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The <keyword id="7656598" type="General" weightage="20" keywordseo="merchant-payments" source="Orion">Merchant Payments</keyword> Alliance of India (MPAI) and the Alliance of <keyword id="1929810" type="General" weightage="20" keywordseo="digital-india" source="Orion">Digital India</keyword> Foundation (ADIF) on Wednesday urged the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) to extend the card-on-file (CoF) tokenisation deadline of December 31 for merchants. Citing several operational challenges that will hinder the transition to the token-based payments ecosystem, the industry bodies voiced their concerns over industry readiness on the RBI directive on card-on-file tokenisation. MPAI and ADIF said that 'ecosystem readiness' is a sequential process of going live with stable API (application programming interface) documentation for tokenised transactions. The digital payments ecosystem is a long way from consumer-ready solutions and unless regulated entities are compliant, merchants will not be able to successfully process tokenised transactions, they said in the joint letter. "In the scenario that banks are lax on preparedness, the brunt of that will be borne by merchants in the form of loss of revenue - we are looking at revenues losses of anywhere between 20-40 per cent at the minimum should that be the case," said Sijo Kuruvilla George, Executive Director, ADIF. The RBI in September prohibited merchants from storing customer card details on their servers with effect from January 01, 2022, and mandated the adoption of CoF tokenization as an alternative to card storage. The industry bodies said that if implemented in the present state of readiness, the new RBI mandate could cause major disruptions and loss of revenue, especially for merchants. "This unpreparedness will impact recent digital payments adopters even deeply. The frequency and intensity of phishing attempts will go as entire card details are to be entered for each transaction, causing a significant increase in irreversible fraudulent transactions," said Vishal Mehta, Chair of Governing Council, MPAI. Based on the set of guidelines that have been mandated by the RBI, sensitive customer information is to be stored in the form of an encrypted 'token' to help secure transactions. These tokens then allow payments to be processed without disclosing the customer details or allowing the payment intermediaries to store customer data that could breach security and privacy. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/tiktok-scores-higher-traffic-ratings-than-google-to-become-the-most-popular-domain-in-2021/slidelist/88403667.cms">People looked up TikTok more than Google making the short videos app the most popular domain in 2021</a> <a href="https://www.businessinsider.in/tech/apps/news/upcoming-whatsapp-new-features-will-enhance-admin-control-in-groups-add-shortcut-for-quick-replies-and-more/articleshow/88387262.cms">Upcoming WhatsApp features: New admin controls, shortcuts for quick replies, message reactions and more</a>

Merchant bodies urge RBI to extend card-on-file tokenisation deadline citing operational challenges

Small businesses have been bearing the brunt of <keyword id="6362150" type="UNKNOWN" weightage="20" keywordseo="demonetization">demonetization</keyword> the most, by losing out on customers who do not have cash to pay for their daily needs. 
 
To help offline merchants opt for<a href="http://www.businessinsider.in/EXCLUSIVE-BigBaskets-co-founder-talks-about-hyperlocal-businesses-and-profitability/articleshow/55752379.cms"> cashless transactions</a>, <keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="ShopClues">Shopclues</keyword> announced the launch of 'Reach' under its Business Edge initiative today. 
 'Reach' helps brick and mortar stores in the country to process hassle-free <keyword id="6445679" type="UNKNOWN" weightage="20" keywordseo="cashless-transactions">cashless transactions</keyword> for customers. 
 
The best part is that neither the customer or the seller needs the mobile application to make the payment and the price; Shopclues will only charge INR 99 per month from the merchants, as of now. 
 
<a href="http://www.businessinsider.in/EXCLUSIVE-IKEA-APAC-Head-talks-about-what-to-expect-from-the-upcoming-IKEA-store-in-Hyderabad/articleshow/55812739.cms">ALSO READ: EXCLUSIVE: IKEA APAC Head talks about what to expect from the upcoming IKEA store in Hyderabad</a> 
 
The SMS based three-step payment mechanism also eliminates the intermediary digital wallet by directly transferring the payment to the beneficiary's bank account at an introductory rate of 0% TDR on transactions. 
 
This facility can be subscribed to by Shopclues-affiliated merchants as well as offline merchants who are not associated with the company. 
 
