“As of now, this will be opened up for HDFC Bank and ICICI Bank card users. In the next two months, we hope to onboard the other major banks as well for this feature,” PhonePe cofounder Rahul Chari said.
As the hyper-competitive digital payments market zooms in India, homegrown payments app Mobikwik faces a tough challenge to balance growth and profitability.
The Chennai-based alternate finance growth stage startup will base its regional office in Coimbatore; Salem and Trichy to have one branch office each.
The product is mainly targeted at the millennial population in smaller cities of the country who might be employed but still find it difficult to access credit from traditional lenders.
According to RBI data, in April wallets showed 279 million transactions against 268 million in the previous month.
“Visa has revised its data processing fees to encourage everyday digital payment usage across consumer and merchant categories,” a spokesman for Visa said.
Debit card payments raced past credit card usage in the months immediately after demonetisation in November 2016 that sucked out about 85% of the cash in circulation.
The payments player, which was using QR codes to ramp up offline digital payments, is now opening card payments at merchant locations as well.
Soni’s exit becomes the second major reshuffle in the wallet company after Vineet Singh, who was the chief business officer, also parted ways in April this year.
Interoperability, that allows transactions between digital wallets, is expected to bring a paradigm shift in the digital payments industry.
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