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New Delhi, June 16 (IANS) Mobile payments in India initiated by payment apps comprising account-to-account transfers and payments made from stored-value accounts rose 163 per cent to $287 billion in 2019, said a report on Tuesday. By comparison, point-of-sale transactions completed using debit and credit cards, including online and in apps, rose 24 per cent to $204 billion, according to the S&amp;P Global Market Intelligence's 2020 India Mobile Payments Market Report. Card and mobile payments as a percentage of India's GDP rose to 20 per cent in the quarter ended December 31, 2019, the results showed. In fact, card and mobile payments exceeded ATM withdrawals for the first time in 2019, according to the report. "High growth rates in cashless payments seen in recent years are unlikely to repeat amid an economic slowdown due to the novel coronavirus pandemic," Sampath Sharma Nariyanuri, Fintech Analyst at S&amp;P Global Market Intelligence, said in a statement. "However, we expect mobile payments to be more resilient and will gain a bigger lead over card payments, as their uptake will accelerate due to ongoing social distancing measures and concerns over usage of cash and plastic." S&amp;P Global Market Intelligence estimates that card purchases and Unified Payments Interface (UPI) mobile payments represented only 21 per cent of $781 billion in in-store transactions in 2019. Google Pay and PhonePe led UPI payment apps as the two apps handled over seven billion transactions in total, representing more than two-thirds of UPI transactions in 2019. As banks are expected to reduce their exposure to unsecured lending amid the ongoing pandemic, payment apps will have an opportunity to play a mainstream role in providing loans and insurance. Google and Amazon are already offering a far greater breadth of payments in India than in other large markets such as the US, Germany, the UK and Japan, said the report, adding that with the expected entry of Facebook's WhatsApp, US technology companies will extend their dominance in India. --IANS gb/na

