Showing posts with label Payment. Show all posts

The Mobile Wallet (TMW) Partners with MatchMove to Grow in Digital Payments in India and Southeast Asia

India, 25 November 2016 – The Mobile Wallet (TMW), India’s first and leading payment solution officially announced today its partnership with MatchMove, Singapore’s fastest growing Fintech company and will be integrating MatchMove’s award-winning Wallet OS into the TMW app. This will allow TMW to further boost its functionality and usability for its users to pay on the go and allow businesses to accept payments digitally.

“We are delighted to have TMW choose us as its preferred Wallet OS provider. This partnership will further reinforce our commitment in providing companies the best solutions. Our ease of integration, scalability and security which our APIs have is a key advantage for companies such as TMW to take full advantage of. This partnership will further expand our footprints in the Indian market as we continue to expand as a company in the country”, says Shailesh Naik, CEO, MatchMove.

TMW is a simple and easy mobile application in India to first offer complete payment solutions for day-to-day transactions of goods and services without the need and use of a physical wallet. TMW has partnered with select alliance partners and major service providers in India allowing their users to pay for mobile prepaid recharges, utility and gas bills, online shopping and much more.

TMW started off with a close-looped function that limit its users to shop within their list of merchants. This partnership with MatchMove provides a wider selection of merchants available on the Mastercard network and users will also be entitled to a physical Mastercard for offline payments.

Vinay Kalantri, Founder and Managing Director, The Mobile Wallet commented, “Our decision to work with MatchMove is a strategic one. Not only does it enhance our app’s offerings, but also allow us to take that next step to becoming a leader in the digital payments segment in India and open new inroads to the Southeast Asian market”.

“The mobile payment industry in India is growing rapidly and is largely driven by Government’s Digital India Initiative. It is a privilege to know that our Wallet OS helps India’s very own TMW to empower cashless payments that is in line with nation’s mission in making India a cashless society and economy”, says Gaurav Mittal, Regional Director of South Asia, MatchMove.

About MatchMove Pay

MatchMove Pay is a financial technology company that provides innovative, end-to-end enterprise payment solutions to help startups and large enterprises increase revenue and boost user engagement through its patented technologies. Our proprietary cloud-based MatchMove Wallet OS™ enables any company to easily offer their customers a fully branded, secure mobile wallet solution that includes P2P transfer, Remittance, Top Up channels, Virtual Payment Cards, Loyalty Points & Rewards, Promotions & Offers amongst many other features.

MatchMove has consistently been recognised internationally for its outstanding innovation. In 2013, MatchMove was ranked as Singapore’s fastest growing technology company in Southeast Asia in the Deloitte Technology Fast 500 Asia Pacific. In 2014, MatchMove emerged as the “Top Global Innovator” in the Global fintech competition, the SWIFT Innotribe Innovator Challenge in Boston. In 2016, MatchMove was recognised as Most Promising Solution Provider – Banking and Software by APAC CIO Outlook and Most Innovative Financial Technology Provider in Singapore by Global Business Awards.

MatchMove Pay is headquartered in Singapore with offices in Vietnam, Indonesia, Thailand, India, The Philippines and the USA.

About The Mobile Wallet

The Mobile Wallet (TMW) is India’s first complete payment solution that will make it easy and possible for its users to complete their daily transactions without having to reach for their physical wallets. Started in 2013 by Vinay Kalantri, TMW is his brainchild with a goal of providing a hassle free payment gateway.

Through the innovative services backed by the best in technology and the highest level of safety, security and reliability, TMW offers its users daily payment needs and services like Utility Bills Payments for Electric, Gas and Phones (Mobile & Landline), Recharging Mobile Phones and DTH Connections, Making Travel Booking like airline tickets, hotel reservations, etc with India’s major service providers and TMW’s select alliance partners.

DishTV achieved over 65 Lakh unique e- payment transactions until 23rd Nov’ 2016 inspite of demonetization of currency notes

24th November 2016, New Delhi: Since inception, DishTV has been doing business through e-payment modes. The company is in sync with the Government’s demonetization of Rs.500 and Rs.1000 notes and cashless economy has witnessed:

• Over 65 Lakh unique transactions through electronic payment mode until close of 23rd Nov’ 2016.

