PAYMENTS
SBI Card shares down 1.04% as Nifty gains
The stock quoted a 52-week high price of Rs 892.75 and low of Rs 649.0.
JSW Infrastructure to acquire 70.4% stake in Navkar Corp for Rs 1,012 cr
JSW Infrastructure on Thursday said it will acquire 70.37 per cent shareholding in Navkar Corporation for around Rs 1,012 crore, paving the way for its foray into the logistics industry.
HDFC Bank credit card charges, rules to change from August 1, 2024: Know about new late payment fee, bill payment rules
HDFC Bank announced major revisions to its credit cardholders about terms and charges. The following changes to your HDFC Bank credit card charges will come into effect on August 1, 2024.
Amazon tops up India payments business with Rs 600 crore
Amazon Pay India intensified competition with Paytm, PhonePe, and Google Pay, receiving a capital infusion of Rs 600 crore. The company invested Rs 950 crore in the platform and Amazon Seller Services, facing challenges due to RBI actions. With tie-ups for various services, Amazon Pay India reported significant operational revenue and narrowed net losses.
Hitachi Payment Services receives RBI nod for payment aggregator
Hitachi Payment Services has received RBI's final authorization to operate as an Online Payment Aggregator under the Payments and Settlement Systems Act, 2007. This authorization allows Hitachi to expand its digital services, offering comprehensive payment solutions such as UPI, Netbanking, and BNPL. The company processes over 2.5 billion digital transactions annually and aims to boost digital payment adoption and innovation across India.
Don't leave your crease: ICICI Bank asks UPI users to follow cricket strategy to stay safe from frauds
ICICI Bank issued a warning about rising fake UPI payment scams, urging caution through social media. They shared a video advising users to verify unexpected UPI notifications carefully to avoid scams where scammers claim to have sent too much money and pressure victims to return excess amounts urgently. This alert coincides with a significant increase in digital payment fraud cases reported by the RBI. ICICI Bank encourages prompt reporting of cybercrimes and offers tips to protect against fraudulent transactions.
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Share price of SBI Card falls as Sensex gains 434.34 points
Promoters held 0.0 per cent stake in the company as of 31-Mar-2024, while FII and DII ownership stood at 8.59 per cent and 9.95 per cent, respectively.
In depth: AI builds a bridge to the last mile
Kishan Pal, a 43-year-old farmer from Bijnor district in Uttar Pradesh, uses AI-based voice payments to instantly send money to his mother, Savitri, in Ballia, UP.
Beware... 800 online financial frauds a day
Furthermore, if all the cases from the National Cyber Crime Reporting Portal are included, the surge is even higher. Many frauds reported on the portal are not recorded as banking frauds because the money is transferred voluntarily to a third party masquerading as a merchant or service provider.
These Paytm wallets will be closed on July 20, 2024
Latest on Paytm: In March, the Reserve Bank of India (RBI) issued guidelines that prohibit Paytm Payments Bank Account/Wallet from receiving new deposits or authorizing credit transactions beyond March 15, 2024.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
RBI mandates credit card bill payments through BBPS, but only 8 of 34 banks are live on the network, causing concern among payment companies like PCI for an extension.
DICGC needs more resources
The Deposit Insurance and Credit Guarantee Corporation (DICGC) needs to increase its reserve ratio, manage treasury proactively, and upgrade its digital infrastructure to meet future payment obligations, as per a research paper in the RBI bulletin.
AGS Transact to raise Rs 200 crore to expand operations
In an exchange filing the company had said that its board of directors had approved fund raise by way of preferential warrants to Promoter and Promoter Group along with Non-Promoters at a price of Rs. 79.25 per share.
RBI grants Payment Aggregator license to SabPaisa
SabPaisa, a payment solutions provider, has received final approval from RBI to function as a Payment Aggregator under the Payments and Settlement Systems Act, 2007. Pathikrit Dasgupta, the CEO, highlighted the milestone, dedication to excellence, and aspiration to emerge as a premier fintech entity in India.
Master Card pushes for changes in digital payments in Europe; here are the details and the impact of this move
Master Card will be pushing to introduce 100% tokenized payments in Europe by 2030. This will ensure better cyber security and ease of payments.
SBI Card shares decline 0.48% as Sensex climbs
A total of 16,885 shares changed hands on the counter till 01:23PM (IST)
A report shows, India's non-cash payments on ecommerce platforms surge to 58.1% from 20.4% six years ago
India has seen the fastest jump in alternative payment share for ecommerce payments in the Asia Pacific region from 20.4% in 2018 to 58.1% in 2023 says a report by GlobalData, a data and analytics company. The report showed that such alternative payments are already popular in countries like China and India and are gaining traction in other APAC markets.
Aurionpro Payments gets RBI nod to operate as online payment aggregator
Aurionpro Payment Solutions, a Mumbai-based technology company, authorized by RBI as an online payment aggregator via AuroPay, with shares closing at Rs 2,669.40 on BSE.
Nestle India revises record date for dividend payment, scraps increasing royalty fee to parent
Nestle India changed the record date for final dividend payment to July 16, recommended Rs 8.5 dividend per share, if approved by the AGM which is set to meet on July 8.
Paytm shares soar over 8% after laying off employees as part of group restructuring
Paytm has been facing regulatory trouble after the RBI barred Paytm Payments Bank Ltd from accepting more deposits from February 29, owing to non-compliance. After declining 51% in the last one year, Paytm saw some positive action with the shares rising 13% this month.
Fino Payments Bank eyes tripling digital banking revenue share by FY25
Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank's exit. To capitalise on this, they're ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year. Since December, Fino has deployed around 14,000 QR codes which reported 300,000 transactions valued at Rs 33 crore.
Trump Media shares fall after Donald Trump's hush money conviction
Shares of Trump Media & Technology Group dropped 6.5% after a New York jury convicted former President Donald Trump for falsifying documents. The presiding judge, Justice Juan Merchan, set sentencing for July 11, just before the Republican National Convention.
IRDAI in favour of 100% cashless claim settlement in health
In terms of cashless claims, the regulator wants insurers to decide on authorisation requests within one hour of receipt. It has directed insurance companies to put in place necessary systems and procedures to meet the new guidelines by July 31, 2024.
360 ONE Prime to raise Rs 500 crore through NCD, effective yields may go up to 9.8%
360 One Prime on Friday opened its second tranche of fund raising of Rs 500 crore through the issue of non-convertible debentures (NCD) which might effectively yield 9.2% to 9.86% p.a. The issue will be closed on June 6.
Paytm shares rally 5% despite widening net loss in Q4
Despite widened net loss and a revenue drop in Q4, Paytm's shares closed near a 5% upper circuit. Impact of disruptions from UPI transition and Paytm Payments Bank embargo cited. Impairment provision of Rs 227 crore for investment in PPBL recorded.
HSBC and StanChart step up GIFT City play, buy stakes in CCIL-IFSC
"Being the global bank that we are, what we do, therefore, is connect India to the rest of the world and connect the rest of the world to India and GIFT is clearly onshoring what was happening offshore," HSBC India CEO Hitendra Dave told ET.
Paytm among worst performing fintech stocks as earnings loom
Emkay Global’s analyst Anand Dama expects a further 16% correction, arguing that the fourth quarter results “won’t capture the full extent of business disruptions caused due to the drop in UPI and bill payment market share.”
Stocks in news: Godrej Properties, Whirlpool, Solara Active Pharma, TCS, Nestle India
Bandhan Bank reported a net profit of Rs 54.62 crore for the quarter ended March 2024, which was down from Rs 808 crore in the year ago period.
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