Economic Times (India)
News about Economic Times (India).
April 5th, 2017
Messaging app WhatsApp is exploring India’s Unified Payments Interface (UPI) platform “among other payment modes” for launching a P2P mobile payment service in the country. “For WhatsApp, which has 200m users in India, integrating UPI instead of building its own wallet would likely be a better option given the stricter guidelines for wallets put out by the Reserve Bank of India,” Economic Times reports.
March 16th, 2017
Indian mobile wallet users could soon be able to transfer money directly to each other, regardless of the service they use, if the Reserve Bank of India (RBI) goes ahead with plans to open up the Unified Payment Interface (UPI) platform to mobile wallet providers. “RBI is expected to issue guidelines shortly on interoperability and know your customer (KYC) norms for digital wallet companies,” sources told Economic Times. “RBI will also decide on the interchange fees between the wallets for them to be able to access the UPI framework.”
February 24th, 2017
India Post is to allow consumers to send and receive money using only their Aadhaar number from September 2017, when the government-operated postal system launches its own payments bank. “We will bring out a solution to make Aadhaar a payment address,” IndiaPost CEO AP Singh told The Economic Times. “People who already have an Aadhaar should be able to receive payment from any source.”
February 21st, 2017
Indian consumers can now make QR code-based mobile payments using BharatQR, a “low cost, interoperable mobile acceptance solution” backed by the Indian government and developed by Mastercard, Visa and National Payments Corporation of India (NPCI)….
February 13th, 2017
Indian mobile wallet provider Paytm wants to increase the number of stores where its QR code-based service is available from 3.5m to 10m. “The number of offline merchants in November was close to 1 lakh (100,000) and the company had hired 10,000 field-force to ramp up the number of offline users post demonetisation,” Economic Times reports.
January 27th, 2017
Customers of DCB Bank in India will be able to carry out transactions such as opening a bank account by having their eyes scanned and verified against the country’s Aadhaar biometric ID database. “A bank representative points the camera at the person’s eyes for about three to five seconds and the Aadhaar details are retrieved from the Aadhaar database,” The Economic Times reports. The feature will roll out to nearly 250 branches in the next six months.
January 19th, 2017
Niti Aayog, an Indian government policy think tank, is producing an index to rank Indian states based on the number of digital transactions made, according to Economic Times. The move follows the government’s demonetisation of Rs 500 (US$7) and Rs 1,000 ($14) banknotes and the launch of BHIM, a mobile payment service unveiled by prime minister Narendra Modi earlier this year.
December 20th, 2016
Indian consumers using the FreeCharge mobile wallet will have their wallet balance of up to Rs 20,000 (US$293) insured free of charge, Economic Times reports, as long as they are making transactions using the service at least once a month, through a partnership with Reliance General Insurance. Customers need to report a phone loss or theft to police and to FreeCharge by phone or email.
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.
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.
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.
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.
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.
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.”
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.
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.
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….