Tag: digital india

SBI and Indian Navy launch NAV-eCash Card, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The Indian Navy and State Bank of India (SBI) has launched SBI’s NAV-eCash Card onboard India’s largest Naval Aircraft Carrier INS Vikramaditya.

The launch of SBI’s NAV-eCash Card is in view SBI’s efforts towards the GOI’s vision of Digital India and a conscious shift towards less-cash economy. The unique infrastructure at naval ships inhibits traditional payment solutions particularly when the ship is in high seas where there is no connectivity. NAV-eCash Card with its dual-chip technology will facilitate both online as well as offline transactions.

The Card will obviate the difficulties faced by personnel onboard in handling physical cash during deployment of the ship at high seas. The card takes care of the requirements of Navy to provide a seamless onboard experience. The NAV- eCash Card will change the payment ecosystem while the ship is sailing with no dependency on cash for utilization of any of the services onboard.

Shri CS Setty, MD (Retail & Digital Banking), SBI, emphasized upon the Bank’s commitment towards defence forces and the long relationship with the armed forces of India. He also expressed the feeling of pride on being associated with defence forces. The concept will be replicated at other naval ships and various defence establishments for creating a secured, convenient and sustainable payment ecosystem.

Follow and connect with us on , Facebook, Linkedin



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

Naspers’ arm-backed PayU to acquire BillDesk for $4.7 billion

Banking & Finance

[ad_1]

Read More/Less


In one of the largest deals in India’s booming fintech sector, Naspers’ technology investment arm Prosus on Tuesday acquired Mumbai-based BillDesk for $4.7 billion. The acquisition is being done through Prosus’ global fintech business PayU.

“The proposed acquisition will see PayU, the payments and fintech business of Prosus which operates in more than 20 high-growth markets, become one of the leading online payment providers globally by volume,” Prosus said in a statement.

PayU India and BillDesk run complementary businesses and the two expect to create a financial ecosystem handling four billion transactions annually, which would be four times PayU’s current level in India. The combined entity would have a total payment volume (TPV) of $147 billion. Founded in 2000, BillDesk had a TPV of over $90 billion in 2020-21. PayU has a TPV of $55 billion across India, Latin America and EMEA.

PayU’s fourth buy

This is the fourth acquisition by PayU in India after CitrusPay, Paysense and Wibmo. This marks the largest exit by an Indian start-up through an acquisition, zooming past Snapdeal’s $400-million acquisition of Freecharge, and BYJU’s $950-million buy of Aakash Educational Services.

Bob van Dijk, Group CEO of Prosus, said: “We’ve invested close to $6 billion in Indian tech to date, and this deal will see that increase to more than $10 billion… Along with classifieds, food delivery, and education technology, payments and fintech is a core segment for Prosus, and India remains our No 1 investment destination.”

Noting the complementarity of the two companies, Dijk said in a media call that payments systems need scale to be efficient.

Anirban Mukherjee, CEO of PayU India, said the company hopes to provide a full fintech ecosystem of diversified products. “We will take time to figure out how to bring the platforms together. Anything we do will be in consultation with the RBI,” he said on the roadmap.

MN Srinivasu, Co-founder of BillDesk, said in a statement that the investment by Prosus validates the significant opportunity in India for digital payments that is being propelled by innovation and the progressive regulatory framework put into place by the RBI.

Prosus, which came from Naspers, invests in areas including health, logistics, blockchain, and social commerce. It is known for its 28.9 per cent stake in Tencent and has also invested in Indian firms including Swiggy.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , , , ,

CBDT extends due dates for electronic filing of various forms

Banking & Finance

[ad_1]

Read More/Less


With technical glitches in the new Income Tax portal remaining unresolved, the Central Board of Direct Taxes (CBDT) has extended the due date for the filing of certain electronic forms including one relating to Equalization Levy statement, and the form for declaration received from senior citizen account holder among others. These forms are to be filed electronically.

Extensions on forms

According to the board, the Equalization Levy Statement in Form No.1 for the FY21 can now be filed on or before December 30. Earlier, this date was extended to August 31 from June 30.

Banks will have till November 30 to upload declarations received from recipients in Form No.15G/15H during the quarter ended June 30. Earlier the date was extended to August 31.

Normally these declarations are submitted by a senior citizen who does not have PAN to get income tax benefits. Similarly declarations submitted during July-September quarter can now be uploaded on or before December 31.

The application for registration or approval under Section 10(23C), 12A or 80G of the Act in Form No.10AB will now have to be filed on or before March 31 of the next year. These sections help in getting exemption on contributions made to educational institution or charitable institution.

Also see: IT and IT

The Quarterly statement in Form No.15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on June 30 may be furnished on or before November 30. Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on June 30 may be made on or before 30th November. The same will be applicable for overseas pension fund.

Intimation by a constituent entity, resident in India, of an international group, the parent entity of which is not resident in India for the purpose of compliance of tax law can now be made on or before December 31. The same date is applicable for a report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, and for intimation on behalf of an international group.

