ICICI Bank’s Pockets becomes first wallet admitted to UPI network

ICICI Bank’s Pockets wallet has become the first financial institution in India to be permitted to offer UPI IDs in its own name and make transactions directly without routing it via a bank account. So far, UPI IDs were reserved only for those who have an account with any recognized Indian bank, including co-operative banks. […]

Demonetization took India forward by 3 years – SBI

The demonetization of currency notes late last year has doubled the number of card transactions and helped push India’s payment digitisation by three years, State Bank of India said in a note. “Even after seven months post demonetization, the transaction value is quite large and approximately double of what it had been corresponding month last […]

Three lakh Amul outlets to start accepting MobiKwik payments

MobiKwik, Indian mobile wallet major, today announced its tie up with Amul, the Indian dairy cooperative. The association will help customers of Amul in making cashless payments with MobiKwik at 7000 Amul outlets and 3 lac Amul Multi brand outlets & retailers across India. “In today’s less cash economy , through this pan India initiative […]

Currency Crunch: Razorpay offers to onboard merchants in 1 hour

Online Payment platform Razorpay said it launched a new feature –Express Activation– in India that promises one-hour activation of new merchant accounts. Razorpay is a payments platform that allows merchants to receive payments via their websites or mobile apps. It helps businesses accept online payments via credit card, debit card, netbanking and popular wallets including Mobikwik, […]

MobiKwik offers personal loans in 30 minutes

Wallet provider MobiKwik has started offering short-term loans for one-time festive buying and users can opt to pay the amount in equated monthly instalments or EMIs. MobiKwik is the first mobile wallet company to launch personal loans. “The loan approval will be done within 30 minutes. To begin with, loans or EMIs up to Rs […]

India steps into a new mobile payments revolution with IMPS version 2.0

21 banks in India, including Andhra Bank, Axis Bank and Bank of Maharashtra, are introducing the upgraded form of India’s pioneering immediate payment service (IMPS) starting today. Under the new form of IMPS, users will be able to send money using proxy addresses instead of full bank account details, thus making instant money transfer across banks […]