PayU to widen fintech play, bets on cross-border payments, offline business

PayU to widen fintech play, bets on cross-border payments, offline businessNaspers-owned payments gateway PayU India is betting big on the fintech space in India. While its primary focus will be on payments, particularly cross-border payments, it is also entering the credit business and offline space. In an interaction with VCCircle, PayU co-founder and chief operating officer Shailaz Nag said that the Gurgaon-based company plans to […]

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Now government to take on VC-backed wallet startups with ‘cashback’ for BHIM app

For-BHIM-Story_Ankit-Kumar2Aimed at giving a boost to digital transactions, the government will soon announce a cashback scheme for Bharat Interface for Money (BHIM) app users, Amitabh Kant, CEO, NITI Aayog, has said. Since its launch in end-December,  BHIM app has been downloaded by 17 million users, creating a world record, Kant said, adding that other digital […]

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Will abundant cash supply poop the m-wallet party?

Mobile-wallet_feWithout a doubt, digital wallets have been the biggest beneficiary of Prime Minister Narendra Modi’s November move to scrap high-value banknotes. The resultant cash crunch brought thousands of borderline and non-users into the ecosystem, something that would have otherwise taken a few quarters. Data on payment systems released by the Reserve Bank of India (RBI) […]

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ICICI Bank allows UPI transactions through Flipkart’s PhonePe

In U-turn, NPCI tells PhonePe to adhere to UPI normsAfter weeks of confusion and a near-verbal spat between Flipkart’s e-wallet PhonePe and ICICI Bank, the private sector lender has finally allowed UPI-based transactions on the payments app. “The merchant has now adhered to the NPCI guidelines on interoperability by making the necessary corrections in its app,” an ICICI Bank spokesperson said in a statement […]

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Flipkart’s PhonePe lashes out at ICICI, accuses bank of ‘flexing muscle’

FlipkartThe tussle between Flipkart’s digital wallet PhonePe and ICICI Bank over the UPI payments issue has taken the form of a public spat, with the startup’s founder and CEO Sameer Nigam accusing the country’s biggest private-sector lender of “flexing its muscle to overcome what they believe is competition.” On Saturday, PhonePe had halted payments through […]

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Flipkart halts UPI payments after NPCI reverses stand in ICICI-PhonePe tussle

For-GolfLan-Story-VC_ThinkstockPhotos-590062312Flipkart-owned PhonePe has halted payments through the unified payment interface (UPI) option on the e-commerce company’s app as National Payments Corporation of India (NPCI) and ICICI Bank turn up the heat on the digital wallet to adhere to interoperability norms, a financial daily reported on Saturday. “PhonePe has disabled UPI-based payment support for its merchant […]

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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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Flipkart-owned PhonePe crosses 10 million downloads in two months

PhonePeMobile payments entity PhonePe Internet Pvt. Ltd has crossed the 10 million downloads mark on the Google Play Store. The Flipkart-owned PhonePe, which launched its app based on the unified payment interface (UPI) platform about two months back, gained traction after the government’s demonetisation move, a report in a financial daily said on Wednesday. The […]

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Will digital wallets survive the UPI onslaught?

For-Digital-Wallet-Story-TC_ThinkstockPhotos-535412474In the last two months that demonetisation has dominated dinner-table conversations, digital wallet Paytm has had a dream run, clocking unprecedented numbers. TechCircle recently reported that Hero Corporate Services chairman Sunil Munjal was reportedly looking to buy a stake in the digital wallet firm at a staggering valuation of $5.7 billion. Though it’s been a […]

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