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April 3, 2024
On the web
PhonePe Partners with Star Health Insurance to Offer Insurance with Monthly Payment Options
PhonePe
"PhonePe announced a partnership with Star Health and Allied Insurance Company Ltd., India’s largest retail health insurance Company, to offer customers health insurance with a monthly and annual payment option."
March 29, 2024
On the web
RBI Gives Aggregator Payment License to Amazon Pay [India]
India Infoline
"Amazon Pay, the digital payments arm of ecommerce giant Amazon India, has been granted a payment aggregator (PA) licence by the Reserve Bank of India. It now joins Zomato, Google Pay, Zoho, and others in being eligible to provide online merchant payment services to its customers."
March 18, 2024
On the web
Nepal Permits Digital Payments for Third Country Transactions
Kathmandupost
"After India, Nepal’s central bank has opened the digital payment system for third countries, pending the completion of necessary arrangements by Nepal’s commercial banks for its formal enforcement."
Instant Settlement Needed to Compete With Crypto, India's Markets Regulator Says
Yahoo Finance
"The chairperson of India's markets regulator has warned that if regulated markets don't offer instant settlement, investors will move to spaces like crypto. Settlement refers to the final step in payments and securities trade."
March 14, 2024
On the wires
India’s Paytm Gets Third-Party App License From Payments Authority
Reuters
"Indian digital payments firm Paytm, formally known as One 97 Communications was granted a third-party application provider license by the country's payments authority, which will enable it to facilitate payments after its banking unit ceases operations."
March 11, 2024
On the wires
India Cenbank Asks Card Issuers to Give Users Choice of Selecting Network
Reuters
"India's central bank said issuers of credit cards cannot enter into any arrangement or agreement with card networks that restrain customers from availing the services of other networks."
March 8, 2024
On the web
UPI is Now Accepted in Nepal
NPCI
"NPCI International Payments Ltd, the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service Ltd, Nepal’s largest payment network, have announced that Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal."
March 7, 2024
On the wires
Cashfree Payments Launches ‘Embedded Payments’, Enabling Software Platforms to Offer Seamless Payment Experiences for Businesses [India]
PR Newswire
"Cashfree Payments, India's leading payments and API banking company, launched 'Embedded Payments', India's first platform centric payment solution for software platforms."
March 4, 2024
On the web
India Central Bank Expects to Launch Interoperable Payment System for Internet Banking in 2024
Reuters
"India's central bank expects to launch interoperability of digital payment systems for internet banking in 2024 to enable faster fund settlements for merchants, Governor Shaktikanta Das said on Monday."
Google vs Indian Apps: Payments Industry Seeks Legal Changes Against Google’s App Billing Policy
The Economic Times
"Payments Council of India urges the government to amend laws and protect startups and payment aggregators from Google's monopolistic policies."
February 23, 2024
On the web
RBI Asks NPCI to Examine Paytm’s Request to Become 3rd Party App Provider
Business Standard
"Reserve Bank of India on Friday said NPCI has been asked to examine the possibility of it becoming a third party application provider for continued UPI operations of the Paytm app."
February 15, 2024
Top Post
India Central Bank Asks Visa, Mastercard to Stop B2B Payments via Fintech Platforms
Reuters
"India's central bank has asked Visa and Mastercard to stop card-based business-to-business payments such as rents or money transfer to vendors routed through third party fintech firms, according to two sources familiar with the matter."
On the web
Mastercard & Bank of Punjab to Boost Commercial Digital Payments in Pakistan
IBS Intelligence
"Mastercard and the Bank of Punjab have expanded their partnership to cover the commercial segment, ranging from large corporate entities and small and medium enterprises to freelancers and gig workers."
February 14, 2024
Top Post
Visa Halts Intermediated Commercial Card Payments in India Following RBI Order
Nasdaq
Visa V.N on Wednesday said it received directions from the Indian central bank to halt all transactions for business payment solution providers (BPSPs) in commercial and business payments in the country.
NPCI Seeks For Real-Time Payment Connectivity Between Indian and US Banks
StartupNews
"The National Payments Corporation of India (NPCI) and banks in the United States and India are reportedly in advanced talks to establish a real-time payment linkage between the two countries."