• The Service tax component on the above transaction of approximately Rs.2600 lakh. DishTV has incurred a collection cost of 4% on the Service Tax component as well.

• The Service Tax is apart from State Entertainment Tax and discriminatory License Fee levied by MIB on DTH operators, other distribution platform are not subject to license fee.

• The industry is looking forward to any possible incentive that may be under consideration by the Central Government on e-payment transactions.

As per industry estimates Rs 25000 crores of turnover escapes tax compliance in Cable TV services which results in loss of Direct and Indirect Taxes to the tune of Rs. 8000 crores to exchequer on annual basis. Demonetization, timely implementation of Digitization and rollout of GST will bring in much needed transparency and ensure a level playing field.

About DishTV:

About Dish TV India Limited: Dish TV is Asia Pacific’s largest direct-to-home (DTH) company and part of one of India’s biggest media conglomerate – the ‘Zee’ Group. DishTV has on its platform more than 575 channels & services including 22 audio channels and over 55 HD channels & services. DishTV uses the NSS-6 satellite platform which is unique in the Indian subcontinent owing to its automated power control and contoured beam which makes it suitable for use in ITU K and N rain zones ideally suited for India’s tropical climate. The company also has transponders on the Asiasat 5 platform and on the SES-8 platform which makes its total bandwidth capacity equal to 828 MHZ, the largest held by any DTH player in the country. The Company has a vast distribution network of over 2,297 distributors & over 241,346 dealers that span across 9,350 towns in the country. Dish TV has thirteen 24* 7 call centres catering to 11 different languages to take care of subscriber requirement at any point in time. For more information on the company, please visit www.dishtv.in

PayPal announces winners of Opportunity Hack 2016

Team representing NGO Gramium wins hackathon; takes home prize worth INR 1,20,000

Chennai, November 15, 2016: PayPal, the global leader in online payments, announced the winners of its annual two-day Opportunity Hack today. Held on November 12 and 13, 2016, the hackathon saw participation from 15 NGOs focusing on the economic empowerment of underprivileged sections of society. Over 150 developers also participated in the hackathon to create tech-based solutions for challenges faced by the non-profit organizations, clocking nearly 5,400 hours of non-stop coding.

PayPal announces winners of Opportunity Hack 2016

The team supporting the NGO Gramium won the hackathon for their simple, yet innovative solution, taking home the grand prize worth INR 1,20,000. The team for the nonprofit Child was declared the runner up, while that representing Surabi Trust won the Best Use of Technology award. The winning NGO also received a cash prize of INR 20,000, while the runner up NGO received INR 10,000 to help put their solutions to action.

“Opportunity Hack brings together our vast base of enthusiastic employees and engages the larger developer community in the country, challenging them to use their skills to help nonprofits overcome their most pressing real-world problems with executable and results-oriented tech-based solutions. This year, we once again witnessed the enthusiasm and the tremendous collaborative spirit such a platform can engender, with some highly innovative prototypes being created to help the participating NGOs take their social causes forward and make a sustainable impact on our society,” said Guru Bhat, GM Technology & Head of Engineering - PayPal.

The winning solutions this year included:

· An alert mechanism for Gramium that notifies the loan taker about loan payment dues and deadline, helping the NGO scale and reduce defaulter events

· A donor management system through a web and mobile app that allows the NGO Child to onboard new donors and analyse donation patterns using heuristic data so that the NGO can financially plan for an activity as well as establish an emotional connect with the donors through personalized greetings and by allowing them to track their proceedings

· Web apps for students, mentors, and administrators to help Surabhi Trust overcome administrative challenges and enhance the quality of education being offered to underprivileged children

After the completion of the hackathon P. Narayanan, Director, Gramium said, “This year was our first experience at an event such as the Opportunity Hack and we value all the hard work that went into executing it. As an organization focusing on providing micro-financing for underprivileged communities, we appreciate the team’s efforts towards understanding our unique challenges and creating solutions that can help us overcome them. The larger benefit from the Opportunity Hack goes beyond the hackathon. The team’s commitment to continue working with us to ensure the proper execution of the prototype, along with the long-term contacts we made within the larger developer /NGO community, will help our efforts in creating a more financially inclusive future for our society. We look forward to our continued collaboration with the Opportunity Hack team as well as with PayPal in the years to come.”