Mobile payments in India jumped 163% in 2019: Report

In what is being seen as a tough competition to Paytm, tech giant <keyword id="6355629" type="UNKNOWN" weightage="100" keywordseo="Google">Google</keyword> today announced Tez - a mobile app for digital payments and commerce. Built on the Indian government-supported Unified Payments Interface, the app allows users to do financial transactions like sending money, receiving payments directly into their bank accounts and paying bills. The users can link the app to their bank accounts. The app was built for India, working on the vast majority of the country’s smartphones and available in English and seven Indian languages (Hindi, Bengali, Gujrati, Kannada, Marathi, Tamil, and Telugu). The app is available now for download on Google Play (Android) and the App Store (iOS). Tez works in partnership with four Banks — <keyword id="6355975" type="UNKNOWN" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword>, HDFC Bank, ICICI Bank, and <keyword id="6354731" type="ORGANIZATION" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) — to facilitate the processing of payments across over 50 <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> enabled banks. Introducing the new payments and commerce app, Caesar Sengupta, Vice President of the Next Billion Users team at Google, said, “We are deeply committed to bringing the best of Google's technologies to Indian users, and Tez takes that to the next level. Tez was built for India first — and starts us on a journey to make digital payments simpler and more accessible to everyone. We want to combine the best of Google with the best from our partners — Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India — to supercharge digital payments and commerce for as many Indians as possible and help them get the most from every rupee.” Current app features include: ● Simple transactions on the spot: Tez’s Cash Mode securely sends money from person to person with just a few taps. By pressing and holding the Cash Mode buttons at the same time, two people using Tez are able to make a secure transaction in seconds without needing to share private details like phone numbers or account numbers. This happens through Google’s proprietary Audio QR (AQR) ultrasound technology . Best of all, recipients get the amount deposited to their bank account instantly. ● Pay anyone: Tez syncs with the contact list in users’ phones, in accordance with their privacy settings. This way users can start a transaction just by searching for a friend’s name or phone number. Once a contact is on Tez, users do not have to add beneficiaries or enter bank account number and IFSC codes. If the other person is not on Tez or in the phone contact list, then users can still pay them with their bank account number or UPI ID. Transaction history with each person is grouped together like a conversation — just like how <keyword id="51500" type="UNKNOWN" weightage="20" keywordseo="Gmail">Gmail</keyword> groups emails together. This makes it easier to find a particular transaction, instead of going through long statements. ● Pay at offline and online businesses and get offers: Tez is accepted anywhere that UPI is accepted - even shopping at the corner store or buying online. When users shop at a Tez for Business merchant (see more details below) they get access to tailored offers and smart reminders for upcoming payments. An integration with Chrome makes mobile web payments just like paying in an app, and users can quickly get to a business’s website or contact customer support, right from Tez so they don’t need install an app for every business they engage with. ● Integrated with bank accounts: Tez is not a digital wallet requiring constant top up. It works with all 50+ UPI-enabled banks, so that money stays in users’ bank accounts until they need to use it. Tez users continue to earn interest from their banks and have their deposits backed by bank security guarantees. There is no need to reload a digital wallet. ● Multiple security layers: Tez is backed by multiple security levels, including dedicated security systems offered by Indian banks, the NPCI, and the Tez Shield — Google’s suite of security features, including a machine-learning-based fraud detection engine, device level protection, including a Google PIN, and no sharing of phone numbers or bank account numbers via Cash Mode. Customer service is available 24/7. ● Built for India first: Tez works on the vast majority of smartphones on both Android and iOS, in English and Hindi. The Android version is available in additional Indian languages: Bengali, Tamil, Marathi, Telugu, Kannada, and Gujarati. ● Tez Scratch Cards™ and Tez Lucky Sundays™: With each eligible transaction, Tez users have the opportunity to win Tez Scratch Cards™ worth up to ₹1,000 and get enrolled for the weekly Lucky Sundays draw of ₹1 lakh. No need to hunt for coupon codes: When a Tez user wins, as per applicable terms and conditions, rewards go straight into the user’s bank account. Diana Layfield, Vice President, Head of Finance &amp; Commerce Products, Next Billion Users, said, “With Tez, we are not just building an app but working towards a digital ecosystem that brings together millions of smartphone users, small merchants, large businesses, and financial institutions — all built on the UPI infrastructure that NPCI and the Indian government have taken great initiative in developing. Today is the start of a new journey for us. We look forward to bringing more features and innovations to meet people’s needs, and providing businesses with more ways to interact with their customers.”

