PAYMENTS SOLUTIONS PROVIDER
NRIs, Indian tourists can now make QR code-based UPI payments in UAE
NIPL and Network International have teamed up to introduce QR code-based UPI payments in the UAE, offering Indian visitors a secure and familiar payment method. The collaboration aims to enhance the payment experience for tourists and NRIs in the region.
Shriram Life Insurance launches Deferred Annuity Plan
Shriram Life's Deferred Annuity Plan, starting at Rs 60,000 annually for ages 40-75, offers a 5-10 year deferment period before annuity payments commence. Providing a Return of Purchase Price, it ensures financial independence, particularly for entrepreneurs not under social security. Premium is refunded upon terminal illness or death, stated MD and CEO Casparus J H Kromhout.
NPCI international partners with Network International to expand UPI acceptance in UAE
The introduction of UPI payments in UAE through NPCI International and Network International aims to provide seamless payment experiences for Indian travelers and NRIs. The initiative reflects the growing global acceptance of UPI, with partnerships established in various countries for faster digital payments.
PSBs clock higher failure rates for UPI payments
In comparison, private players like HDFC Bank, Axis Bank, ICICI Bank, Yes Bank and IDFC First have an average UPI technical decline of 0.04%. Among private players, Bandhan Bank has seen technical declines of over 1%.
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.
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.
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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.
New UPI scam: Fraudsters send you 'Rs 200.00' and ask to return Rs 20,000; how to protect yourself from UPI overpayment scam
UPI overpayment scam: You should be careful before sending or accepting any UPI collect money request especiallly from unknown numbers or IDs. This is because scamsters have now become more sophisticated and specifically targetting various tricks to make sure you stay distracted enough to not notice the scam. Read here how a individual got saved from this scam and what you can do.
RBI's proposed digital payments intelligence platform will mitigate frauds, say experts
The Reserve Bank's proposal to establish a digital payments intelligence platform aims to combat fraud and enhance consumer trust. A committee led by A P Hota will assess the creation of this platform, leveraging advanced technologies to mitigate payment fraud risks.
Banking frauds triple in the past fiscal year: RBI data
The amount involved due to fraud in public banks was Rs. 10,507 crores, while private banks incurred losses of Rs. 3,107 crores. The number of frauds due to card and internet transactions shot up more than four times, with 29,000 cases being detected in FY24.
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.
How Jocata is helping financial services industry move from legacy systems to AI-powered solutions
Jocata’s low-code platform is driving the future of enterprise lending and embedded finance, says Prashant Muddu, Managing Director & CEO.
New rule for EPF death claim: Now physical claims can be processed without seeding Aadhaar
EPF death claim: The EPFO stated that it has received specific references from field offices indicating that they are unable to seed and authenticate Aadhaar in cases of death of EPF members. Note that Aadhaar details cannot be updated or corrected after a member passes away, which presents challenges for the field offices.
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.
EPFO extends auto claim settlement facility to education, marriage and housing advance
As per the statement issued by the retirement fund body on Monday, the auto claim settlement facility will bring down the settlement time from 10 days to within three-four days. EPFO expects around 22.5 million of its subscribers to reap the benefits of this facility.
Retik Finance sets 21st May 2024 as launch date
Retik Finance's upcoming launch on May 21, 2024, signifies a major advancement in the DeFi realm. With innovative products and strategic positioning, it aims to revolutionize the financial ecosystem, attracting investors and users alike.
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.
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.
NPST delivers stellar performance in FY 2024, posts 216% growth in YoY revenue
NPST excelled in FY 2024 with a 216% surge in annual revenue and a 310% net profit increase. The company secured orders for innovative solutions and plans to focus on AI/ML technologies for future growth in digital payments.
PayU's Wibmo building full-stack payment gateway solutions
PayU-owned Wibmo is emerging as a key offering for Naspers-backed PayU which is looking to venture deeper into business payments and enter newer markets.
Innoviti Technologies to raise Rs 115 crore by April end
Innoviti Technologies secured funding for mid-market expansion, aiming for profitability by Sep 2024. It provides SaaS tools to enterprise brands like Reliance and plans to initiate IPO proceedings.
How innovative solutions can help fix the Sec 43B conundrum for MSMEs
The amendment mandates adherence to payment deadlines of 45 days by the corporates to clear dues of MSMEs to avoid additional tax burdens.
Cashfree Payments launches new payment solution for software platforms
The solution aims to revolutionise the way software platforms like ERPs, CRMs, SaaS or billing platforms, provide payment experience to their end users.
Don't zap your apps out of play store
Google has reinstated several Indian apps on its Play Store after they complied with its billing rules. The tech giant charges a fee for its billing solution, which some developers find high. However, developers can use other billing methods outside the Play Store. While the courts are still reviewing the matter, Google has reinstated apps that complied. The Indian government is supporting startups, but Google argues its fees support the ecosystem. Google's dominance on Android raises concerns, but alternatives are limited.
NPST to provide Online Dispute Resolution solution to DCB Bank
Banking and payment services provider NPST has secured a contract with DCB Bank for an Online Dispute Resolution (ODR) solution. The ODR platform will streamline customer complaint addressal, enhance efficiency, and rationalize operational and compliance costs for the private sector lender.
Zoho launches Zakya to offer POS solutions in India
The billing app from Zakya can bill even when used offline. Sales personnel can use the mobile Zakya POS billing app to parallelly bill customers and shorten the checkout queue during rush hours.
MobiKwik files papers for Rs 700 crore IPO; CBDC payments top 1 million a day
Two years after its first attempt, digital payment service provider MobiKwik has filed draft papers for a truncated initial public offering to raise Rs 700 crore. This and more in today’s ETtech Top 5
Infibeam Avenues acquires 49% stake in capital markets software provider Pirimid Fintech
With the stake acquisition, Infibeam is looking to integrate its digital payments framework with Pirimid Fintech's capital market trading software for clients in India and globally.
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