- Amid Cash Crunch, Mobile Wallets Register Significant Drop As Users Shy Away From Full KYC Despite demonetisation, cash still remains the primary means of payments India, as evident from the cash crunch that is currently brewing in the country. Along the sidelines, it seems that transactions of mobile wallets have dropped significantly due to stricter KYC norms that the RBI instituted last October. As per industry estimates, the fall, in […]
- A Major Setback For Mobile Wallets As SC Extends Aadhaar Linking Deadline India’s mobile wallet companies are in a complete state of bafflement after the Apex Court, on March 13, 2018, extended the deadline for mandatory linking of Aadhaar Card to avail various government services and welfare schemes. Voicing his concerns on Twitter, Bipin Preet Singh, CEO, MobiKwik said, “The timing couldn’t be worse for this SC […]
- After PayU, BookMyShow To Shut Down Wallet Service By February After PayU India, Mumbai-based BookMyShow has decided to discontinue its wallet service, MyWallet, by the end of February. The development comes just a few days after it was reported that the online ticketing platform was in final talks with private equity firm TPG Growth to raise $50 Mn–$60 Mn (INR 320 Cr–INR 380 Cr). As […]
- India Recorded 965 Mn Digital Transactions In October: RBI A lot has been happening in the Indian digital payments space. With the entry of big players like Google, Amazon and now PayPal and the government’s drive towards cashless economy, digital transactions in the country reached an all-time high of 965 Mn last month, as per RBI data. This is the highest volume of digital […]
- RBI To Allow Interoperability Between Mobile Wallets Within Six Months In a move that will make mobile wallet to mobile wallet transactions a reality, the Reserve Bank of India said on Wednesday that interoperability amongst KYC compliant Prepaid Payment Instruments (PPIs) will be implemented within six months of the date of issuance of the revised Master Directions. The Master Directions will be issued by the […]
- Armed With 100 Mn Users, BSNL Enters Digital Payments Race With Bespoke Mobile Wallet Indian state-owned telecommunications company Bharat Sanchar Nigam Limited (BSNL) has ventured into the digital payments space by launching a mobile wallet. Gurugram-based MobiKwik has developed the wallet on behalf of BSNL. The service will only be available to the in-house 100 Mn BSNL users. With the mobile wallet, BSNL users will be able to make […]
- Axis Bank In Talks To Acquire Freecharge For $100 Mn Mumbai-headquartered Axis Bank is reportedly in talks to acquire mobile wallet FreeCharge. A recent report states that the acquisition could fetch $100 Mn (INR 625 Cr) for parent company Jasper. Axis Bank is currently conducting due diligence on the Snapdeal-owned digital wallet service. Earlier in May 2017, it was reported that Bank of Baroda and […]
- Paytm Payments Bank Opens Today; To Offer 4% Interest Rate, Cashback On Deposits “A new star is born!” That’s how Paytm founder Vijay Shekhar Sharma shared the announcement of the opening of Paytm’s Payments Bank today. As per the snapshots shared by Vijay, the bank’s head office is in Noida. The Paytm Payments Bank will be the first bank to offer cashbacks on deposits. Every customer to open […]
- Amazon Pay Gets $10.5 Mn Push To Fuel Wallet Business In India Ecommerce giant Amazon has invested further in its wallet business. As per regulatory filings with the Registrar of Companies (ROC), the company has poured in about $10.45 Mn (INR 67 Cr) in Amazon Online Distribution Services, through its Singapore unit Amazon Capital Holdings and Amazon.com Inc. Ltd, Mauritius. Out of the total investment, the Mauritius […]
- Paytm Payments Bank To Debut On May 23, Confirms Vijay Shekhar Sharma Ecommerce and payments platform Paytm has finally geared up to roll out its payments bank on May 23, 2017. The development was confirmed by Paytm founder Vijay Shekhar Sharma on his social media handle. Coming Soon @PaytmBank ! #23May pic.twitter.com/YHpHk7A93h — Vijay Shekhar (@vijayshekhar) May 17, 2017 One97 Communications, the parent company of Paytm had […]
- Citrus Pay Surrenders Wallet License – Migrates Customers To PayU Money Fintech startup Citrus Pay has reportedly surrendered its wallet license as per the Reserve Bank of India’s latest list of entities holding prepaid payment instrument (PPI) licenses. An ET report states that its license was cancelled on April 19, 2017. Gurugram-based online payment service provider PayU acquired online payment gateway Citrus Pay in September 2016. […]
- MeITY Introduces Fresh Guidelines For Wallet Firms: Encourages Tighter Controls Over Data Security And Information Demonetisation was a boon for mwallet startups. The move to drive the nation to a cashless economy gave a big boost to the digital economy. In less than 24 hours, Paytm’s platform saw an overwhelming 435% increase in overall traffic – as millions of consumers across India moved to use their Paytm wallets to transact […]