NPCI charges for credit line on UPI: The NPCI has released a circular to the banks regarding how charges will be levied on the pre-sanctioned credit line on UPI offered by banks. The charges specified in the circular will be effective from October 16, 2024. How the new charges on UPI credit line will impact …
Paytm founder Vijay Shekhar Sharma announced at the company’s 24th annual general meeting that they aim to achieve profitability soon. The company will strictly adhere to regulatory guidelines and adopt a compliance-first approach. Paytm plans to expand its merchant network and build cross-sell capabilities around financial services like loans, mutual funds, and insurance products.
T Koshy, MD & CEO elaborated on the operational dynamics of the network, explaining that ONDC provides the essential ‘language’, the framework for communication between buyer and seller interfaces. This model enables a gateway for buyer requests to be broadcast to sellers and maintains a directory of authorized service providers.
India is advocating for enhanced transparency from fintech firms, credit card companies, and payment aggregators at the Financial Action Task Force. The aim is to ensure sender and recipient details in cross-border transactions are accessible to law enforcement agencies. This proposal seeks to improve information sharing without imposing excessive costs on the industry.
The penetration of personal loans has seen growth, with increases of 24 per cent in Bihar, 21 per cent in Tamil Nadu, and 20 per cent in Uttar Pradesh in FY’24 compared to the previous year.
PhonePe has partnered with Liquid Group to enable Indian travelers in Singapore to make payments using the PhonePe app. This collaboration allows users to scan merchant QR codes and pay in Indian Rupees. The partnership also facilitates international remittances via UPI, enhancing convenience for NRIs in Singapore.
Bengaluru (Karnataka) [India], PayGlocal, a leading cross-border payment solutions provider, is thrilled to announce that it has received final authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator. This significant milestone allows PayGlocal to officially commence the onboarding of merchants, further cementing its position as one of the emergent …
PayGlocal gets RBI nod to operate as an online merchant payments company Read More »
The Fintech Association for Consumer Empowerment (FACE) aims to include smaller companies to enhance its representation and effectiveness. Recognized by the Reserve Bank of India as a Self-Regulatory Organisation, FACE plans to expand its membership, set up committees, and work on a fraud repository in collaboration with various authorities.
Indian students represent 25 per cent of Niyo’s clientele, making this move a strategic alignment with a growing segment. In 2023 alone, over 1.3 million Indian students went abroad for higher education, a number expected to surpass 1.5 million by 2025. Niyo is aiming to capture 50 per cent of this market by FY26.
Uttarakhand Finance Minister Premchand Aggarwal stated that the GST Council did not reach a decision on imposing 18 per cent GST on payment aggregators for transactions under Rs 2,000. The matter will be reviewed by the fitment committee. Additionally, the issue of GST on Research and Development will also be referred to the committee. Aggarwal …