About PayPal

At PayPal (Nasdaq: PYPL), we put people at the center of everything we do. Founded in 1998, we continue to be at the forefront of the digital payments revolution. PayPal gives people better ways to manage and move their money, offering them choice and flexibility in how they are able to send money, pay or get paid. We operate an open, secure and technology agnostic payments platform that businesses use to securely transact with their customers online, in stores and increasingly on mobile devices. In 2015, 28% of the 4.9 billion payments we processed were made on a mobile device. With our 192 million active customer accounts, PayPal is a truly global payments platform that is available to people in more than 200 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For PYPL financial information, visit https://investor.paypal-corp.com.

PayU & Citrus Pay agree to a $130M landmark deal in Indian fintech

·         United under PayU brand, combined payments powerhouse will reach more than 30M Indian customers and 200K+ merchants
·         New leadership team brings together deep financial services experience in emerging markets
·         PayU to build on Citrus Pay capabilities, offering breadth of financial services

New Delhi, India, 14 September 2016 – PayU, the global online payment service provider, today announces that Citrus Pay, a leading Indian payments technology player, will become part of its Indian operation. PayU’s $130M transaction is the largest ever M&A cash deal in Indian fintech, demonstrating its payments and financial services expansion strategy.

The deal will grow PayU India customers to more than 30 million, processing a forecasted 150 million transactions in 2016 worth a combined $4.2 billion, growing at 50%+ YoY. The agreement also enables PayU to quickly bring additional innovative financial services to market for its business and consumer customers.

Amrish Rau, currently Citrus Pay managing director, will become CEO of PayU in India. Reporting to PayU Global CEO, Laurent le Moal, he will lead a talented entrepreneurial management team across PayU and Citrus Pay. Citrus Pay founder Jitendra Gupta will drive PayU’s Fintech foray into credit through Citrus Pay's Lazypay while Shailaz Nag, PayU cofounder will focus on new areas of growth through bank alliances. Nitin Gupta, PayU cofounder, will help complete the transition to the new leadership team before departing PayU to pursue his entrepreneurial ambitions.

The Indian online payments industry is rapidly growing, attributed to a rise in smartphone use and an active policy push to drive financial inclusion. A recent Boston Consulting Group report estimated digital transactions will hit $500 billion by 2020, ten times its current level.

The agreement, due to close in Q3 2016, capitalizes on this market growth and brings together two complementary businesses. PayU will be able to maximize its existing franchise in ecommerce, and grow vertical market leadership in the airline and telecoms industries on the back of Citrus Pay’s platform. PayU will also continue to develop Citrus Pay’s consumer brands, LazyPay and Sellfie.
Laurent le Moal, CEO of PayU, said: “Today’s announcement is a significant milestone for both businesses, as well as the fintech industry in India. It is exciting for everyone across the PayU and Citrus teams as we bring together new capabilities that will help us to better serve our collective clients.”

“I’m delighted that Amrish Rau, Shailaz Nag and Jitendra Gupta will lead PayU in India and unite our future strategy. Everyone at Citrus Pay and PayU is driven by an entrepreneurial passion to increase access to financial services in emerging markets. We are excited about the opportunity to capitalize on our shared heritage in payments and build a broader financial services proposition, something PayU is focused on across all of the 16 countries we operate in.”
Citrus Pay was founded in 2011 by Jitendra Gupta. It has become one of the fastest growing Indian fintech companies.

PayU is part of Naspers, a global Internet and entertainment group and one of the largest technology investors in the world. Following completion of the deal, Citrus Pay will be wholly owned by Naspers, strengthening its Payments division and supporting its strategy to grow its financial services footprint across emerging markets with long-term growth potential.
Investec acted as the sole advisor to the transaction.

