Being a payments bank, Mumbai-based Fino cannot offer credit from its own balance sheet. It needs to work with other lenders as a sourcing partner. The bank is currently undertaking pilots around products such as home loans, gold loans and other micro-credit products for merchants.
Google Pay has begun implementing a convenience fee on utility bill payments made using credit and debit cards, charging between 0.5% and 1% plus GST. This move signifies a trend towards monetising UPI transactions to recover payment processing costs. UPI-linked bank account payments remain fee-free.
Google Pay has started charging a convenience fee for bill payments made with credit and debit cards, with fees ranging from 0.5% to 1% of the transaction value plus GST. This move highlights a shift towards monetizing UPI transactions to offset processing costs as UPI adoption grows.
The government on Wednesday said that a recent circular issued by the National Payments Corporation of India (NPCI) has no impact on the overall FASTag customer experience.
This announcement comes after several key appointments in their leadership, including the appointment of Ashok Patil as CRO for credit business, Dimple Mehta as Company Secretary, Rahul Bharadwaj as Head of Operations and the elevation of Deepak Mendiratta from CRO to CEO by PayU Finance, to name a few.
Paytm Cloud Technologies Limited has acquired a 25% stake in Seven Technology LLC, marking its entry into the Brazilian market. This strategic partnership with Dinie will enable Paytm to expand its financial services and merchant payments technology internationally, leveraging its expertise beyond India.
Banks and fintech firms are awaiting subsidy payments from the government for promoting digital payments. Despite applications being filed, no funds have been received so far. The subsidy program compensates banks for waived merchant discount rates (MDR).
During the recent Valentine’s Day and Republic Day sales, prepaid orders surpassed cash on delivery (COD) for the first time in four years. The prepaid adoption trend, driven by UPI payments and credit-based options, indicates a significant shift in shopping behavior, particularly in Tier 3 cities, making D2C shopping more affordable and attractive.
PhonePe has introduced a device tokenisation solution for credit and debit cards, enhancing security and simplifying the transaction process for users. The initial rollout supports Visa cards, with plans to expand to more networks. This solution benefits both consumers and merchants by offering faster transactions and reducing fraud risks.
Paytm aims to achieve profitability in the next quarter, with a focus on digital transactions. Founder Vijay Shekhar Sharma assures that growth will come from the payment business and lending, despite past regulatory challenges. Upgraded processes and compliance are in place, with continued efforts to engage and retain a large customer base.
