Have you read these stories?

Sachin Bansal is betting his Flipkart fortune on banks

Bansal, through his microfinance firm Chaitanya India, has applied for a banking licence.
The Economic Times

SEARCHED FOR:

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...

ET Prime Distribution
  • 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.

    Flipkart has already done so, and others like Swiggy and ride-sharing apps are about to follow.

    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.

    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 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.

    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

    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.

    NPCI is pushing top banks to make cash deposit too an interoperable feature at their ATMs and branches.

    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.

    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.

    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.

    Shops, firms with an annual turnover of Rs 50 cr or more need to provide digital payment facilities.

Load More...
x

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service