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Tag: payments

  • Phos and Silverflow Partner to Unleash End-to-End SoftPoS Payments Acceptance

    phos-x-silverflow-1 (1)

    30 April 2024, London, UK: – Phos, the worldwide chief in software program point-of-sale (SoftPoS) orchestration for companies, has partnered with the main cloud platform for world card processing, Silverflow, to assist companies leverage a best-in-class answer for accepting contactless funds straight to cell units.

    The partnership combines Phos’ revolutionary SoftPoS know-how with Silverflow’s trendy cost processing platform, to supply a complete and ready-to-deploy answer for banks, acquirers, cost service suppliers (PSPs), and unbiased gross sales organisations (ISOs).

    The built-in answer considerably reduces growth and implementation time, permitting purchasers to launch their SoftPoS choices quickly. Silverflow’s superior processing capabilities seamlessly complement Phos’ front-end elements, together with the cost app, terminal administration system, and service provider portal, empowering companies to supply a sturdy and user-friendly expertise.

    By utilising Silverflow’s cloud native structure, prospects will likely be supplied with a data-rich set that ensures greater approval charges, chargeback knowledge and cardholder data, equipping them for long-term success. This collaboration additionally expands the attain of the improved cost options throughout Europe by tapping into Silverflow’s presence within the ecommerce sector together with buying platforms, giant retailers and cost service suppliers (PSPs), enabling a really omnichannel proposition alongside Phos.

    Brad Hyett, CEO at Phos, stated: “Partnering with Silverflow positions us to ship an distinctive SoftPoS answer to the market. Their cutting-edge know-how and dedication completely align with our imaginative and prescient. We’re excited to empower companies with a quicker, extra seamless approach to settle for funds.”

    Anne Willem de Vries, CEO and Co-founder of Silverflow, added: “This partnership marks a major step ahead for our enterprise. By combining our experience with Phos, we’re offering a complete and ready-to-deploy answer that streamlines the go-to-market course of for our purchasers. We’re assured that this collaboration will unlock large progress alternatives inside the omnichannel funds panorama.”

    Phos and Silverflow are tech-native firms that champion innovation and agility and are dedicated to collaborating intently to facilitate user-friendly cost experiences throughout the globe. This shared DNA fosters a robust partnership that may empower companies, guarantee steady enchancment and market responsiveness, and revolutionise the way forward for funds.


    Rekha Nair

  • NHAI updated FASTag provider list! Paytm Payments Bank out; Fastag service will be available in these banks

    NHAI updated FASTag provider list! Paytm Payments Bank out; Fastag service will be available in these banks
    NHAI updated FASTag provider checklist! Paytm Payments Bank out; Fastag service will be available in these banks

    NHAI FASTag List National Highway Authority of India (NHAI) has launched the checklist of banks and NBFCs issuing FASTag. Actually, Paytm Fastag will not work after March 15. In such a scenario, Paytm Fastag customers can get it ported or deactivated earlier than March 15. Let us know in this text in which financial institution or NBFC Fastag service will now be available.

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    After the motion of Reserve Bank of India (RBI), Paytm Payments Bank has been banned. After the ban of Paytm Payments Bank (PPBL), the National Highways Authority of India (NHAI) has eliminated PPBL from the checklist of banks offering Fastag service.

    After this, NHAI has updated the checklist of banks and non-banking monetary corporations offering Fastag service. If you additionally use Paytm Fastag then you’ve got an opportunity. You can port or deactivate Fastag.

    Let us know in which banks or NBFCs Fastag service is available as per the revised checklist of NHI.

    Fastag service will be available in these banks

    • Airtel Payments Bank
    • Axis Bank Limited
    • Bandhan Bank
    • Bank of Baroda
    • Canara Bank
    • HDFC Bank
    • ICICI Bank
    • IDFC First Bank
    • IndusInd Bank
    • Kotak Mahindra Bank
    • Punjab National Bank
    • State Bank of India (SBI)
    • sure financial institution
    • Allahabad Bank
    • AU Small Finance Bank
    • Bank of Maharashtra
    • Equitas Small Finance Bank
    • Bank of Maharashtra
    • City Union Bank Limited
    • Federal Bank
    • Fino Payment Bank
    • Indian Bank
    • Indian Overseas Bank
    • Karnataka Bank
    • South Indian Bank
    • Syndicate Bank
    • UCO Bank

    Apart from these banks and NBFC establishments, Fastag service can be available in many different banks.

    What ought to Paytm Fastag customers do?