About PayU

PayU uses its payments heritage and expertise to deliver financial services in emerging markets. Our local operations in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa enable us to be experts in these countries and provide the best solutions for the local market.
PayU is the leading online payment service provider in 16 high growth markets, dedicated to creating a fast, simple and efficient payment process for merchants and buyers. Our 250+ payment methods and PCI certified platforms are designed to meet every consumer’s needs.
The markets in which PayU operates represent a potential consumer base of nearly 2.3 billion people and a huge growth potential for merchants. PayU has more than 1,800 payment specialists based in these local markets supporting PayU’s 200,000+ merchants and the millions of consumers making online payments.

About Citrus Payments
Citrus Payments is leading the revolution towards mobile and digital payments across all spheres of a consumer’s life. As India’s fastest growing fintech company, Citrus provides consumer payments and mobile banking services. It partners with the top airlines, utilities, marketplaces, and 9000 other merchants to enable seamless, secure payments for 21 million consumers. Citrus is known for introducing industry first payment solutions such as contextual payments, P2P payments, 1-click checkout, wallet for cabs, consumer analytics, native mobile app payments etc. Few of the credible merchants associated with Citrus are Amazon, PVR, INOX, BookMyShow, ShopClues, Jet Airways, Indigo, GoAir, Faasos, Grofers, ZoomCar, Airtel, etc.
Citrus Payment’s leaders and MDs, Jitendra Gupta and Amrish Rau are at the forefront of driving digital transformations in the Indian financial services space.
For more information, please visit www.citruspay.com.

About Naspers
Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 130 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world’s leading platforms in internet, video entertainment, and media.
Naspers companies connect people to each other and the wider world, help people live their daily lives, and entertain audiences with the best of local and global content. Every day, hundreds of millions of people use the products and services of companies that Naspers has invested in, acquired and built, including Allegro, Avito, eMAG, Flipkart, letgo, Mail.Ru (LSE: MAIL), Movile, MultiChoice, OLX, PayU, ShowMax, SimilarWeb, and Tencent (SEHK 00700).
Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and has an ADR listing on the London Stock Exchange (LSE: NPSN).

Payworld signature outlets launched in Chennai

Payworld Bazaar brings e-commerce market place closer to the distant rural consumer

Chennai, July 7, 2016: Payworld, a Payment facilitator, launched its Signature Outlets along with Payworld Bazaar in Chennai as a part of its campaign to open 1000 such retail outlets in a three year time span in the state.

Payworld signature outlets launched in Chennai

One of the highlights of the signature outlets would be the facility of Cash Point and Payworld Bazaar. Like an ATM, the Cash Point enables debit or credit card holders to withdraw monies to a maximum limit of Rs 2,000 at one go. Cash points of Payworld in collaboration with State Bank of India operate in areas where ATMs of commercial banks are not available to date. Payworld had opened Signature Outlets only some months ago in Indore, Madhya Pradesh, Central India besides some more in the Western state of Maharashtra, including India’s financial capital of Mumbai. .

Regarding the signature outlet and Payworld Bazaar, Praveen Dhabhai, Chief Operating Officer, Payworld said, “The signature outlets will offer all existing services including domestic money remittance, rail and air reservation, mobile and TV DTH recharge, assisted e-commerce, and cash point. We however expect to treble the transaction volume from these outlets over the conventional Payworld retailer. On the other hand, with over 50,000 SKUs (stock keeping units) and growing rapidly, the Payworld Bazaar would be available through the company’s network of 62,000 retailers. Our retailer outlets would help aspiring consumers without fancy electronic gadgets to open a digital wallet account to make online payments, especially in the rural areas and assist such consumers to undertake hassle free online e-commerce transaction without any technical glitches,”

Mr. Dhabhai said: “These signature outlets are located in high footfall areas and serve as a one-stop solutions shop.” Payworld puts offline consumers in a comfort zone by bringing in lots of conveniences for the non-tech savvy consumers with wide ranging services – from mobile recharge to DTH renewals, railway and air reservations, utility payments and most importantly sending money to any bank account in India through its retail touch points that number over 62,000 that could reach close to 3,00,000 in three years.

Payworld has set an ambitious revenue target of Rs.10,000 crore plus(about US$ 1.538 billion at USD$ one to 65 INR)as part of its plan to increase its retail foot print pan India to 3,00,000 outlets from the current level of 62,000 outlets including 10,000 signature outlets in a three year time period.