'Reach' by Shopclues also assists the retailer in <a href="http://www.businessinsider.in/Bollywood-actor-Kunal-Kapoor-talks-about-Ketto-his-crowdfunding-startup-which-has-raised-Rs-40-Cr-for-social-causes/articleshow/55753955.cms">order management, inventory management, e-Billing, centralized inventory status for multiple stores and merchant store promotion.</a>

Shopclues launches 'Reach' to digitize offline merchants payments

<ul><li><keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> plans to substantially scale up its presence by adding another 30 cities to its list by December 2020. </li><li>The cities, spread across India, include <keyword id="6730905" type="UNKNOWN" weightage="20" keywordseo="tier-1-cities">tier-1 cities</keyword> like Kolkata and Chennai, emerging cities like Coimbatore, Kochi, Dehradun, Nagpur, Bhubaneswar, Patna as well as tourist hubs like Amritsar, Varanasi, Agra, Allahabad, amongst others. </li><li>The company aims to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY 21.</li></ul><keyword id="9492517" type="UNKNOWN" weightage="20" keywordseo="merchant-payment">Merchant payment</keyword> company BharatPe has announced its aggressive expansion plans across tier-1, 2 and 3 cities in the country. The company, that is currently present in 35+ cities, plans to substantially scale up its presence by adding another 30 cities to its list by December 2020. The cities, spread across India, include tier-1 cities like Kolkata and Chennai, emerging cities like Coimbatore, Kochi, Dehradun, Nagpur, Bhubaneswar, Patna as well as tourist hubs like Amritsar, Varanasi, Agra, Allahabad, amongst others. The company aims to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY 21. The announcement is in line with the company’s commitment to become the preferred financial services partner for over 60 million SMEs (Small and Medium Enterprises) in India. The company will be rolling out it’s one-of-a-kind interoperable UPI QR with zero transaction fees, and it’s recently launched zero rental, zero fees card acceptance machine (BharatSwipe) in the new cities. Additionally, BharatPe would be offering attractive collateral-free loans of upto Rs 7 lakhs at competitive interest rates to merchants, with the objective of helping them grow their business. BharatPe will offer its hybrid repayment model with a combination of daily QR/ POS collection and weekly payments made directly from the bank account to the merchants availing loans. Speaking on the expansion, <keyword id="4534514" type="PERSON" weightage="20" keywordseo="Suhail-Sameer">Suhail Sameer</keyword>, Group President, BharatPe, said, “The pandemic has fuelled exponential growth of digital payments industry in the country as a large number of customers are opting for cashless payments. We have seen our business grow manifold over the last few months. Our payments vertical has recorded consistent double digit growth on a month-on- month basis. Also, our lending vertical has scaled very well and we are on track to disburse loans of Rs 1000 crores by the end of the year.” Added Suhail, “We are committed to create a well-rounded financial ecosystem for SMEs with our variety of products including payments, loans, gold and insurance. This decision to double our footprint in the country is in line with this. We have handpicked cities that are either business hubs or emerging commercial centres, for this phase of expansion. We look forward to enabling millions of more businesses in the new cities we are venturing in.” BharatPe will be rolling out its range of financial services for merchants, across all the new cities. These include Amritsar, Kota, Guntur, Kakinada, Rajmundri, Jodhpur, Coimbatore, Madurai, Nagpur, Kochi, Trichy, Raipur, Trivandrum, Bilaspur, Durg Bhilai, Gwalior, Jabalpur, Kolkata, Patna, Ranchi, Bhubaneswar, Guwahati, Jamshedpur, Chennai, Agra, Allahabad, Aurangabad, Dehradun, Patiala, Rohtak, Silchar, Agartala, Shillong and Varanasi.