    Still many customers are utilizing Paytm Fastag. In such a scenario, customers can take refund of safety cash from the corporate earlier than March 15. For refund they will should contact Paytm Fastag buyer care quantity.

    The consumer will have to pick the choice to take away Fastag i.e. deactivate it. After the request, the consumer will obtain a hyperlink in a textual content message. Have to click on on this hyperlink. Now they’ve to pick their automotive quantity and take away the Fastag from the windscreen of the automotive.

    The technique of eradicating Fastag from the windscreen of the automotive known as Fastag closure. After this the consumer will should add this photograph on Paytm app. In this manner Fastag will be eliminated and the consumer will get the Fastag safety quantity again.

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  • Good News for Paytm users! UPI payments will not be stopped, got third party app license from NPCI

    Good News for Paytm users! UPI payments will not be stopped, got third party app license from NPCI
    Good News for Paytm customers! UPI payments will not be stopped, got third party app license from NPCI

    Paytm Latest Update: NPCI has permitted Paytm’s dad or mum firm One97 Communications Limited as a third party utility supplier for UPI. National Payments Corporation of India has given license to Paytm for UPI payments as a Third Party Application Provider i.e. TPAP beneath the multi-bank mannequin.

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    Paytm News : Before the deadline of March 15, Paytm has got a giant aid. Paytm got excellent news from NPCI. NPCI has given inexperienced sign to Paytm’s dad or mum firm One97 Communications Limited (OCL) as a third party utility supplier for UPI. National Payments Corporation of India (NPCI) has given this approval to offer UPI companies as a Third-Party Application Provider (TPAP) beneath the multi-bank mannequin. For this, 4 banks will work as Paytm’s associate banks i.e. Payment System Provider (PSP).

    Relief to Paytm customers

    Paytm customers will get the good thing about the inexperienced sign from NPCI. One97 Communication Limited has obtained the license of UPI as a third party utility supplier. This signifies that now Paytm customers and retailers will be capable of proceed UPI transactions from the Paytm app with none interruption. This is a giant aid information for Paytm earlier than the RBI deadline of fifteenth March. Now Paytm’s UPI service will proceed with the assistance of 4 banks.

    Joined fingers with these 4 banks

    Paytm has joined fingers with 4 banks to proceed the UPI service. Paytm has partnered with Axis Bank, HDFC Bank, State Bank of India, Yes Bank for third party purposes. Paytm’s UPI service will proceed with these banks. These 4 banks will work as PSP (Payment System Provider) of Paytm. According to NPCI, Yes Bank will act because the buying financial institution for present and new UPI retailers for One97 communication . @Paytm handles will be redirected to Yes Bank. NPCI has requested Paytm emigrate all its present handles and mandates to the brand new PSP banks as quickly as doable.

    Let us inform you that on January 31, the Reserve Bank of India had ordered to ban many of the companies of Paytm Payment Bank. RBI’s deadline is ending on March 15. RBI had proven strictness and mentioned that if Paytm desires to proceed its UPI service then it will should hyperlink it with another financial institution. For this, Paytm has now got license from NPCI. Paytm has signed agreements with 4 banks.

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  • Google Pay inks bond with India’s NPCI to expand UPI for international payments

    Google India Digital Services (P) Limited and NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), have signed a Memorandum of Understanding (MoU) to expand the transformative affect of UPI to international locations past India.

    Google Pay
    Google Pay indicators pact with NPCI to expand UPI fee exterior India.Photo Courtesy: Unsplash

    The MoU has three key aims.

    First, it seeks to broaden using UPI payments for travellers exterior of India, enabling them to conveniently make transactions overseas.

    Second, the MoU intends to help in establishing UPI-like digital fee programs in different international locations, offering a mannequin for seamless monetary transactions.

    Lastly, it focuses on easing the method of remittances between international locations by utilising the UPI infrastructure, thereby simplifying cross-border monetary exchanges.

    MoU goals to reduce down dependence on overseas forex

    The outlined aims will assist speed up UPI’s world acceptance, offering overseas retailers entry to Indian clients who will now not have to rely solely on overseas forex and/or, credit score or foreign exchange playing cards for making digital payments and may have the choice utilizing UPI powered Apps from India together with Google Pay.

    This is in alignment with NPCI’s endeavour of bolstering India’s place within the world digital fee panorama.

    Moreover, the MoU will even considerably contribute to simplifying remittances by lowering dependence on typical cash switch channels.

    Deeksha Kaushal, Director, Partnerships, Google Pay India, stated, “We are delighted to help NIPL in direction of increasing the attain of UPI to international markets.”

