Infibeam Avenues: New Holder of RBI Payment Aggregator License
Infibeam Avenues, India’s first listed AI-powered fintech company, has received the final authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator for its payment gateway brand, CCAvenue. The company announced in a press release that it received the final authorisation on March 4, 2024, following the in-principle approval granted in […]
Pay to Nepalese Merchants Using UPI Now
In a landmark development, the Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal. This follows a tie-up between the NPCI International Payments Ltd (NIPL) and Fonepay Payment Service Ltd, Nepal’s largest payment network, in September last year. What is UPI and how does it work? UPI is an instant […]
Flipkart UPI Handle: A Leap in Digital Payments
Flipkart, India’s leading e-commerce platform, has launched its own UPI handle powered by Axis Bank for Android users. The handle, called “@fkaxis”, offers a convenient, secure and rewarding way to make payments, transfer funds and earn Supercoins. What is Flipkart UPI? Flipkart UPI is a payment service that allows users to create their own UPI […]
Paytm Fined ₹5.49 Crore by FIU
The Financial Intelligence Unit-India (FIU-IND) has imposed a penalty of ₹5.49 crore on Paytm Payments Bank Ltd (PPBL) for violating its obligations under the Prevention of Money Laundering Act (PMLA), the Ministry of Finance said in a release. This is the latest setback for the digital payments giant, which is also facing regulatory scrutiny from […]
RBI Okays Amazon Pay as Payment Aggregator
Amazon Pay, the digital payments arm of ecommerce giant Amazon India, has received a payment aggregator (PA) licence from the Reserve Bank of India (RBI), strengthening its merchant payments business. It can now offer online merchant payment services and has 6.6 crore wallets with operational revenue of Rs 2,093 crore in FY23. What is a […]
Jana Small Finance Bank, Dvara Money partner : Digital Banking
Jana Small Finance Bank Limited (Jana SFB) and Dvara Money (DM), a technology-driven financial solutions platform, have announced a strategic partnership to facilitate digital banking services for the Bharat segment. The collaboration will leverage DM’s Spark Money platform and Jana SFB’s technological capabilities to offer improved user experiences and UPI functionalities. Spark Money platform Spark […]
India’s FIU Registers PayPal Under Anti-Money Laundering Law
PayPal, the American online payments gateway service provider, has finally registered its operations with the Financial Intelligence Unit of India (FIU-IND), in compliance with the Prevention of Money Laundering Act (PMLA) and the Reserve Bank of India’s (RBI) recent regulatory framework governing cross-border payment aggregators (PA-CB) . This comes after a protracted legal battle between […]
Paytm and Axis Bank to UPI Third-Party Route
Paytm and Axis Bank Partnership Paytm, India’s leading digital payments platform, and Axis Bank, one of the largest private sector banks in the country, are set to apply this week for the third-party application provider (TPAP) route for Unified Payments Interface (UPI), according to a report by Moneycontrol. The joint application will be submitted to […]
Bandhan Bank Authorized by WB Govt for Tax Collections
Bandhan Bank, one of the leading private sector banks in India, has been authorized by the West Bengal government to collect tax and non-tax receipts through the Government Receipt Portal System (GRIPS). This will make it easier and convenient for the people of the state to pay their dues online. What is GRIPS? GRIPS is […]
Paytm Bank Loses FASTAG Issuance Authority from NHAI
The National Highway Authority of India (NHAI) has removed Paytm Bank from its list of authorized banks for FASTag services. FASTag is an electronic toll collection system that uses Radio Frequency Identification (RFID) technology to deduct toll charges directly from the linked bank accounts. Paytm Bank, a subsidiary of One 97 Communications, is one of […]