Vivad Se Viswas

CBDT also announced giving more time for payment of the amount (without any additional amount) under Vivad se Viswas scheme.

According to the board, considering the difficulties faced in issuing and amending Form No.3, a prerequisite for making payment by the declarant under Vivad se Vishwas Act, it has been decided to extend the last date of payment of the amount (without any additional amount) to September 30. Earlier the date was extended to August 31.

It is however clarified that there is no proposal to change the last date for payment of the amount (with additional amount) under the act, which remains as October 31.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

PhonePe ties with Flipkart to digitise Cash-on-Delivery payments, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


PhonePe, digital payments platform today partnered with Flipkart to launch contactless Scan and Pay for Flipkart’s pay-on-delivery orders.

PhonePe’s dynamic QR code solution will enable customers who earlier opted for cash on delivery to pay digitally through any UPI app at the time of delivery. This will help reduce personal contact while ensuring safety, and drive contactless payments for customers who are traditionally more comfortable with cash on delivery.

Ankit Gaur, Director of Business, PhonePe said, “Digital payments adoption has become widespread over the past few years thanks to UPI. However, there still continues to be a preference for cash on delivery among some customers at the time of delivery. Digitising these cash-based payments would give a major boost to not just e-commerce but also contribute to the larger goal of Digital India. Our partnership with Flipkart to enable contactless and safe payments for its Pay on Delivery customers is a big step in that direction. Our solution not just offers a seamless and contactless payment experience to customers but also helps to reduce cash handling costs for e-commerce and logistics companies.”

Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart said, “As the lines between e-commerce marketplace and digital payments continue to converge, it becomes imperative to solve for customers’ evolving needs and attitudes. While the pandemic has urged several consumers to make a shift to online shopping, some trust deficit during checkout remains in pockets. With ‘pay-on-delivery’ technology, we want to ensure that customers have peace of mind with their payments and at the same time can shop within the safety of their homes.”



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Digital India: Paytm sets aside ₹50 crore for reward program

Banking & Finance

[ad_1]

Read More/Less


Celebrating the six year journey of Digital India mission, Paytm, a digital financial services platform, has set aside ₹50 crore for a new program to reward merchants and consumers.

This new program— Guaranteed Cash back offer— seeks to reward merchants and consumers with guaranteed cash backs and also offer Soundbox and IoT devices. Cash backs are offered for every transaction made through the Paytm App.

The offer is applicable for merchants across India, while special on-ground activities will be held in over 200 districts to train merchants on digitisation and reward for increased adoption of cashless payment, a statement issued by Paytm said.

Merchants with the most number of transactions made through Paytm app before Diwali, will be rewarded with certificates for being the top merchants and will also receive free Soundbox, IoT devices and many such rewards, the statement added.

“India has made significant strides in its Digital India mission, which empowers all with technological advancements. This mission is bound to contribute to the country’s growing economy. We are honoured to be a part of the digital transformation of our country. Paytm’s Guaranteed Cashback offer is to recognise the top merchants, who are at the heart of India’s growth and have made Digital India a success.” said Vijay Shekhar Sharma, Paytm Founder & CEO.

Abhishek Singh, President and CEO, Digital India Mission said, “Over the last six years, the Digital India mission has grown leaps and bounds to put India on the global innovation map. We are happy to have Paytm and Vijay Shekhar Sharma, who has put their faith in this mission and is a true leader of the Indian entrepreneurial ecosystem. Paytm’s Guaranteed Cashback offer will encourage India’s millions of merchants to trust digital payments and come on the path of innovation and contribute to the cashless economy.”

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Do not ban cryptocurrency, Internet and Mobile Association appeals to government

Banking & Finance

[ad_1]

Read More/Less


The Internet and Mobile Association of India (IAMAI) on Wednesday appealed to the government not to ban cryptocurrency, and instead proposed that robust mechanisms should be developed to regulate the ecosystem.

“Cryptocurrency has been generating jobs across a variety of functions — legal, compliance, tech, marketing, business development, finance — in India and abroad. Given the scale and diversity, the good governance and regulation of the cryptocurrency ecosystem in India is critical and will give impetus to the government of India’s Digital India vision,” IAMAI said in a statement.

Digital assets

It also pointed out that the country is witnessing a considerable rise in digital assets.

“The crypto community consists of over one crore crypto holders holding over $1 billion worth crypto assets, over 300 start-ups generating tens of thousands of jobs and hundreds of millions of dollars in revenue and taxes. There’s a daily trading volume of $350-500 million,” IAMAI added.

The comments come in the wake of the government listing the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for introduction, consideration and passing in the current session of Parliament.

Nishith Desai, Founder, Nishith Desai Associates, noted that countries such as the US, Japan and other developed countries have a positive outlook towards crypto and are considering setting up regulations for the currency.

Finance Minister Nirmala Sitharaman has said the government will take a “calibrated” approach to crypto trading and that “negotiations and discussions” are going on with the Reserve Bank of India on how to regulate cryptocurrency in India. IAMAI members welcomed the statement but have raised concerns against the proposed ban of cryptocurrency.

