UPI Goes Global! Sri Lanka & Mauritius Join Digital Payment Wave
India’s Unified Payment Interface (UPI) services will be launched in Sri Lanka and Mauritius on Monday, February 12, 2024, in a virtual ceremony that will be attended by Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe and Mauritian Prime Minister Pravind Jugnauth. The event will also mark the launch of RuPay card services in […]
RBI: Paytm App Stable, Banks May Partner After Checks
The Reserve Bank of India (RBI) has clarified that the recent directives issued against Paytm Payments Bank Limited (PPBL) will not affect the functionality or operations of the Paytm app. The RBI Deputy Governor Swaminathan J said that the action is against PPBL, not against the Paytm app, in a press briefing following the Monetary […]
Juspay, Zoho, Decentro: New Payment Aggregators by RBI
The Reserve Bank of India (RBI) has granted final authorization to three more companies – Juspay, Zoho, and Decentro – to operate as payment aggregators in India. This approval allows these companies to provide payment services to online merchants by accepting payments from customers. What is a payment aggregators? A payment aggregator is a service […]
ED Investigates Paytm and Bank Unit Over Currency Transactions
The Enforcement Directorate (ED), India’s financial crime-fighting agency, is probing if Paytm and its payments bank violated foreign exchange rules, according to two senior government sources. What are the allegations? The sources, who spoke to Reuters on condition of anonymity, did not specify which provisions of the Foreign Exchange Management Act (FEMA) were being investigated. […]
Revolutionising Financial Transactions: M2P Fintech’s Prabhu Rangarajan
Prabhu Rangarajan is the co-founder and chief operating officer of M2P Fintech, a company that is changing the world with its innovative and winning financial solutions. M2P Fintech provides a digital infrastructure that enables banks, lenders, fintechs and other financial services players to offer seamless and personalised experiences to their customers. In this interview, Prabhu […]
Slice Launches UPI First Account Product for All
Slice, India’s leading fintech startup, has launched its UPI first account – slice account, a prepaid account that offers a seamless and fast UPI payment experience. The slice account has been made accessible to everyone, including teenagers, after a successful three-month beta testing period. What is slice account? The slice account is a UPI first […]
Paytm’s Market Value Drops $2.5 Billion Post-RBI Crackdown
Paytm, India’s leading digital payments firm, has seen its market value erode by $2.5 billion since the Reserve Bank of India (RBI) cracked down on its payments bank arm over multiple violations of licensing conditions and anti-money laundering rules . The company’s shares have hit the lower circuit for three consecutive days, closing at Rs […]
Why Did RBI Ban Paytm Payments Bank? An Analysis
Paytm Payments Bank, a subsidiary of One 97 Communications Limited, has been barred by the Reserve Bank of India (RBI) from accepting deposits or top-ups to its accounts and services due to “persistent non-compliance and continued material supervisory concerns in the bank”. The ban will be effective from February 29, 2024 and will also prevent […]
CAIT’s Advice: Switch from Paytm Amid RBI Action
The Confederation of All India Traders (CAIT) has issued a cautionary advisory to traders and users of Paytm to switch to other payment options for business-related transactions following the RBI curbs on Paytm wallet and bank operations. The RBI has ordered Paytm Payments Bank Ltd (PPBL) to halt most of its business activities due to […]
Paysharp Earns SOC 2 Certification as Payment Aggregator
Paysharp, a fintech startup that provides UPI solutions and virtual accounts for B2B and B2C payments, has achieved SOC 2 certification, a standard for security and compliance in the payment industry. SOC 2 is an auditing procedure that ensures that service providers securely manage data to protect the interests and privacy of their clients. SOC […]