    “Google Pay has been a proud and prepared collaborator to NPCI and the monetary ecosystem, below the regulator’s steerage, and this collaboration is one other step in direction of our dedication to making payments easy, secure and handy. UPI has demonstrated to the world the step change that occurs in economies with the introduction of interoperable, inhabitants scale digital infrastructure and every financial system that joins such networks will create affect past the sum of elements. We are very excited in regards to the scope of this collaboration,” she stated.

    Ritesh Shukla, CEO – NPCI International Payments Limited (NIPL), stated, “We are happy to crew up with Google Pay to propel UPI onto the worldwide stage. This strategic partnership won’t solely simplify overseas transactions for Indian vacationers however will even enable us to lengthen our data and experience of working a profitable digital payments ecosystem to different international locations. We are additionally enthusiastic about enabling a seamless and extra linked international remittance community by additional increasing UPI’s cross-border interoperability function. With the success of UPI in a dynamic market like India we’re excited to additional our imaginative and prescient to rework the digital payments panorama globally. The world growth of UPI represents a transformative step in international commerce, enabling a seamless, safe, and cost-effective fee expertise for each retailers and clients worldwide.”  

  • MFTA reignites SHIFT – Payments Working Group and appoints Akshay Chopra and Imane Adel as Co-Chairs

    SHIFT Banner

    Dubai – UAE, 12 January 2024 – The MENA Fintech Association, the premier not-for-profit group devoted to serving fintech startups and established gamers throughout the Middle East and Africa, is worked up to announce the reignition of its Payments working group identified as SHIFT, marking a major leap ahead within the evolution of monetary expertise inside the area. The affiliation is delighted to nominate Akshay Chopra and Imane Adel as Co-Chairs to spearhead this revitalized effort.

    In a strategic transfer to amplify its dedication to advancing cost options and fostering innovation, MFTA has chosen business leaders Akshay Chopra and Imane Adel to information the SHIFT – Payments Working Group. Their wealth of expertise, forward-thinking strategy, and dedication to pushing the boundaries of fintech will undoubtedly elevate the group’s influence.

    About SHIFT – Payments Working Group

    The SHIFT – Payments Working Group is a collaborative platform underneath the MENA Fintech Association devoted to advancing and revolutionizing cost options within the area. By bringing collectively key stakeholders, thought leaders, and innovators, the working group goals to handle challenges, discover alternatives, and form the way forward for funds within the Middle East and North Africa. The inaugural planning lunch convened on the eleventh of January 2024, with the official announcement being made on the twelfth. The gathering comprised of leaders from varied totally different firms such as Mastercard, Visa, PayMate, Careem, Arbor Ventures, M2P, Gedia, RAK Bank, NearPay, Sumsub, Marshal, Fils, Cashin, and extra.

    The MENA FINTECH ASSOCIATION (MFTA) is an inclusive, not-for-profit affiliation that fosters an open dialogue for the MENA Fintech group, shaping the way forward for monetary providers within the area. We have a rising group of Fintech startups and SMEs, monetary establishments, expertise firms, academia, buyers, accelerators, as nicely as regulators and policymakers. Plus, cross-border data change platforms and collaborations create a conducive Fintech ecosystem.


    Rekha Nair

  • Payments Council of India Welcomes RBI Circular Enabling

    Mumbai, 23 December, 2023: The Payments Council of India (PCI), a consultant physique of non-banking fee trade in India, welcomes the Reserve Bank of India’s (RBI) transfer to allow the issuing of tokens for card by way of web and business banks.

    This RBI choice, introduced via a latest round, will empower cardholders by providing them a further choice to tokenize their playing cards for a number of service provider websites via a streamlined and unified course of. Card-on-File Tokens (CoFT) for a card can now be enabled via cellular banking and web banking channels, offering a handy and environment friendly means for customers to safe their transactions throughout numerous platforms.

    With over 56 crore tokens already created, CoFT has demonstrably improved transaction safety and approval charges. PCI had submitted representations to the RBI, outlining the trade’s readiness and preparedness for tokenization, together with strategies to fast-track the method. The trade members stay dedicated to a easy and profitable implementation of tokenization.

    Welcoming the RBI transfer, Chairperson of Card Networks Committee below PCI, and Group County Manager of Visa, Mr. Sandeep Ghosh mentioned, “We welcome this round of RBI for enabling tokenization via card issuing banks. This can be a recreation changer for the funds trade and also will improve convivence for the card holders.”