Now, Google's mobile payments app is here. Exclusively for India

<keyword id="6357120" type="General" weightage="80" keywordseo="paytm" source="Orion">Paytm</keyword> Founder <keyword id="914589" type="General" weightage="50" keywordseo="vijay-shekhar" source="Orion">Vijay Shekhar</keyword> Sharma has said it will be "humbling to see Japan's Paytm-powered PayPay to soon be enabled for our home users" after Japan's Minister for Digital Transformation Taro Kono said that the island country is "seriously thinking about joining the Indian <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> payments system". India's mobile payments revolution has been making waves globally and has become a model for other countries as they take steps towards digitisation. After Singapore's integration in the UPI network, Japan is also considering a similar move. In an interview, Japan's Minister for Digital Transformation has said that Japan is "seriously thinking about joining the Indian UPI payments system". Pioneer of India's mobile and quick response (QR)-based payments, Paytm's Vijay Shekhar Sharma on Saturday welcomed this news and expressed his delight and pride over this. Paytm founder on Saturday took to the micro-blogging site, Twitter, and, said that with Japan working on integration of UPI, it will be "humbling to see Paytm powered Japan's largest mobile payment system" @PayPayOfficial enabled for our home users". The Fintech giant launched PayPay in 2018 with SoftBank and <keyword id="378763" type="General" weightage="50" keywordseo="yahoo-japan" source="Orion">Yahoo Japan</keyword>, empowering the country with cashless transactions. PayPay leverages Paytm's technology to drive mobile payments in Japan and has in fact seen immense popularity. Vijay Shekhar Sharma tweeted: "Very proud to see Japan working to integrate with India's global pride @UPI_NPCI system ! It will be humbling to see Paytm powered Japan's largest mobile payment system @PayPayOfficial enabled for our home users. Thank you @AshwiniVaishnaw sir @konotarogomame " India and Singapore on February 21 linked their respective online payments systems -- Unified Payments Interface (UPI) of India and PayNow of Singapore -- for seamless cross-border transactions between the two countries. The virtual launch function was attended by Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong. The linkage of these two payment systems of both countries would enable residents of both countries to the faster and more cost-efficient transfer of cross-border remittances. People in both the countries will be able to send money real-time via QR-code based or simply by entering mobile numbers linked to the bank account. Paytm has been instrumental in India's digital transformation through its innovative solutions like QR-code and Soundbox. The company has taken UPI to every nook and corner of India. Paytm Soundbox is an audio-assisted smart device which provides instant notifications when you receive a payment. It is a small portable speaker for your daily payment alerts which comes with a SIM-based connectivity. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/here-are-the-star-batsmen-of-ipl-2023/slidelist/100414800.cms">Virat Kohli to Rinku Singh, here are the best batsmen of IPL 2023</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a2-plus-vs-realme-narzo-n53-mobile-comparison-phone-comes-under-10000/slidelist/100418931.cms">Redmi A2 Plus vs Realme Narzo N53 – Which of these sub-₹10,000 phones should you buy?</a> <a href="https://www.businessinsider.in/finance/news/2000-note-withdrawal-how-to-exchange-notes-is-it-a-legal-tender-and-other-questions-answered/articleshow/100412941.cms">₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered</a>

Seriously thinking about joining the Indian UPI payments system says Japanese official

If you think that it was only banks that are going the app way, the latest being <a href="http://www.businessinsider.in/Know-why-SBI-is-killing-the-banking-tech-space/articleshow/49755509.cms">SBI</a>, you might be in for a happy surprise. If reports are to be believed, Indian government would soon be launching a mobile wallet service for government services. 
 
As of now, most government payments and receipts are done either through cash or cheque. However, using this app, one would be able to electronically pay for all kind of government services. This is a step in the direction of Modi government’s plan of creating a cashless, or less cash, economy and making India a digitally savvy country. 
 
"Our endeavour through this project is to ensure that at least 90%, if not more, of all government payments happen through some or the other electronic mode, be it through credit card, RTGS, DBT or mobile," a senior official aware of the project called 'epayment' told ET. 
 
A report of a Task Force on Aadhaar-Enabled Unified Payment Infrastructure which was released in 2012 came out stating that the cost of cash transactions is equivalent to 5-7% of GDP, which can be reduced by one-third if payments are done electronically. The report also recommended electronic payments for a sum more than Rs 1,000 by the government and government institutions. 
 
However, while several public services like state-owned telephone and power utilities accept epayments by citizens, there are many departments that don't have the apps or technology for such payments. This is why Department of Electronics and IT (DeitY) is developing a common app with basic payments features that can be used by all government departments. 
 
<a href="http://media2.intoday.in/btmt/images/stories/mobile-wallet-1_660_040415081227.jpg">Image Source</a>