About Payworld:

Payworld is an initiative from Sugal & Damani group of companies. Sugal & Damani is having the group turnover exceeding US$ 2 Billion. Flagging off its operations in 2006, Payworld has built a formidable presence in India with over 62,000 active retail touch-points across 630 cities and 23 states providing access to untouched market segments to the service providers. Payworld, which builds on the business philosophy of “Making Life Simple” offering smart solutions by their intelligent electronic transaction processing platform where a consumer can do transactions by visiting retail touch points by paying cash. These retail points use Payworld’s application which runs on Desktop/Laptop Computers and Mobile phones using Android, Windows, iOS & Java platforms.

Under this platform, Payworld offers a plethora of utility services to its consumers in terms of Domestic Money Remittance, Mobile and DTH recharges, Rail, Air and Bus reservation and Utility Bill collections, Digital Wallets, Cash withdrawal points and assisted e- commerce. Approximately over 100 million transactions are done using this platform every year through our 62,000 active retail touch points spread across India.

Capitalizing on operational expertise, robust in-house developed technology & implementation and timely introduction of new services made Payworld the only profitable company in its class having 40% CAGR.

Payworld’s 100% subsidiary Smart Paisa , which is a mobile wallet reaching out to non tech savvy smart phone users for penetration to unbanked population through the assisted mode. Smart Paisa is an RBI approved PPI (Pre- Paid Instrument – Digital/ Mobile wallet) issuer which has users doing primarily Domestic Money remittances through the assisted mode.

Payworld services assume great significance against the backdrop of greater financial inclusion of the population especially by reaching out to the unbanked population for more and more cashless transactions to make financial inclusion task easier for the government and the users.

Freecharge to make 1,00,000 taxis to go cashless by the end of 2016

Mumbai, 4 July, 2016: Freecharge in its journey to make wallet ubiquitous in consumer’s daily lives will enable 1,00,000 taxis across India to go cashless with Freecharge wallet. The company has bombarded over 15,000 taxi drivers in Delhi, Mumbai and Bangalore to accept payment using their phone in an easy and secure manner in 60 days. Customers can pay by scanning the QR code unique to individual taxi drivers and complete the transaction in just one tap.

Consumers and drivers both find paying and receiving money for daily commute creating friction and leading to not so pleasant experiences. Consumers now will not have to worry about tendering exact change. Freecharge lets consumers pay in less than 10 seconds using their phone and drivers can easily accept the payment digitally leading to seamless and frictionless payment process.

Commenting on this initiative, Sudeep Tandon, Chief Business Officer, Freecharge said, “Today's consumers demand convenience and we are targeting sectors both in online and offline space which will influence the daily payment habit and shift them from cash to digital payments. We have dedicated teams in these three cities who are focused on providing training and helping drivers to register on Freecharge as a merchant. We aim to get 1, 00,000 taxis in the country to go cashless by the end of 2016 by offering a frictionless payment process and help them be part of digital payments ecosystem.”

Freecharge’s superior user interface and a secure network are allowing drivers to use the app with ease and convenience. Once the payment is done by the customer, the money gets credited to their wallet. The driver can then chose to use the money for bill payments, recharges, transfer the money to their bank account or send money to friends and family using the wallet. With each initiative, Freecharge is contributing to making India a less cash economy.

ItzCash makes strategic C-suite appointments to drive growth

Inducts Chief Growth Officer and Chief Business Officer to strengthen its omni-product, omni-channel strategy

Bangalore, 29 June 2016: ItzCash Card Ltd India’s largest and only “Multi Service Payment Solutions Company with annual payment volume of over US$ 2 Billion; today announced the appointment of Bhavik Vasa as ‘Chief Growth Officer’ and Ravi Singh as ‘Chief Business Officer’. These appointments come soon after a series of strategic partnership announcements, all designed to ensure a strong foundation to foster growth across emerging business, a burgeoning startup ecosystem, evolving digital solutions and consumer trends. Both Bhavik and Ravi will report to ItzCash Managing Director Mr. Naveen Surya.