    Ms. Praveena Rai, Chief Operating Officer at National Payments Corporation of India (NPCI), and Co-Chairperson, the Payment Council of India, remarked, “This transfer will present shoppers with larger autonomy in managing card tokens, making it simpler to change and management them. This round displays the continued enhancement of safety within the digital fee ecosystem day by day. I’m assured that this step will increase shopper belief.”

    This strategic initiative displays the RBI’s dedication to enhancing the safety and suppleness of digital transactions, additional aligning with evolving shopper preferences and technological developments within the monetary panorama.


    Mansi Praharaj

  • RBI fines Paytm Payments Bank for breach of norms

    Banks face Rs.10K nice if their ATMs fail to dispense money for greater than 10 hrs







    The RBI has slapped a Rs 5.39 crore nice on Paytm Payments Bank for not complying RBI tips associated to know your buyer (KYC) norms and never reporting incidents of cyber safety breaches in time.

    The RBI stated {that a} particular scrutiny report and a complete system audit report has revealed non-compliance with norms by Paytm Payments Bank on the next grounds:

    The financial institution did not establish helpful proprietor in respect of entities onboarded by it for offering payout companies.

    It didn’t monitor payout transactions and perform danger profiling of entities availing payout companies.

    Reserve Bank of India.

    Reserve Bank of India.IANS

    The financial institution breached the regulatory ceiling of finish of the day steadiness in sure buyer advance accounts availing payout companies.

    Reporting a cyber safety incident with delay.

    Fine

    Fine (Representational Picture)Pxhere

    Failure to implement gadget binding management measure associated to ‘SMS supply receipt verify’, and

    Paytm Bank’s V-CIP infrastructure failed to forestall connections from IP addresses outdoors India.

    The RBI additionally stated that the motion relies on the deficiencies in regulatory compliance and isn’t meant to pronounce upon the validity of any transaction or settlement entered into by the financial institution with its clients.

    (With inputs from IANS)

  • Paytm Card Soundbox, India’s 1st with card payments feature, launched

    Visiting Nepal? Soon you can make payments using BharatPe, PhonePe, Google Pay and Paytm







    Paytm, India’s leading payments and financial services company and the pioneer of QR and mobile payments, on Monday launched its latest innovation — Card Soundbox.

    With this, the company will empower merchants to accept both mobile and card payments across all Visa, Mastercard, American Express and RuPay networks through its iconic Soundbox with ‘tap and pay’ that will help merchants scale their business.

    “Today with Paytm Card Soundbox, we take it to the next level. We have found that merchants and consumers need card acceptance as simply as mobile payments with Paytm QR Code. The launch of Card Soundbox will go a long way in merging the two requirements of merchants – mobile payments and card payments,” said Vijay Shekhar Sharma, Founder & CEO, Paytm.

    Paytm was the first company to launch audio-based confirmations with Paytm Soundbox, transforming in-store payments in the country.

    Paytm Card Soundbox, India's 1st With Card Payments Feature, Launched

    Paytm Card Soundbox, India’s 1st With Card Payments Feature, LaunchedIANS

    Focussed on creating technology-led innovations, the company continues to be the market leader in in-store payments with devices like Paytm Soundbox and Card Machines.

    “The Paytm Card Soundbox is yet another innovation that will enable small merchants to provide a seamless digital payment experience to their customers by easily accepting contactless card payments,” said Gautam Aggarwal, Division President, South Asia, Mastercard.

    After the recent successful launch of Paytm Pocket Soundbox and Paytm Music Soundbox, with Paytm Card Soundbox, the company is driving further convenience for merchants.

    With Paytm Card Soundbox, the company solves two problems for merchants — accepting card payments along with getting instant audio alerts for all payments. The launch of Paytm’s unique device will transform in-store payments by expanding payment acceptance for merchants by combining Soundbox with NFC or contactless debit and credit card payments with mobile payments.

    “Audio payment alerts have transformed digital payments in India and enabled many merchants to seamlessly digitise their businesses. Paytm Card Soundbox is India’s first Soundbox that will also accept contactless card payments and would further accelerate cashless transactions in the country,” said NPCI.

    The new Soundbox will provide both audio and visual payment confirmation through an LCD display to the merchant and the customer.

    “The launch of Paytm Card Soundbox demonstrates the importance of contactless card payments in today’s world. Visa is proud to be part of this innovation, which offers a versatile solution for merchants and aligns with the changing preferences of consumers in India,” said Sandeep Ghosh, Group Country Manager, India and South Asia, Visa.

    Digital payments

    Digital paymentsPixabay

    With built-in ‘tap and pay’ functionality, merchants will be able to accept card payments up to Rs 5,000. The device is powered by 4G network connectivity, providing the fastest payment alerts.

