI services in Sri Lanka, enhancing cross-border fintech connectivity. The event was attended by dignitaries including the Central Bank Governor and India's High Commissioner. This milestone partnership with LankaPay enables Indian visitors to make secure UPI payments in Sri Lanka, promoting digital transactions and financial integration between the two nations.
UPI growth 2.0: Efforts on to crack DBT code
UPI user base has been hovering around 300 million for some time; RBI, banks are trying to push up this number.
HDFC Bank launches virtual credit card: Up to 5% cashback, Rs 500 annual fee; check all features
HDFC Bank has launched a new digital credit card called Pixel Play Credit Card that allows allows you to customize benefits to fit your lifestyle. Here is a look at important features of HDFC Bank’s Pixel Play Credit Card, as per the HDFC Bank website.
Paytm UPI Lite Wallet: No PIN required, add up to Rs 4,000 daily in wallet, per transaction limit, how to use
Paytm UPI Lite Wallet approach helps users manage their small daily expenses efficiently, without the hassle of multiple entries in their bank passbooks, with no PIN requirement, ensuring an organized and simplified financial tracking.
NPCI to delay payments market cap, helping Walmart-backed PhonePe, Google Pay
India delays market share caps for digital payments, benefiting PhonePe and Google Pay. NPCI extends UPI market share cap deadline. PhonePe's UPI share increases to 48.3%, while Google Pay's decreases. Total transactions volume reaches 11.5 billion.
UPI Service providers sought regulatory intervention to make transactions remunerative
The UPI payment ecosystem is currently under the sway of two major players – Google Pay, commanding a substantial 47% market share, and PhonePe, a Walmart subsidiary, holding a significant 37% share. This duopoly underscores the competitive landscape and the uphill battle faced by smaller players.
RBI Guv Shaktikanta Das discusses ways to scale up UPI ecosystem with stakeholders
Reserve Bank Governor Shaktikanta Das held a meeting with banks, NPCI, third-party application providers, and technology service providers to discuss strategies for expanding the UPI ecosystem. The discussions covered strategies for scaling up UPI infrastructure, expanding product portfolio, and addressing challenges in the ecosystem. The central bank will examine suggestions and take appropriate action. The meeting was attended by RBI Deputy Governor T Rabi Sankar and other senior officials.
Brazilian payment company Ebanx set to start India operations with Yes Bank
Ebanx helps nearly 300 brands process payments in multiple countries across Latin America and Africa. It now wants to enter India, which will be its first market in Asia. It will offer payments infrastructure for global brands looking to sell to Indian consumers, who can use Ebanx to pay through the local currency and by using local payment methods.
India, Ghana agree to operationalise UPI link in 6 months
India and Ghana plan to implement UPI on GHIPSS in 6 months. JTC meeting explored MoU on Digital transformation, Local Currency Settlement, AfCFTA opportunities in Accra, led by Commerce Ministry.
Lightning-fast bill payments with PayZapp: Know how you can pay electricity bills with a single swipe
PayZapp by HDFC Bank simplifies bill payments with digital banking, multiple bill management, one-swipe feature, promo code savings, and versatile payment options. Enjoy efficient bill payments with added benefits across Android and iOS devices.
NPCI inks pact with Bank of Namibia for developing UPI-like instant payment system
This strategic partnership aims to enhance digital financial services and bolster real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in the African nation.
T+0 settlement cycle: Dalal Street ahead of Wall Street, a precursor to instant settlement
Last month, after a long debate we witnessed the part implementation of T+0 settlement cycle for trading in the securities markets. Timely and quicker settlement is a sign of an efficient market as it reduces the risk of any wrongdoing.
IRCTC train ticket online booking: Pay for a ticket only when it's confirmed, get instant refund if cancelled; here's how
IRCTC online train ticket booking: There is a mechanism using which you can book a train ticket online on IRCTC's app and website and not pay money immediately unless you get a confirmed ticket. This feature is however only available on IRCTC's iPay payment gateway and not others. Read here to know how to use it.
PM Modi- Emmanuel Macron summit to focus on fintech
UPI, an instant payments system, introduced by the National Payments Corporation of India (NPCI) in 2016. It has since become a game changer in India's payments ecosystem, easing payments and transfers, and playing a major role in accelerating digital adoption in the country.
US firm ACI Worldwide sees a spot in cross-border payments business here
Says technology for cross-border payments is already available, needs regulatory push for greater adoption
Indians can now receive instant remittances from Singapore via major UPI apps: NPCI
Indians can now receive remittances from Singapore directly into their bank accounts in real-time, thanks to the new UPI-PayNow linkage announced by the National Payments Corporation of India (NPCI). This breakthrough enables users of popular UPI and bank apps, including SBI, Axis Bank, and ICICI Bank, as well as BHIM, PhonePe, and Paytm apps, to access this service.
PPFAS Mutual Fund launches Instant Access Facility in liquid fund
Speaking about the launch of the Instant Access Facility, Neil Parag Parikh, Chairman and CEO of PPFAS Asset Management, said, "At PPFAS AMC, we are committed to providing our investors with the best possible investment experience. The Instant Access Facility is a step in that direction, providing investors greater flexibility and convenience in managing their investments. Currently, the IAF shall be available on the PPFAS SelfInvest Website. Subsequently, the AMC may offer the same through other electronic/digital platforms."
UPI crosses 10 billion transactions in September for second straight month
In terms of the total value of funds settled, UPI recorded Rs 15.80 lakh crore in September, slightly more than the Rs 15.76 lakh crore recorded in August.
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