ItzCash makes strategic C-suite appointments to drive growth

With the current focus on ‘Digital India’ as part of the national mandate, ItzCash is poised to play a leading, transformational role in the next 5-10 years with its strong digital footprint of 110 million accounts cumulatively and annually servicing 35+ million consumers and industry leading physical network of 75,000+ retail outlets across the country. This timely development in the core leadership team at ItzCash underlines the company’s renewed focus on its next phase of growth while achieving the right balance between the conventional and digital platforms of the company to deliver on ambitious commercial objectives.

As the industry leader, ItzCash has established pioneering partnerships with leading global and local technology stelwarts and e-commerce brands across sectors including Amway, Flipkart IRCTC, OYO, and Uber, the world’s most valued private company among others. This new core leadership team will continue its aggressive expansion strategy to tap newer markets and business sectors. In keeping with the company’s omni-product, omni-channel strategy it is well positioned to offer a new comprehensive portfolio of services leading the path to ‘FinServ Convergence’. The new segments include international remittance, credits and loans, insurance and investments. Bhavik and Ravi will be jointly leading the drive toward these new focus areas.

Speaking about this recent development Mr. Naveen Surya – Managing Director, ItzCash said- ‘’Both Bhavik and Ravi have excelled in their respective roles and been instrumental in building ItzCash into the industry leader we are today. We are confident that they will continue to deliver par excellence in their elevated roles and help shape the future of this company for many years to come. The domain expertise and experience they bring on board is well sculpted for their new responsibilities and I wish them the very best in their individual endeavors.”

Bhavik Vasa in his new role he will be responsible for building and executing a high-level growth driven strategy, cementing strategic partnerships, managing market dominance while delivering innovation for customer and channel partner base. Bhavik who has been associated with the company since 2011 is an entrepreneur turned business strategist with more than a decade of experience, across digital commerce, mobile technologies and emerging payments platforms across Indian and global markets.

Ravi who has been associated with ItzCash since 2012 was Head-Payments and has been heading the business and retail teams of the company. In his new profile, he will further strengthen ItzCash’s dominant presence across 3000+ Indian towns & cities and market leadership in Payments & Money Transfer business verticals. With more than two decades of experience across sectors with the likes of Tata Teleservices Limited, Birla 3M Ltd, Hutchison Max Telecom, Singh reinforced lead play for the company in the Remittance & Prepaid Cards segment.

Both Bhavik and Ravi who has driven unprecedented growth for the company, over 9x, in the last few years in terms of payment volumes and revenues plays a key strategist striking the right balance between the online and offline platforms of the company to drive business growth.

About ItzCash:

ItzCash Card Ltd., India’s only “Multi Service Payment Solutions Company” and part of the Essel Group, was established in 2006. A pioneer in the prepaid payment sector in India, ItzCash initiated the concept of ‘digital cash’ to the Indian consumer and various business entities, heralding the beginning towards enabling a cashless transacting society. ItzCash continues to build on its innovation augmenting its product portfolio offering wide choice of payments and money transfer service having issued 110 million accounts till date. It constantly invests in upgrading technology towards creating world‐class omni-channel payments platforms for the emerging India. ItzCash has presence across consumer segments serving 35 million consumers annually and over 75,000 franchisees branded as “ItzCash World” in 3000+ Tier I and II cities and towns. It is backed by world’s leading investors Matrix Partners, Lightspeed Venture and Intel Capital.

Oxigen receives in – principal approval by RBI to setup Bharat Bill Payments Operating Unit

May 15 2016, 12.28 PM IST || Pocket News Alert

Takes another giant leap in digitising cash; escalating India to cashless economy

In a giant leap towards digital payments and cashless economy, the Reserve Bank of India (RBI) gave accent to Oxigen to setup Bharat Bill Payments Operating Unit (BBPOU). This comes under the Bharat Bill Payments Systems (BBPS) commissioned by the National Payment Corporation of India (NPCI); in order to disrupt the traditional cash based economy and mark a shift toward cashless payments, following in line with the global standards.

