- PayU To Surrender PayUMoney Wallet License; Will Focus On CitrusPay Online payment service provider PayU India has announced that it will surrender the license of its digital wallet PayUMoney. The services of the PayUMoney wallet will be closed by January 31, 2018 and the users have been asked to push the remaining amounts back to their bank accounts. Also, in order to avoid any kind […]
- MPOS Startup Mswipe Raises $31 Mn From UC-RNT Fund Of Ratan Tata, Others Mumbai-based mPOS startup Mswipe has reportedly raised $31 Mn funding in Series D round, led by UC-RNT Fund. UC-RNT Fund is the joint VC fund between Chairman Emeritus of Tata Sons, Ratan Tata and the University of California. Existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners also participated in the round […]
- Mswipe Acquires PayU India’s Offline Business To Expand Digital Payments PoS (Point of Sale) solutions provider Mswipe has entered into a strategic partnership with online payment service provider PayU India. According to the deal terms, Mswipe has taken over the offline merchant acquiring business of PayU India. Mswipe will merge PayU’s existing offline PoS division team into its existing operations and workforce expanding its network […]
- 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 […]
- Fintech Startup ZestMoney Secures $6.5 Mn Series A From PayU India Fintech startup ZestMoney has secured $6.5 Mn in its Series A round of funding led by PayU India. Existing investors, US-based Ribbit Capital and Omidyar Network, also participated in the round. This new round of funding aims to help ZestMoney further augment its risk engine and develop better in-house technology. It’ll also help the platform expand its […]
- E-wallets The Real Winners After Demonetisation Drive: Paytm Registers 1000% Jump In Add-To-Cash Transactions Just two hours after PM Modi announced the demonetisation of INR 500 and INR 1000 notes, a peculiar thing happened at Paytm. “At 10 o’clock, we saw some numbers which went through the roof. Our Google analytics had crashed and we were not able to track real time numbers. In the morning when we checked, […]
- Naspers Backed Online Payments Platform PayU Pockets Rival Citrus Pay For $130 Mn Gurgaon-based online payment service provider PayU has acquired its rival online payment gateway CitrusPay. The deal was closed at $130 Mn, making it by far the biggest M&A cash deal in Indian fintech. Post completion, Citrus Pay will be wholly owned by Naspers. Amrish Rau, MD, Citrus Pay, will become the CEO of PayU in […]
- PayU To Acquire Rival Citrus Pay In An All Cash Deal, Might Close Between $149-$179 Mn Naspers-backed PayU, a Gurgaon-based payment service provider, is in talks to acquire FinTech company Citrus Pay. The deal is expected to be somewhere between $149 Mn (INR 1000 Cr) to $179 Mn (INR 1200 Cr) and will be closed by the end of September this year. Investec, an international asset management group, is acting as […]
- PayUMoney Launches POS Business Terminal To Expand Its Reach To Small Merchants Gurgaon-based PayUMoney, an online payment solution by PayU India, has launched its POS business terminal. The step aims to transform retail experience for millions of small merchant outlets across India, thus inclining them towards paperless payment. There is no monthly rental, no minimum balance criterion, and there is an option to link any bank account. […]
- Paytm, PayU India, Oxigen Get In-Principle Approvals To Function As Consumer Bill Payment Platform Paytm, PayU India and Oxigen have got in-principle approvals for operating as Bharat Bill Payments Operating Unit, as announced by RBI. A total of 80 requests were received, out of which 62 were from non-banking entities. Till now, it has given approval to 33 applicants including aggregators like BillDesk and banks including SBI, ICICI, HDFC, […]