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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

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RECURRING PAYMENTS

Sachin Bansal bets Flipkart fortune on banking services

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

Without merchant fees, banks say they can’t reimburse payment companies

At the centre of this demand is Delhi’s decision to remove the MDR fo...

AGR payment: Telecom companies to wait for SC decision

Vodafone Idea informs DoT it won't make part payment today, Airtel may follow suit.

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  • The most popular route of systematic investment is in a mutual fund. The investor needs to fill up a mutual fund investment form along with KYC form and supporting KYC documents. Investment details such as scheme name, option, etc.

    This facility was earlier available for card and wallet based payments.

    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

    Liquidation amount would be distributed to company’s creditors in accordance with the “waterfall” mechanism set out in Section 53 of Insolvency and Bankruptcy Code, as per the plan. Under this mechanism, all claims of secured financial creditors must be fully paid before payments are made to unsecured financial creditors, who must in turn be fully paid before operational creditors.

    ​​The digital payments player said on Thursday that more such partnerships with a range of financial companies may be in the offing in the coming months in order to further diversify its service catalogue.

    ShopX currently operates across 460 towns, processing about 20,000 transactions daily. The company enables merchants and small retailers to connect with brands through its platform, bringing down their supply chain costs by 40-60%, Amit Sharma, CEO, ShopX said. It also provides digital payment options and a loyalty programme to retailers.

    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.

    Airtel follows Voda Idea in informing DoT that although it will comply with the SC’s orders, it would request the government to hold on till the next hearing before demanding payment. The two operators' decision to await the SC’s call on AGR modification pleas, imply that they won’t make any payments to the government by the January 23 deadline.

    Digital transactions in Delhi NCR grew by 235% from 2018 (Jan-Dec) to 2019 (Jan-Dec) and Financial Services, Food & Beverage and Transportation were the top 3 sectors which contributed a cumulative of 41% of Delhi’s online payments in 2019, said a Razorpay report.

    The World Trade organisation (WTO) derives most of the income for its annual budget from contributions by its member countries. These contributions are based on a formula that takes into account each member's share of international trade.

    The business growth is attributed to the addition of new customers, scaling-up of existing customers and offering new products. In the payment gateway business unit, the company broke even in April 2019 and has been profitable every month since then.

    Western Union has teamed up with two Bharti Airtel arms -- Airtel Payments Bank and Airtel Africa Plc -- to launch real-time payments shortly into millions of Airtel Payments Bank accounts in India and mobile wallets across 14 countries in Africa. The service launch is expected in the course of calender 2020, Airtel said.

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