Mobile wallet for government services will be a reality soon

The guidelines issued by the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) for prepaid payment instrument (PPI) licence holders are not going well with the mobile wallet companies. Reportedly, the <keyword id="6368227" type="UNKNOWN" weightage="20" keywordseo="Mobile-wallets">mobile wallets</keyword> have raised several concerns over RBI’s proposed guidelines. One of the issues that these companies have is of the know your customer (KYC) norms. "Some clarifications were sought on certain clauses, while PPIs discussed issues around KYC, especially since it could be an overkill for small transactions," one of those at the meeting told ET. The <keyword id="4128581" type="UNKNOWN" weightage="20" keywordseo="payment-council-of-india">Payment Council of India</keyword> and the Internet and <keyword id="592650" type="ORGANIZATION" weightage="20" keywordseo="Mobile-Association-of-India">Mobile Association of India</keyword> (IAMAI) had organised a meeting in which they gave out feedback on the proposed norms. As per RBI’s draft guidelines, the PPIs will have to move to full KYC details within 60 days of the PPI licence being issued. Presently, e-wallets and other such prepaid payment instruments can only hold up to Rs 20,000 per user with minimum KYC. "In the feedback given to RBI, the main request is that minimum KYC be retained or that the deadline for implementing full KYC be extended to 18-24 months, since by then telecom companies would have done Aadhaar linking of mobile numbers. That will help mobile wallets do full KYC for all customers," one industry member told ET, adding “The other ask is that RBI should publish the interoperability guidelines for wallets.” Some of these concerns, especially full KYC compliance, were raised at the meeting, according to those present. PPIs are currently seeing monthly transactions of Rs 6,000 crore, of which about Rs 4,000 crore is from money transfers while corporate solutions such as smart cards for expense management constitute about Rs 500 crore, ET quoted people with knowledge of the matter.

Mobile wallets are not happy with RBI’s latest draft guidelines. Here’s why

<ul><li>On 16 October, the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) issued a set of guidelines pertaining to the transfer of money between different mobile wallets such as <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, Oxigen and MobiKwik. </li><li>The quick and seamless transfer between mobile wallets will make them a natural substitute for bank accounts and lead to a spurt in digital payment transactions. </li><li>As of right now, e-wallets function as closed-loop systems, which means that funds aren’t allowed to be transferred between mobile wallets run by different companies.</li></ul>On 16 October, the Reserve Bank of India (RBI) issued <a href="https://rbi.org.in/Scripts/NotificationUser.aspx?Id=11393&amp;Mode=0">a set of guidelines</a> pertaining to the transfer of money between different mobile wallets such as Paytm, Oxigen and MobiKwik, which are formally categorised as “pre-paid instruments”. As of right now, e-wallets function as closed-loop systems, which means that funds aren’t allowed to be transferred between mobile wallets run by different companies. The quick and seamless transfer between mobile wallets will make them a natural substitute for bank accounts. It will also enable issuers of mobile wallets and customers to clear and settle transactions using one platform instead of multiple payment systems. The rules allow for the transfer of money between one mobile wallet to another, and from a mobile wallet to a bank account and vice versa through the <keyword id="2736678" type="COMPANY" weightage="20" keywordseo="Unified-payments-interface">Unified Payments Interface</keyword> (UPI), the instant payment transfer system developed by the National Payments Corporation of India for transferring funds between bank accounts through mobile apps. The system is regulated by the RBI. The process of “interoperability” will be implemented in a phased manner. The first phase - to be completed within the next six months - will involve the transfer between different mobile wallets while the second will involve the transfer between mobile wallets and accounts registered with scheduled commercial banks. The third and final stage will involve the issuance of stand-alone payment cards by mobile wallet providers. All mobile wallet accounts that are in compliance with KYC norms will be eligible for money transfers. There will be no minimum net worth requirement. In addition to addressing the <keyword id="772857" type="PERSON" weightage="20" keywordseo="interoperability">interoperability</keyword> of e-wallets, the guidelines also comprise avenues for customers to escalate grievances. The move by India’s central bank is aimed at facilitating a spurt in digital payment transactions, which are already growing at a commendable rate, which is surprising given the plethora of know-your-customer (KYC) requirements that digital payments firms have been faced with since March. For example, in August 2018, the number of <keyword id="6356915" type="UNKNOWN" weightage="20" keywordseo="e-wallet">e-wallet</keyword> transactions reached a total volume of <a href="https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/43CT_111020184D60CBF5ACBA43AF9E703986EAAF71AD.PDF">₹155.7 billion</a> - a record high.

