Browsing: Payments

Around 80% of monthly active users on PhonePe have tokenized their cards following RBI’s tokenisation guideline and nearly 100% of eligible transactions on the app are securely processed via tokens now, PhonePe said.

The Payments Infrastructure Development Fund was set up by the Reserve Bank of India (RBI) to subsidize deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in Tier-3 to Tier-6 centres and North Eastern States of the country. 

Anish Achuthan, Co-founder & CEO, Open Financial Technologies, said, “We now look forward to scaling the solution by working closely with banks to offer a suite of products for cross border payments and trade finance which will benefit millions of SMEs in India. We also plan to offer this solution to Financial Institutions globally through our enterprise banking offering- BankingStack”

As per RBI guidelines, with effect from July 1, 2022, neither business nor payment aggregators can save customers card details on their platforms.

PhonePe processes over 2.5 billion transactions a month at an Annual TPV run rate of $780 billion.

Backed by Y Combinator, Ramp and Olive Tree Capita, Karbon Card aims to modernise corporate banking products which still carry a legacy feel. 

To ensure that our payment systems remain resilient to conventional and emerging risks, specifically those relating to cyber security, it is proposed to issue guidelines on Cyber Resilience and Payment Security Controls for Payment System Operators, RBI Governor Shaktikanta Das said. 

Volopay now eyes on the entire APAC region along with the MENA expansion after firmly placing itself into the Singaporean and Australian markets. Part of Series A funds will be put towards their forthcoming market launches, building and innovating new technologies to complement their existing product, the fintech said in a release. 

PhonePe, one of India’s leading digital payments platform announced it has digitised 25 million small merchants and Kirana stores in…

The Reserve Bank of India (RBI) on December 8 in its monetary policy announcement and subsequent statement on statement on…