    With a 4W speaker, Paytm Card Soundbox enhances the clarity of payment alerts. It also has a long battery life of five days.

    “After revolutionising mobile payments by pioneering Soundbox in India, Paytm Card Soundbox will further boost digitisation in the country. It is India’s first Soundbox that also accepts card payments, this would help accelerate the growth of cashless transactions in the country and Amex is happy to be a partner with Paytm on this acceptance growth,” said Anurag Gupta, Vice President & Head – Acquiring & Network Issuing, American Express.

    Moreover, the device offers alerts in 11 languages that can be changed by the merchant through Paytm for Business app. Plus, with Paytm Card Soundbox, users with NFC-enabled smartphones can also pay through their phones using the tap feature.

    (With inputs from IANS)

  • France agrees to allow Indians to make UPI payments in rupees

    US President Joe Biden hosts dinner for PM Modi; Ambanis, Tim Cook, Sundar Pichai attend







    Prime Minister Narendra Modi has stated that India and France have agreed on utilization of the Unified Payments Interface (UPI) mechanism and it’ll start from the Eiffel Tower, which suggests Indian vacationers pays in rupees to go to the world well-known website.

    Addressing the Indian diaspora in Paris on the primary day of his go to to France, Modi introduced that the settlement for utilization of India’s UPI in France has been finalised.

    Modi France visit

    Modi holds bilateral meet with French President MacronIANS

    “The settlement for utilization of India’s UPI in France has been finalised. In coming days, it is utilization will start from Eiffel Tower. Soon Indian vacationers with the assistance of cell app can be ready to make fee in rupee to go to the Eiffel Tower,” the Prime Minister stated whereas addressing the diaspora.

    This will imply that now Indian vacationers pays in rupee to go to the Eiffel Tower, Modi knowledgeable the gathering.

    Modi France visit

    Modi France go toIANS

    In 2022, the National Payments Corporation Of India (NPCI), the umbrella organisation that provides UPI companies, had signed an MoU with France’s personal quick and safe on-line fee system, referred to as Lyra.

    Modi introduced the finalisation of the pact between Lyra and UPI, which makes it the primary such association for a European nation.

    (With inputs from IANS)

  • Implementation of increased tax on credit card payments on foreign tours postponed amid outcry [details]

    Rahul Gandhi guarantees to simplify GST regime into trader-friendly one minimal layer







    The Finance Ministry on Wednesday stated that there will probably be no change in tax assortment at supply (TCS) for all functions beneath the liberalised remittance scheme (LRS) for abroad journey tour packages, regardless of the mode of fee, for quantities as much as Rs 7 lakh per particular person each year.

    The hiked TCS charges would now grow to be relevant from October 1.

    Earlier, there have been protests when authorities had introduced that the TCS charges could be hiked and are available into drive from July 1.

    The fgvernment had notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023 by an e-gazette notification dated May 16, to take away the differential remedy for credit playing cards vis-a-vis different modes of withdrawal of foreign alternate beneath LRS.

    Credit card

    Representative picture

    After considerations had been raised by banks and monetary establishments, the federal government consequently held discussions with numerous stakeholders, and it was determined to present extra time for the implementation of revised TCS charges and for the inclusion of credit card payments in LRS.

    The increased TCS charges subsequently will now come into drive from October 1. It has now been determined after discussions with stakeholders that enough time could be given to banks and card networks to place in place requisite IT based mostly options.

    us economy, america, credit card repayment, credit card debt, new credit card debti, wallet hub report on credit card debt

    Reuters file

    The authorities has thus determined to postpone the implementation of its May 16, 2023 e-gazette notification. This would imply that transactions by worldwide credit playing cards whereas being abroad, wouldn’t be counted as LRS and therefore wouldn’t be topic to TCS. It has additionally been determined that the brink could be of Rs 7 lakh per monetary 12 months per particular person on all classes of LRS payments, by all modes of fee, regardless of the aim.

    Thus, for first Rs 7 lakh remittance beneath LRS, there shall be no TCS. Beyond this Rs 7 lakh threshold, TCS shall be 0.5 per cent (if remittance for schooling is financed by schooling mortgage), 5 per cent (in case of remittance for schooling/medical remedy) and 20 per cent for others. For buy of abroad tour programme bundle, the TCS shall proceed to use on the fee of 5 per cent for the primary Rs 7 lakh per particular person each year.

    The 20 per cent fee will solely apply for expenditure above this restrict, the Finance Ministry stated in an announcement.

    (With inputs from IANS)