The RBI's new guidelines will allow you to transfer funds between different mobile wallets

Real-time payments are forecast to boost <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s GDP by $45.9 billion in 2026 as real-time payments transaction volumes are set to exceed 206 billion by that time, a new report showed on Tuesday. In 2021, India accounted for the largest number of real-time transactions at 48.6 billion, almost threefold that of China (18 billion transactions) and almost seven times greater than the combined real-time payments volume of US, Canada, the UK, France and Germany (7.5 billion). According to the report by ACI Worldwide, in partnership with <keyword id="1670029" type="General" weightage="50" keywordseo="globaldata" source="Orion">GlobalData</keyword> and the <keyword id="452905" type="General" weightage="50" keywordseo="centre-for-economics-and-business-research" source="Orion">Centre for Economics and Business Research</keyword> (Cebr), the real-time payments helped India unlock $16.4 billion of additional economic output in 2021, equivalent to 0.56 per cent of formal GDP. "India's craving for cash may be plummeting, but there is still a great deal more to do. It is time to accelerate our efforts and expand this impact beyond the top tier metropolitan areas and replicate our success for the benefit of the entire country," said Ankur Saxena, Head of India and South Asia, ACI Worldwide, a software company providing real-time payment solutions. The widespread adoption of real-time payments resulted in estimated cost savings of $12.6 billion for Indian businesses and consumers in 2021. The growing acceptance of UPI-based mobile payment apps and QR code payments among merchants, combined with the increased use of digital payments during the Covid-19 pandemic, helped real-time payments secure 31.3 per cent of total payments transaction volume last year, the report showed. With consumers increasingly shifting from cash to mobile-based real-time payments, skipping payment cards, the real-time payments' share of the total payments volume is likely to rise to over 70 per cent in 2026. This will result in net savings for businesses and consumers rising to $92.4 billion in 2026, helping generate an additional $45.9 billion of economic output, equivalent to 1.12 per cent of the country's forecasted GDP. "By allowing for the transfer of money between parties within seconds rather than days, real-time payments improve overall market efficiencies in the economy," commented Owen Good, Head of Advisory, Centre for Economic and Business Research. "Developing nations continue to drive the majority of real-time volume gains, confirming the industry trend of the strongest growth coming from economies with minimal existing electronic payments infrastructure, and therefore heavier reliance on cash," added <keyword id="13710931" type="General" weightage="50" keywordseo="sam-murrant" source="Orion">Sam Murrant</keyword>, lead analyst, GlobalData. "India provides the template for mobile wallet integration with underlying real-time payment systems. Mobile will still be the leading form factor in developed markets," he noted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-in-india-who-what-when-why-and-how-much/articleshow/91004188.cms">5G in India – who, what, when, why and how much?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bought-twitter-shares-in-india-heres-what-will-happen-after-elon-musks-acquisition-and-twitter-going-private/articleshow/91090688.cms">Bought Twitter shares in India? Here’s what will happen after Elon Musk’s acquisition and Twitter going private</a>

