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UNIFIED PAYMENTS INTERFACE
Payment companies weigh ways to recoup MDR losses
These companies have urged the Centre to nudge banks to compensate “a minimum of 0.25% of the transaction amount for all the UPI and RuPay, Person to Merchant (P2M) transactions” for sustained service and ecosystem expansion in the absence of any clear revenue model.
Delhi takes 2nd spot in digital payments in 2019: Razorpay
Digital transactions in Delhi NCR grew by 235% from 2018 (Jan-Dec) to 2019 (Jan-De...
Successful incumbent businesses thrived on core values, strong governance: Nilekani
Nilekani, a co-founder of the near four-decade old Bengal...
Digital payment gains should be used to acquire merchants, says Nirmala Sitharaman
The prebudget meeting on Friday was necessitated after the government waived off MDR for merchants on digital payments made through RuPay debit cards and Unified Payments Interface (UPI) devices from January 2020.
More e-tailers doing away with OTPs
Flipkart has already done so, and others like Swiggy and ride-sharing apps are about to follow.
More e-tailers doing away with OTPs
Flipkart has already done so, and others like Swiggy and ride-sharing apps are about to follow. A key driver for this has been the phased relaxation of rules by RBI—most recently last Friday —on one-time passwords.
How to maximise benefits of savings bank account
The savings bank account is typically used to deposit money in a safe place and it has many benefits. For instance, it works as a person’s cash management system. Third-party utility bill payments, loan EMIs, insurance premium can be paid seamlessly.
BharatPe to hire 75 product managers, engineers this year
"BharatPe is coming up with a state-of-the-art tech-hub in Delhi to house its expanded product and technology team. The company plans to hire over 75 engineers and project managers this year and thereby expand its tech team," a statement said.
RBI extends recurring payments feature to UPI
The new functionality will allow UPI users to bypass additional factor authentication (AFA) every time a payment is made to a regular merchant by giving a onetime instruction to the UPI service provider. This facility was earlier available for card and wallet based payments
All debit cards may get MDR waiver
The Central Board of Direct Taxes has also notified a fine of Rs 5,000 per day for businesses with a turnover of over Rs 50 crore if they fail to offer digital means of payments.
You can soon deposit cash at any ATM
NPCI is pushing top banks to make cash deposit too an interoperable feature at their ATMs and branches.
Govt being tough on industry is a misinformation, says PM Modi
PM Modi said his government’s action against the corrupt and dishonest had been wrongly portrayed by some as the government being tough on the industry.
Sebi proposes plugging a loophole in MF transactions
If you have been reading any investing-related news recently, you would probably guess — correctly — that this effort of the regulator is amongst the fallout of the Karvy affair.
No MDR on RuPay,UPI payments will kill industry, warns industry
The move will apply to all companies with a turnover of Rs 50 crore or more. Merchant Discount Rate is the fee paid by a merchant to a bank for accepting digital payments. The move is part of the budget announcement in July.
Hefty fine for shops and firms not accepting digital payments from February 2020
Shops, firms with an annual turnover of Rs 50 cr or more need to provide digital payment facilities.
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