February 9, 2024
On the web
Indian Parliamentary Panel Red-flags PhonePe and Google Pay Cornering 83% of India's UPI Payments
TechCrunch
"An Indian parliamentary panel has urged the government to support the growth of domestic fintech players that can provide alternatives to the Walmart-backed PhonePe and Google Pay apps that currently command more than 83% of the country’s fast-growing digital payments market."
February 5, 2024
On the wires
Thousands of Accounts at India’s Paytm Payments Bank Set Up Improperly, Sources Say
Reuters
"India's central bank has found hundreds of thousands of accounts at Paytm Payments Bank created without proper identification and has passed the information on to the country's financial crime fighting agency, three sources familiar with the matter said."
January 31, 2024
Top Post
India Orders Paytm Payments Bank to Halt Business
TechCrunch
"The Reserve Bank of India (RBI) issued new strict curbs on Paytm’s Payments Bank, which processes transactions for financial services giant Paytm, barring it from offering many banking services, including accepting fresh deposits and credit transactions across its services."
January 12, 2024
On the web
Dubai First Takes the Lead as the First Issuer in the Region to Leverage Mastercard Token Connect Services
Zawya
"Dubai First, the consumer services platform under First Abu Dhabi Bank (FAB), has become the first issuer in the region to leverage Mastercard Token Connect to push customers’ tokenized card details from its mobile app to Click to Pay and digital wallets."
Major UPI Apps Enabled to Receive Remittances from Singapore via UPI-PayNow Linkage
NPCI
"The cross-border linkage between Unified Payments Interface (UPI) & PayNow is enabling Indians to receive instant, secure, and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts."
January 4, 2024
On the web
Fan of UPI? Watch Out for These Five New Rules Introduced This New Year
MobileAppDaily
"In its pursuit of providing cutting edge services, NPCI has introduced five new UPI rules that will make the system more secure, seamless and convenient for users."
India’s Digital Currency Transactions Top 1 Million/Day in Dec
Reuters
"Indian banks disbursed some employee benefits through the digital rupee in December, helping the Reserve Bank of India meet its target of one million daily transactions by end-2023, three sources directly familiar with the development said."
January 3, 2024
On the web
Tata Pay Gets Payment Aggregator License: Why It Is Significant [India]
NewsBytes
"The Tata Group's digital payments app, Tata Payments, has been granted a payment aggregator (PA) license by the Reserve Bank of India (RBI), reports the Economic Times (ET) allowing the company to facilitate e-commerce transactions on its platform, joining the likes of Razorpay, PhonePe, and Google Pay."
December 20, 2023
On the web
Cash Rules in India Despite Digital Payment Boom
BBC
"In November 2016 India abruptly scrapped two banknotes constituting 86% of all currency in circulation, in a move aimed at combating corruption and curbing undeclared wealth. But seven years later, cash continues to hold ground."
December 8, 2023
On the web
RBI Increases UPI Transaction Limits and e-Mandate Rules
OPP.Today
"The Reserve Bank of India (RBI) has made significant updates to the Unified Payments Interface (UPI) transaction limits and e-mandate rules, according to Governor Shaktikanta Das."
IDFC First Bank Launches Digital Credit Cards on the Rupay Platform
IBS Intelligence
"IDFC FIRST Bank announces the launch of its IDFC FIRST Bank digital RuPay Credit Card, powered for UPI keeping in sync with its focus on enhancing customer convenience and revolutionizing transactional experiences."
December 7, 2023
On the web
Reserve Bank of India Opens Talks With US, Hong Kong for Cross-Border CBDC Features
CoinGeek
"The Reserve Bank of India (RBI) has started discussions with the Hong Kong Monetary Authority (HKMA), the U.S. Federal Reserve, and the international payment platform SWIFT to explore cross-border payments for central bank digital currencies (CBDCs)."
On the wires
India’s Paytm to Curtail Low-Value Personal Loans After Cenbank Clampdown
Reuters
"India's Paytm will issue fewer sub-50,000-rupee (about $600) personal loans, the digital payments firm said on Wednesday, weeks after the central bank tightened rules on consumer lending after a surge in demand."
December 6, 2023
On the web
Nepal-India Digital Payment System Launch Delayed
Asia News Network
"The much-awaited Nepal-India digital payment system has been postponed to December, as Indian banks delayed the technical work."
India Central Bank Reins in Peer-To-Peer Lending Practices
Reuters
"India's central bank has told peer-to-peer lending platforms to halt certain activities after inspections found rule violations and misleading sales practices, four sources with direct knowledge of the matter said."
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