Real-time payments are forecast to boost Indian GDP by US $45.9 billion in 2026

Welcome to our new Payments Insights newsletter, a morning email with the top news and analysis on the digital payments industry, produced by <a href="https://intelligence.businessinsider.com/welcome?utm_source=House&amp;utm_medium=Edit&amp;utm_term=PINSIGHTSutm_content=link&amp;utm_campaign=BIIMobile" target="_blank">BI Intelligence</a>. 
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<div class="KonaFilter image-container float_right click-to-enlarge" style="width:400px"><div class="image"><a title_source="Klarna" title_caption="" class="zoomin" href="http://static1.businessinsider.com/image/52b2711ceab8ea6a3a3e69d8-960/klarna-2.jpg"></a>Klarna</div></div>PAYMENTS CONSOLIDATION IN EUROPE TO CREATE A PAYPAL RIVAL THAT SERVES 43K MERCHANTS: Klarna, a Sweden-based online payments company recently valued at $1 billion, announced the acquisition of a German competitor, SOFORT. 
Together the two companies will be the largest independent online payments service in Europe. Combined, the companies serve over 43,000 merchants and 25 million users in 14 European countries. 
Sources close to the deal say that acquisition was in the ballpark of $150 million, according to the New York Times. 
BOTH COMPANIES OFFER PAYPAL-LIKE SERVICES: Klarna allows customers to buy goods online and pay for them later (similar to PayPal's Bill Me Later service). The company primarily operates in Nordic countries. SOFORT's service allows customers to pay for their e-commerce purchases instantly online by deducting the amount from their checking accounts. The company has a firm grasp on the Western European market, particularly in Germany.
THE COMPANIES AIM TO LEAD THE EUROPEAN MARKET: The structure of the deal looks like more of a partnership. The two companies plan to continue to operate as stand-alone businesses, retaining their products and using separate brands.
The point of the deal is to consolidate control in Europe to compete more effectively against European players like Sage and fend off global payments companies that are looking to extend their reach in European markets. A particular example - earlier this year PayPal announced that it would begin to sell PayPal Here, its mobile card reader, in the U.K., PayPal's second largest market with over 18 million customers. 
"We believe this newly established group has ... an enormous potential to emerge as a leading European provider of online payments," said Dr. Michael Riemenschneider, SOFORT's chairman. 
Its also worth noting that both Klarna and SOFORT offer services that allow customers to avoid using credit card payments, which puts them in direct competition with credit card networks like Visa. <a href="https://klarna.com/press-info#/pressrelease/view/klarna-and-sofort-join-forces-to-become-one-of-the-leading-independent-european-online-payments-providers-942522" target="_blank">(Klarna)</a>
In other news... 
India works towards financial inclusion with biometrics: A big problem for payments in India is that the country doesn't have strong public records which can make it difficult for Indians to buy SIM cards and open bank accounts. The Unique Identification Authority of India (UIDAI) is changing that by building a record of citizens in India based on their biometric data. The UIDAI has already issued over half a billion identifiers. This is a huge step towards opening up the payments market in India <a href="http://www.pymnts.com/briefing-room/underbanked/developing-markets/2013/Biometrics-Solve-Financial-Uncertainty-In-India/?utm_source=December+18%2C+2013&amp;utm_campaign=December+18+NL&amp;utm_medium=email" target="_blank">(PYMNTS)</a>
<a href="http://www.pymnts.com/briefing-room/underbanked/developing-markets/2013/Biometrics-Solve-Financial-Uncertainty-In-India/?utm_source=December+18%2C+2013&amp;utm_campaign=December+18+NL&amp;utm_medium=email" target="_blank"></a>Mozido Announced that it would start offering a peer-to-peer proximity payments service for mobile users. The service allows users to transfer funds to people in their immediate proximity using the Low Energy Bluetooth communication standard. <a href="http://mozido.com/mozido-unveils-proximity-payments-service-mobile-phones-uses-low-energy-bluetooth-technology/" target="_blank">(Mozido)</a>
CaixaBank, Spain's third largest bank, announced a partnership with Visa Europe and mobile carriers Telef?nica, Orange, and Vodafone to offer NFC contactless mobile payments throughout Spain. Of the country's 300,000 NFC point-of-sales, CaixaBank currently operates 110,000. <a href="http://www.visaeurope.com/en/newsroom/news/articles/2013/mobile_contactless_in_spain.aspx" target="_blank">(Visa Europe)</a>
A new venture between MasterCard, eServGlobal and BICS aims to expand the market for mobile remittances. The venture, called HomeSend, already has contracts with mobile operators that will allow is to reach 1.2 billion subscribers and 300,000 cash agents. <a href="http://newsroom.mastercard.com/press-releases/mastercard-eservglobal-and-bics-create-remittance-joint-venture/" target="_blank">(MasterCard)</a>
WELCOME TO PAYMENTS INSIGHTS. This is our new newsletter covering all things payments. Don't forget to <a href="http://e.businessinsider.com/join/biipaymentsform" target="_blank">sign up</a> and get it every morning in your inbox. Please email <a href="mailto:johnh@businessinsider.com">johnh@businessinsider.com</a> or BI Intelligence director <a href="mailto:mballve@businessinsider.com" target="_blank">mballve@businessinsider.com</a> with news and tips.
The Indian mobile operator Tata Docomo will further expand its mobile remittance services, called mRupee, to 26 cities and over 4,000 retail outlet in India. It's an mPesa competitor. <a href="http://www.informationweek.in/informationweek/press-releases/286788/tata-docomo-expand-flagship-money-remittance-service-mrupee-26-cities-fy14" target="_blank">(Information Week)</a>
DISINTERMEDIATION FEARS: "In Aite's annual survey of IT executives at large financial institutions, two sweet spots for IT spending are the digital wallet (and the fear of being disintermediated by competitors such as Square) and mobile banking, including tablet apps for consumers and small businesses ..." <a href="http://www.americanbanker.com/issues/178_242/top-8-ways-banks-will-spend-their-2014-it-budgets-1064420-1.html" target="_blank">(American Banker)</a>
The FBI holds 144,000 Bitcoins (~$100 million): The government agency acquired this enormous share of Bitcoin after seizing Silkroad, a Bitcoin-based black market. <a href="http://www.wired.com/wiredenterprise/2013/12/fbi_wallet/" target="_blank">(Wired)</a> 
PayPal's new digital gifts store will start offering digital gift cards from global brands with the help of Epay, a division of Euronet Worldwide, Incorporated. The partnership will help PayPal expand its gift card offerings and Euronet Worldwide its reach in the U.K., U.S., and Germany. <a href="http://online.wsj.com/article/PR-CO-20131217-906393.html" target="_blank">(Wall Street Journal)</a>
Mobile Point-of-sale technology provider I Love Velvet has is reported to have acquired weXpay according to Mobile Payments Today. <a href="http://www.mobilepaymentstoday.com/article/224945/US-mPOS-provider-I-Love-Velvet-goes-international" target="_blank">(Mobile Payments Today)</a> 
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Two Online Payments Companies In Europe Link Up To Create A PayPal Rival With 25 Million Users