Naveen Surya, Chairman, Fintech Convergence Council, and Chairman Emeritus of Payments Council of India (PCI), said: “Through AML/CFT and KYC-related compliances, the government can ensure a safe and secure crypto market for investors.”

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , , , , ,

Mastercard and Razorpay partner to make digital payments more accessible for MSMEs and startups

Banking & Finance

[ad_1]

Read More/Less


Mastercard and Razorpay have launched a strategic partnership to empower Indian micro, small and medium enterprises (MSMEs) in digitising their operations, maintaining business continuity in the challenging environment and preparing for the future beyond cash.

“SMEs and startups would require establishing a digital footprint to build their customer base and meet demand for secure, convenient and touch-free transactions. With the partnership, Mastercard and Razorpay will work together to cater to the needs of MSMEs,” Mastercard said in a statement on Tuesday, noting that the Covid-19 pandemic has accelerated the adoption of digital technologies.

Also read: AGS Transact partners Mastercard for ‘contactless’ cash withdrawals at ATMs

“We are excited about strengthening our partnership with Mastercard, the global payments and technology leader, in furthering digital adoption and equipping millions of businesses, especially in tier 2 and 3 cities, with industry-leading technologies that will help ensure business resilience,” said Amitabh Tewary, Chief Innovation Officer, Razorpay.

“Mastercard is excited to extend its partnership with Razorpay, India’s youngest unicorn, on a strategic level,” said Rajeev Kumar K, Senior Vice President, Market Development, South Asia, Mastercard.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Digital payments soar in December 2020

Banking & Finance

[ad_1]

Read More/Less


With the continued upturn in economic activities as well as year end spends, digital payments registered robust growth in December across all channels. Data released by the National Payments Corporation of India revealed that transactions on the UPI platform rose to ₹4.16-lakh crore in December with a total of 223.41 crore payments processed.

Transactions on the Immediate Payment Service (IMPS) rose to 35.56 crore amounting to ₹2.92 lakh crore in December. This was higher than the 33.91 crore payments worth ₹2.76 lakh crore processed on IMPS in November. Significantly, RBI also launched the Digital Payments Index (RBI-DPI), which aims to capture the extent of digitisation of payments across the country.

“The DPI for March 2019 and March 2020 work out to 153.47 and 207.84 respectively, indicating appreciable growth,” the RBI said in a statement.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Cashaa to launch crypto bank

Banking & Finance

[ad_1]

Read More/Less


Cashaa, a blockchain-based fintech, has joined hands with United Multistate Cooperative Society, a credit cooperative society, to launch crypto bank joint venture UNICAS that allows users to transact in cryptocurrency and fiat from one account.

While the online services of UNICAS has already gone live, as many as 14 physical branches will be rolled out by January 2021 across the NCR, Rajasthan and Gujarat.

UNICAS plans to rapidly expand to 100 branches by the end of 2022. “This will allow us to build, scale and offer customised financial and crypto products for the Indian market,” said Dinesh Kukreja, CEO of UNICAS, in a statement.

The JV will enable Cashaa to access United’s regulatory licences, its physical branches and overall banking infrastructure. United Multistate Cooperative is registered in Delhi under the Multi-state Cooperative Society Act 2002 and is serving in Gujarat, Rajasthan and Delhi with a network of 43 branches.

Being a multi-State credit cooperative society working under Registrar of Societies and providing services only to members, United Multistate Cooperative Society does not need the RBI permission, Kukreja said.

Users will be able to deposit and withdraw through a savings account, the way they operate with traditional banks in India. This is the first time in the world a financial institution has enabled cryptocurrency trade through physical branches.

“If we are planning to move ahead with the aim of digital India, then we cannot hesitate in adopting new technologies and finding innovative ways to bring it to Tier 1 and Tier 2 cities in India. In addition to banking, UNICASwill also provide information and guidance on the level of convenience and security that blockchain technology offers.” said Kumar Gaurav, CEO and Founder of Cashaa.

In India, currently cryptocurrency is not regulated. It may be recalled that in March this year, a three-judge bench of the Supreme Court revoked a Reserve Bank of India (RBI) ruling that banned any entity from dealing in or getting involved with cryptocurrency transactions.

UNICAS will be providing banking services for both fiat and crypto assets. Services include savings accounts, crypto exchange, crypto loan and debit cards to spend crypto. Users may receive an instant loan digitally by depositing crypto assets in the UNICAS wallet and requesting the equivalent value of rupee on their card or bank account.

The joint venture is merging United’s decade of experience in Indian traditional finance with Cashaa’s international banking and cryptocurrency experience to transform both the Indian fintech space and the crypto industry.

With the rollout of the initial 14 branches, UNICAS aims to onboard 25,000 customers within the first quarter of 2021. Cashaa, launched in October 2018, has already been providing its services to more than 200 crypto exchanges, wallets and start-ups dealing in crypto.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,