Oxigen receives in – principal approval by RBI to setup Bharat Bill Payments Operating Unit

The principal approval by RBI allows Oxigen to connect with the central bill payments and settlement system of NPCI, also known as BBPS. Owing to Oxigen’s extensive 2,00,000 retail touch points located across the country, customers will now be able to avail digital bill payment services either by cash or wallet.

Further, Mr. Pramod Saxena, Chairman & Managing Director, Oxigen Services said, “This is a significant moment for Oxigen, as our 150 million customers would now be able to access a much larger portfolio of billers. Oxigen will now further expand its reach with the use of BBPS’s platform, in addition to our current existing set of direct billers. Additionally, our customers have the ease of paying cash over the counter for these billers at our 2 lac retail outlets or using the Oxigen Wallet, in real time, pan India. We are glad that the government has shown faith in our services, to contribute towards a cashless economy .”

Clearing bills often drains and exhausts a lot of time that can otherwise be utilized in meaningful pursuits. Oxigen has in the past processed bills by connecting directly to various billers. Getting the license from the RBI would further increase Oxigen’s reach to all billers falling under the ambits of Bharat Bill Payments System.

State Bank of India launches ‘mVisa’ – a mobile-based payments solution

May 05 2016, 16.45 PM IST || Pocket News Alert

Bengaluru - May 05, 2016: State Bank of India (SBI), country’s largest commercial bank, today announced the launch of mVisa, a mobile-based payment solution. The service will enable customers to make payments from their smartphones, by simply scanning the unique merchant QR (Quick Response) code, at merchant outlets.

State Bank of India launches ‘mVisa’ – a mobile-based payments solution

SBI mVISA launch

mVisa is a card-less solution which facilitates payment by scanning the QR code displayed at the merchant outlet or from the merchants mobile. SBI customers (both Debit Card holders as well as Internet Banking customers, having transaction rights) can now make easy payments to the merchants by simply scanning QR code image, thereby eliminating the need to swipe the physical card at a point-of-sale (PoS) machine. Bank customer can simply download the latest version of SBI Anywhere application, from ‘Google Play Store’ and need to register for mVisa payments by simply clicking the mVisa icon on the home screen.

Similarly, SBI mVisa merchant app is also available in ‘Google Play Store’ and is used for receiving the payment notification, generation of static and dynamic QR codes, viewing transaction history etc. by the merchants. SBI mVisa merchants can accept payment from any mVisa customers. While in case of static QR code amount is filled by the mVisa customer himself, in case of dynamic QR code amount can be filled by merchants and can be authorized by the customer after scanning of QR code.

The mVisa service is a Bank agnostic and an interoperable low cost solution i.e. any Bank mVisa customer can transact on any mVisa merchants and likewise any mVisa merchant can accept payment from mVisa customers of any bank. It provides convenience of quick transaction, along with enhanced security, as customers need not share his/her Card or Mobile with the merchant anytime during the payment process.

In first phase, State Bank of India’s mVisa service has been introduced in Bangalore city and Bank has already on-boarded sizable number of merchants in prominent market places at Bangalore. This facility will be gradually expanded to other cities.

Speaking on the launch, Mrs. Manju Agarwal, DMD (CS &NB), SBI said, “With availability of smart phones increasing by leaps and bounds, Mobile based payments in India haveto rise in a big way. Introduction of mVisa, a convenient scan and pay based option, to our existing customers (including merchant customers) is one more steptowards providing more convenience to our customers. This cost effective digital offering will not only provide our large base of consumers with an easy, convenient and secure payment product but will also facilitate small merchants with any-time payment, thereby changing the way businesses transact and customers pay”.

Mr. T.R. Ramachandran, Group Country Manager, India and South Asia, Visa, added, “We congratulate SBI on the launch of mVisa, an innovative, next generation payment solution that enables secure, digital commerce through a connected device like mobile phone. mVisa is a new transformative way to pay and be paid and we are also working on building newer use cases for mVisa such as payments over the USSD channel, Cash-in, Cash-out etc. to be able to cater to a broader set of consumers and expanding the universe of digital payments across the country.”

About Visa

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products.

For more information, visit https://usa.visa.com/, visacorporate.tumblr.com and @VisaNews.