India has witnessed the fastest jump in alternative payment share for <keyword id="21422684" type="General" weightage="100" keywordseo="e-commerce-payments" source="keywords">e-commerce payments</keyword> in the <keyword id="20122305" type="General" weightage="20" keywordseo="Asia-Pacific-region" source="keywords">Asia-pacific region</keyword> from 20.4% in 2018 to 58.1% in 2023 as per a report by GlobalData, a data and analytics company. Options for payment other than traditional cash include <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>, <keyword id="6354770" type="General" weightage="20" keywordseo="debit-cards" source="Orion">debit cards</keyword> and <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> among others. "This significant uptake of alternative payment solutions can be attributed to the widespread usage of <keyword id="21223853" type="General" weightage="20" keywordseo="mobile-wallets" source="keywords">mobile wallets</keyword>, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning <keyword id="19993724" type="General" weightage="20" keywordseo="QR-codes" source="keywords">QR codes</keyword>," GlobalData report elaborated. The report highlights that in the Asia-Pacific (APAC) region, the payment solutions such as mobile and digital wallets have displaced traditional payment methods like cash and bank transfers for e-commerce payments. The report states that such alternative payments are already immensely popular in countries like <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> and India and are also gaining traction in other APAC markets as well. However, China led the way in 2023, with alternative payments accounting for nearly two-thirds of the total e-commerce payments value in 2023 that took place in the entire Asia Pacific region. However, India is also not far behind, with a significant surge in alternative payment methods since 2018. The e-commerce analytics by the company revealed that even traditionally cash-intensive countries in APAC such as the Philippines, Malaysia, and Indonesia, are witnessing a similar trend. "While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, even outpacing the West. This trend is driven by the rising smartphone and internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions" said Shiv Gupta, Senior Banking and Payments Analyst at GlobalData. The report also highlights that within the Asia-Pacific region, China and India have a higher adoption rate of alternative payment methods as compared to their peers. According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65% of the e-commerce transaction value in China, the largest e-commerce market globally. It represents a significant increase from 53.4% in 2018. Other Asian markets like Indonesia, Hong Kong, Singapore, and the Philippines are also seeing higher adoption of alternative payment solutions. "Alternative payment solutions accounts for lion share in e-commerce markets across many APAC countries, supported by rising internet and smartphone penetration, and growing acceptance of digital payments by merchants. With the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region" said Gupta.

