In U-turn, NPCI tells PhonePe to adhere to UPI norms

In U-turn, NPCI tells PhonePe to adhere to UPI normsMaking a U-turn in the tussle between private-sector lender ICICI Bank and Flipkart’s digital wallet PhonePe, National Payments Corporation of India (NPCI) on Friday said PhonePe doesn’t adhere to interoperability norms of the Unified Payments Interface (UPI). NPCI, the umbrella organisation for all retail payments systems in India, added that PhonePe needs to first adhere […]

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ICICI Bank rejects NPCI call to unblock PhonePe

For-ICICI-Reject-Story_Shah-JunaidThe tussle between ICICI Bank and online retailer Flipkart’s digital wallet, PhonePe, isn’t likely to end soon with the private-sector lender again refusing to allow transactions through the payment app. The latest refusal comes after National Payments Corporation of India (NPCI), an umbrella organisation for all retail payments system in India, on Thursday evening asked […]

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Paytm Payments Bank gets RBI’s final approval

20161020_AK_Paytm-Head-Office-009Digital payments firm Paytm has finally got regulatory approval to launch its much-awaited payments bank. “Today, the Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you,” founder Vijay Shekhar Sharma wrote in a blogpost on Tuesday announcing the development. “Today, everything changes, […]

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PayPal in talks to buy into FreeCharge: Report

freecharge-by-shah-junaid-(19)_AGlobal online payments company PayPal Holdings, Inc. is in the final stages of a deal to invest in online wallet company FreeCharge, a media report said. PayPal could pick up a 25% stake in Snapdeal-owned FreeCharge for around $200 million, the Mint newspaper reported, citing two people aware of the development it didn’t name. The […]

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Vijay Shekhar Sharma sells 1% in One97 to raise $48.1 mn for payments bank

Vijay Shekhar Sharma, Founder, PaytmPaytm’s founder and chief executive Vijay Shekhar Sharma has sold 1% of his holding in the digital wallet’s parent firm One97 Communications Ltd, to raise nearly $48.1 million (Rs 325 crore). With the latest transaction, One97’s valuation reportedly stands at $4.8 billion (Rs 32,438.4 crore). The money will be used to fund the group’s proposed […]

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Paytm to merge wallet business with payments bank

PAYTM_Ankit_feOne97 Communications Ltd, the owner of digital wallet Paytm, said on Monday it will merge its wallet business with its upcoming payments bank to comply with Reserve Bank of India’s directions. The digital wallet will be transferred after the company gets necessary regulatory approval to start Paytm Payments Bank Ltd, it said in a blog […]

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MobiKwik launches ‘Lite’ app for users with slow net connectivity

MobiKwikDigital wallet firm MobiKwik on Monday launched a data-light version of its mobile application, targeting smartphone users and small business owners who face challenges of slow Internet connectivity that hampers access to digital payments. The MobiKwik Lite app’s size is as small as 1 MB and it can be downloaded in 30 seconds or by […]

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We are pretty much neck-to-neck with Paytm: MobiKwik’s Mrinal Sinha

Mrinal SinhaDigital wallet firm MobiKwik is betting big on the offline space and expects the biggest chunk of its business coming from this segment in the next 18-24 months. The Gurgaon-based company aims to increase the number of users almost five-fold within two years and says it is set to cross $2 billion in transactions this […]

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MobiKwik offers ‘profit’ to pique interest among wallet users

MobiKwikDigital wallet company MobiKwik, which last year missed the bus for a payments bank licence, has hurled a googly at its biggest rival Paytm by announcing an “annual profit” for its wallet users. Gurgaon-based One MobiKwik Systems Pvt Ltd, which has about 30 million wallet users and expects to increase this to 70 million users […]

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Fintech startup TranServ hires former MasterCard, MobiKwik executives

Salil-modyMumbai-based digital payments company TranServ Pvt Ltd has strengthened its top deck with two senior-level appointments. The company has appointed Salil Mody as senior vice president of corporate strategy and Ushpinder Singh as senior vice president and head of its merchant business. Mody, who most recently worked at MasterCard, will focus on driving corporate strategy, […]

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