What's New in Payments

ICICI Bank partners with Paytm to offer instant loans during checkout

Paytm-ICICI Bank Postpaid: Now get instant digital credit in your mobile wallet — BGR — “While checking out, customers will see a ‘Pay Later’ option, and on clicking it, their credit score would be calculated instantly. ICICI Bank will arrive at the credit score based on behavioral data from Paytm, the bank’s own customer data, and financial data from the credit bureau.”


What's New in Payments

Indian government sets out plans to make digital payments ‘visibly cheaper’ than cash

Govt to incentivise online payments to push digital transactions — Hindustan Times — “The incentives could include cashbacks and reward points for BHIM users… The note presented last week by the ministry of electronics and information technology to Parliament’s standing committee on finance detailed a five-step road map to push e-transactions. ‘Digital payments to be made visibly cheaper than cash,’ the note said.


What's New in Payments

Samsung Pay reports 2.5m users in India

Samsung Pay service reaches 2.5 million users in India — Android Headlines — “Samsung Pay reached 2.5 million users in India, one million more than it had in mid-September, a company official said on Wednesday… Samsung’s service is presently available on 26 devices in India, up from ten when it officially debuted in the country in early 2017. It’s currently supported by ten banks and seven more local card issuers.”


What's New in Payments

Paytm to invest US$1bn in building out its payments business

Paytm plans $1 billion top-up to cash in on note ban success — Times of India — “Sharma said they were looking at a three-pronged strategy to double the number of users in the coming year by converting Paytm users to its payments bank, tap into non-wallet users through UPI and sell financial products from next year. ‘Long ago, we realised that standalone payments as a business is an orphan and thus we are building a bouquet of products,’ Sharma said.”


What's New in Payments

Indian mobile wallet giant Paytm plans expansion to US, Japan and Europe

India’s top payment app has eyes on US market — Wall Street Journal — “India’s largest mobile payment app — backed by the likes of China’s Alibaba Group Holding Ltd and Japan’s SoftBank Group Corp — has its eye on the US, its founder said. Speaking at The Wall Street Journal’s D.Live Singapore event, Paytm founder and chief executive Vijay Shekhar Sharma said his aim is to expand into developed markets, also including Japan and Europe.”


What's New in Payments

Facebook’s WhatsApp to offer in-chat payments in India

WhatsApp in-chat payments feature is bad news for digital wallets, payment companies in India — FactorDaily — “Instant messenger WhatsApp is readying an intuitive in-chat payments feature, ahead of a likely December launch in India… This will be the first time that WhatsApp is introducing the payments feature anywhere in the world… The Facebook-owned company has partnered with three banks – State Bank of India, ICICI Bank and HDFC Bank, three of India’s biggest banks, to launch the feature, FactorDaily has also learned.”


What's New in Payments

Google reports 7.5m users of its Tez audio QR mobile payments app

Edited transcript of Alphabet earnings conference call — Yahoo Finance — “To help millions of people, we are building products specifically designed for local markets in Asia. In India last month, we launched Tez, a mobile payments and commerce app that already has more than 7.5 million users who have made more than 30m transactions. I’m really excited about the potential this brings for India’s mostly cash-based economy.”


What's New in Payments

Apple prepares to launch Apple Pay in India

Apple may launch payments service in India soon, eyes local partnerships — LiveMint — “In an interview at Apple’s Hyderabad development centre, Apple senior vice-president Eddy Cue said the company wants to launch Apple Pay in India in the near future without giving a specific date… The company will look to partner and integrate its payments service with established players in the country like Paytm, rather than build a new payments solution from scratch, Cue said.”


What's New in Payments

India’s central bank implements new rules for mobile wallet issuers

Master Direction on Issuance and Operation of Prepaid Payment Instruments — Reserve Bank of India — “The Master Direction lays down the eligibility criteria and the conditions of operation for payment system operators involved in the issuance of semi-closed and open system PPIs [Prepaid Payment Instruments] in the country. All entities approved/authorised to operate payment systems involving the issuance of PPIs shall comply with these directions.”


What's New in Payments

Reserve Bank of India to issue guidelines for interoperable mobile wallets

Statement on Developmental and Regulatory Policies — Reserve Bank of India — “In line with the Vision for Payment and Settlement Systems in the country, the revised framework will pave the way for bringing interoperability into usage of PPIs [Prepaid Payment Instruments]. Interoperability amongst KYC-compliant PPIs shall be implemented within six months of the date of issuance of the revised Master Directions, which will be issued within a week, ie by October 11, 2017.”


What's New in Payments

Google’s Tez mobile wallet to be pre-installed on budget smartphones

Google partners with budget smartphone makers for pre-installing Tez in devices — BGR — “At the launch of its payments service for India, Google announced partnerships with budget smartphone manufacturers Micromax, Lava, Xolo and others, to offer the Tez app on a pre-installed basis. Upcoming handsets from the above manufacturers, as well as Nokia and Panasonic, will have Google’s payments app pre-loaded… Google further declared that it was open to more such partnerships.”





Transit Ticketing Today

Soon, walk into metro station without taking your card from pocket

Soon, walk into metro station without taking your card from pocket — The Times of India — “Chennai Metro Rail Limited has invited tenders to introduce contactless smart cards which can be detected by scanners at stations even if the passenger keeps it in the pocket or a bag. The ticket price will be deducted once the passenger passes by the detector at the entrance to the platforms. These cards may later be used for other modes of transport as well.”


What's New in Payments

Visa chasing Indian payments market as mobile money gains traction

Visa chasing Indian payments market as mobile money gains traction — Developing Telecoms — “Visa CEO Alfred Kelly has affirmed the company’s goal to claim a ‘fair share’ of India’s incipient cashless payment market by offering low cost, low hassle solutions to merchants… ‘Because it’s an exciting market and a lot is going on, there’s a number of players trying to get into the market,’ said Kelly. ‘We clearly have to have a way that’s low cost, low hassle, low friction to enable merchants to sign up.’”





What's New in Payments

Google gearing up to enter mobile payments In India by integrating Android Pay with UPI

Google gearing up to enter mobile payments In India by integrating Android Pay with UPI — Inc42 — “Google is developing a separate India-focused app, which it will name differently, in integration with a bank. It is expected that Google will launch a UPI-enabled app within the next two-three months for mobile payments. If this happens, it could be a big boost to given that Android is the dominant operating system in India.”


See NFCW's full list of trials, pilots, tests and live services around the world...