India's non-cash payments on e-commerce platforms surge to 58.1% in 2023

Mumbai, Nov 22 () As many as 88 per cent of Indians surveyed use a mobile device to make payments, way above the global average, according to a study.
 The PayPal and IPSOS 'mCommerce Report', based on a survey conducted across 11 countries with about 22,000 consumers and 4,000 business respondents, examined how people shop and sell online.
 In India, the respondent pool comprised of 2,000 consumers aged 18-74, who owned or used a smartphone and over 300 business influencers or decision makers who sell or accept payments online.
 "88 per cent of the surveyed Indians use a mobile device to make payments, way above the global average of 71 per cent," the survey said.
 It also said 45 per cent of merchants have made mobile optimisation a business priority in the next 12 months.
 "Time saving and ease of transacting is the main drivers for mobile commerce," it said and added social commerce adoption is led by the young.
 According to the study, apps are a popular way of transacting, wherein 98 per cent of Indian mobile shoppers pay through apps as against 90 per cent of the global average.
 Bill payments and fashion are the key sectors where app purchases take place, it added.
 It also said India has emerged as a forerunner in mobile commerce adoption in comparison to its global counterparts. NKD CS HRS

88 pc of Indians use mobile devices to make purchases: Study

<keyword id="181441" type="General" weightage="20" keywordseo="one97-communications" source="Orion">One97 Communications</keyword> Limited (OCL) that owns the brand <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, India's leading payments and financial services company and the pioneer of QR, soundbox and mobile payments, today announced an investment of Rs100 crore in Gujarat International Finance Tec-City (<keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword>) to build a global financial ecosystem, ahead of the Vibrant Gujarat Global Summit 2024, in Gandhinagar. The company will make the investment over a period of time and will seek requisite approvals for the same. With GIFT city as an ideal innovation hub for cross-border activity, Paytm will use its proven capability to innovate and build new <keyword id="6358815" type="General" weightage="20" keywordseo="tech" source="Orion">tech</keyword> for users across the globe looking to invest in India. As the pioneer of real-time payments and settlements in India, the company will replicate its success to now reduce friction in cross-border remittances with faster and cost-effective solutions, driven by Artificial Intelligence. Leveraging its leadership as a tech innovator, Paytm will also set up a development centre in GIFT City to build the above solutions and provide a technology backbone. This centre will create jobs and house engineers to develop a suite of world-class financial products and services. Vijay Shekhar Sharma, founder and CEO, said, "GIFT City is set to become a global financial hub, further putting India on the world map for innovation. The strategic investment in GIFT City represents a pivotal step towards building an Artificial Intelligence-driven cross-border remittance and payments technology landscape, presenting global opportunities. This will enable us to deliver fast, reliable, and cost-effective remittance solutions, reducing friction, at a global scale. We are excited about GIFT City serving as an exemplary innovation hub for cross-border activities, enabling overseas <keyword id="6359051" type="General" weightage="20" keywordseo="investors" source="Orion">investors</keyword> the flexibility to maintain foreign currency accounts. Furthermore, we intend to leverage this investment to establish a dedicated development center." Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytm's mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology.

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