What's New in Payments

Mastercard CEO: Cash is our main competitor

My competition is with cash: Ajay Banga — LiveMint — “Eighty-five percent of the world’s retail payments — person to merchant — are in cash… So who do I view as my competition? Cash. I don’t view another network, I don’t view Paytm, I don’t view Apple as competition. We are actually working with all of them. They all need our technology.”


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

Paytm Payments Bank to join the UPI bandwagon in August

Paytm Payments Bank to join the UPI bandwagon in August — Economic Times — “The newly-launched Paytm Payments Bank will go live on the unified payment interface (UPI) by August… This will allow its customers to transact using a virtual payment address issued by the bank. The payments bank will be the latest to join the UPI bandwagon, with 50 banks already live on the platform.”


What's New in Payments

Paytm Mall to bring brick-and-mortar stores online via QR codes

Paytm Mall to bring brick-and-mortar stores online via QR codes — LiveMint — “Similar to QR stickers used for Paytm app, Paytm Mall QR codes will be unique for each retailer. Customers will be able to scan the code using their smartphones and get access to the store’s inventory online… Customers using the feature will also get access to exclusive offers on Paytm Mall.”


Introducing Paytm Payments Bank

Introducing Paytm Payments Bank — Paytm — “We are proud to bring you Paytm Payments Bank — India’s first bank with zero charges on online transactions, no minimum balance requirement and free virtual debit card… Our ambition is to become India’s most trusted and consumer-friendly bank.”


Paytm raises $1.4 billion from SoftBank to expand user base

Paytm raises $1.4 billion from SoftBank to expand user base — Bloomberg — “The funding into One97 Communications, which operates the Paytm brand, will help the startup expand its user base of 220 million and build a large offering of financial services products… Alibaba and its payments affiliate Ant Financial held a 40 percent stake in One97 before this investment.”


What's New in Payments

Samsung Pay goes live across India with support for Paytm and UPI money transfers

Samsung Pay India

Samsung Pay has launched in India with support from Visa, Mastercard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Cards and Standard Chartered Bank, with Citibank India support expected “shortly”. The service has also integrated India’s leading mobile wallet Paytm and comes with support for peer-to-peer money transfers through the Indian government’s Unified Payments Interface platform. More




What's New in Payments

Samsung Pay to launch in India with support from five Visa and Mastercard issuers — and Paytm

Samsung Pay India

Samsung has begun inviting Galaxy phone owners in India to register for early access to Samsung Pay. Customers can opt to pre-register Axis Bank, HDFC Bank, ICICI Bank and Standard Chartered Bank debit or credit cards and SBI Cards credit cards today with support for American Express and Citibank to follow. Paytm’s market leading mobile wallet will also be supported by the service. More