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    Economic Times (India)

    News about Economic Times (India).

    Indian bank offers sound-based contactless payments

    October 28th, 2016

    India’s Yes Bank is to integrate ToneTag’s sound-based contactless payments system into its Yes Pay mobile wallet, The Economic Times reports. ToneTag uses sound waves instead of NFC to connect a smartphone, that has a mobile wallet app installed, with a POS device, allowing owners to make contactless payments. “We are bullish about our alliance as we continue to strive in making payments seamless for end users,” says Ritesh Pai from Yes Bank.

    Paytm moves towards launching payments bank

    May 4th, 2016

    Indian mobile payments provider Paytm has partnered with IT services company Wipro for the launch of its payments bank, which is expected in the first quarter of this fiscal year. “Wipro will implement core-banking solutions for Paytm and also the programme to manage the integration of other key systems,” says The Economic Times. The company plans to double its in-store merchant acceptance to four million locations this year.

    Paytm aims to sign up 4m stores in India for mobile payments

    March 14th, 2016

    Indian mobile payments platform Paytm plans to double its in-store merchant acceptance to four million locations this year, the company’s CEO has told Economic Times. “This year, we will be present offline in every nook and corner,” Vijay Shekhar Sharma said. “Our offline payments will become as big as our online payments.” Paytm users can complete in-store transactions by scanning a code with their mobile phone.The company is also currently trialling sound-based payments.

    Axis Bank customers to get NFC wearables

    February 11th, 2016

    India’s Axis Bank has partnered with fitness technology provider GOQii to develop a wearable device that will allow its customers to make contactless payments. “The device will allow consumers to make NFC payments and will come loaded with the regular fitness related features like the coach etc that the GOQii bands come with,” the bank’s Rajiv Anand told Economic Times. The two companies expect to roll out the device in the coming months.

    Paytm trials sound-based payments

    January 15th, 2016

    Indian mobile payment platform Paytm is trialling a Sound Pay feature that will enable users of its mobile app to make in-store payments via ultrasonic sound waves which transmit data — including payment amount and customer credentials — to the point of sale. “Once the consumer’s app transmits data, the seller’s app checks whether there is enough money in the Paytm wallet before the transaction is completed,” Economic Times reports.

    India’s Oxigen Wallet to add virtual prepaid cards?

    November 18th, 2015

    Indian mobile wallet provider Oxigen Wallet is in talks with Visa, MasterCard and RuPay over launching virtual prepaid cards in the country, Economic Times reports. “Today, a wallet is accepted at a merchant’s platform only if the merchant has agreed to accept it,” chief executive Ankur Saxena said. “This (virtual prepaid card) allows us the freedom to have the wallet accepted anywhere a Visa, MasterCard and RuPay gets accepted. We don’t want our wallet to be limited to X number of merchants; we want it to be used everywhere.”

    SBI to launch feature phone wallet

    November 16th, 2015

    State Bank of India (SBI) is to launch Batua, a mobile wallet service that works on feature phones, The Economic Times reports. “The bank is also planning to launch another version of Batua for very basic phones which does not offer internet access and does not entail downloading any app.” SBI is one of six banks currently testing a mobile payments service developed by Visa in Bangalore.

    Citrus Pay raises $25m

    October 19th, 2015

    Indian payment services provider Citrus Pay has raised approximately US$25m from a consortium of new and existing investors. “The latest round, which closed almost a month ago, values the company around $90m to $100m,” India’s Economic Times reports. Citrus Pay announced a partnership with gift card solutions provider Qwikcilver to enable in-store mobile payments using gift cards and vouchers last month.

    Alibaba and Ant Financial make “strategic investment” in India’s Paytm

    September 29th, 2015

    Chinese e-commerce giant Alibaba and its affiliate Ant Financial are to make a “strategic investment” believed to be worth some US$680m in Indian mobile payment platform Paytm through an agreement with its parent company One97 Communications…. More