BharatPe to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY21

<ul class="summary-list"><li>This story was delivered to Business Insider Intelligence Payments &amp; Commerce subscribers earlier this morning.</li><li>To get this story plus others to your inbox each day, hours before they're published on Business Insider, <a href="https://store.businessinsider.com/products/payments-commerce-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-new-merchant-fee-rules-google-pay-paytm-adjust-strategies-2020-2">click here</a>.</li></ul>The Indian government moved to block merchant discount rates (MDRs) - the rates charged to merchants on transactions - on digital transactions via RuPay cards and the country's Unified Payments Interface (UPI) as of January 1, 2020, per <a href="https://e.businessinsider.com/click/19374342.9890/aHR0cHM6Ly9pbmM0Mi5jb20vYnV6ei9uby1tZXJjaGFudC1jaGFyZ2VzLW9uLWRpZ2l0YWwtcGF5bWVudHMtdmlhLXVwaS1hbmQtcnVwYXktZ292dC8/56c34aced7aaa8f87d8b56a7B7e7f9abb" target="_blank" rel="noopener">Inc42</a>.For context, the UPI is a network that enables mobile bank-to-bank transactions. Removing these fees could make digital payments more attractive to merchants than other payment options that still carry additional fees, including those from foreign card networks, potentially boosting digital payment acceptance in India. But the lack of revenue from transactions could impact top digital payments companies in India, like Paytm and Google Pay.Paytm is adding new products for merchants that could help it find new revenue and address its losses.Paytm <a href="https://e.businessinsider.com/click/19374342.9890/aHR0cHM6Ly9ibG9nLnBheXRtLmNvbS9pbnRyb2R1Y2luZy1hbGwtaW4tb25lLWFuZHJvaWQtcG9zLWZvci1zbWFsbC1idXNpbmVzc2VzLWFuZC1tZXJjaGFudC1wYXJ0bmVycy1jM2RjYjQ4MDc2Mw/56c34aced7aaa8f87d8b56a7B684bdcae" target="_blank" rel="noopener">debuted</a> an "All-in-One" point-of-sale (POS) solution that could boost its appeal to merchants. The POS tool accepts payments via the UPI, Paytm wallet, as well as credit and debit cards, and has been tested by over 150,000 merchants, according to <a href="https://e.businessinsider.com/click/19374342.9890/aHR0cHM6Ly9pbmM0Mi5jb20vYnV6ei9wYXl0bS1sYXVuY2hlcy1hbGwtaW4tb25lLXFyLWNvZGUtcG9zLWRldmljZS1hbmQtbWVyY2hhbnQtc2RrLw/56c34aced7aaa8f87d8b56a7Bffb11077" target="_blank" rel="noopener">Inc42</a>.The solution can also generate QR codes, print invoices, track cash payments, handle deferred payments, and help with customer management, among other capabilities. The offering's potential to handle all of a merchant's payment needs could deepen Paytm's connection with its existing merchant base and attract new sellers, especially because the device appears to work in several contexts since Paytm noted that it piloted the device for bus ticketing services, parking management, home delivery, and in other spaces.This is part of Paytm's effort to court merchants and derive revenue from them, and it's particularly necessary as the company tries to boost revenue without an MDR and limit its losses. Paytm is aiming to cut its losses by over half in the next two years - it <a href="https://e.businessinsider.com/click/19374342.9890/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDE5LzA5LzA5L3BheXRtLW9uZTk3LWxvc3Nlcy1meS0yMDE5Lw/56c34aced7aaa8f87d8b56a7B5afbba01" target="_blank" rel="noopener">posted</a> net losses of approximately $549 million in its fiscal year ended March 31, 2019 - and part of its initiative to do so includes building out its merchant network and winning revenue from them, per <a href="https://e.businessinsider.com/click/19374342.9890/aHR0cHM6Ly9lY29ub21pY3RpbWVzLmluZGlhdGltZXMuY29tL3NtYWxsLWJpei9zdGFydHVwcy9uZXdzYnV6ei9wYXl0bS10by1tb25ldGlzZS1vZmZsaW5lLW1lcmNoYW50LWJhc2UtcGxhbnMtdG8tY3V0LWxvc3Nlcy1ieS1oYWxmLXZpamF5LXNoZWtoYXItc2hhcm1hL2FydGljbGVzaG93LzczOTQ5MjE0LmNtcw/56c34aced7aaa8f87d8b56a7Bbe2fe80f" target="_blank" rel="noopener">The Economic Times</a>. Providing solutions like its new POS offering and <a href="https://e.businessinsider.com/click/19374342.9890/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2FtYXpvbi10YXJnZXRzLWx1eHVyeS1mYXNoaW9uLWFtZXgtY2xlYXJlZC1mb3ItY2hpbmVzZS1vcGVyYXRpb25zLWNoYXNlLXVwcy1zYXBwaGlyZS1mZWUtYW5kLXBlcmtzLTIwMjAtMQ/56c34aced7aaa8f87d8b56a7B07ed8639" target="_blank" rel="noopener">payment management</a> tools may build out its network and give it new revenue streams, helping it improve its bottom line.Meanwhile, Google is looking to use its learnings in India to revamp its payment offerings globally, possibly to seek new revenue opportunities now that it can't implement an MDR in India. Alphabet CEO Sundar Pichai noted on the company's <a href="https://e.businessinsider.com/click/19374342.9890/aHR0cHM6Ly9zZWVraW5nYWxwaGEuY29tL2FydGljbGUvNDMyMTA5NC1hbHBoYWJldC1pbmMtZ29vZy1jZW8tc3VuZGFyLXBpY2hhaS1vbi1xNC0yMDE5LXJlc3VsdHMtZWFybmluZ3MtY2FsbC10cmFuc2NyaXB0P3BhcnQ9c2luZ2xl/56c34aced7aaa8f87d8b56a7Be3560b6e" target="_blank" rel="noopener">earnings call</a> that its launch in India was successful and that its learnings from that will help inform global payment product improvements in 2020.Google Pay is a <a href="https://e.businessinsider.com/click/19374342.9890/aHR0cHM6Ly9yYXpvcnBheS5jb20vYmxvZy91cGktcHJlZmVycmVkLXBheW1lbnQtbW9kZS1zZXB0ZW1iZXItMjAxOS1kYXRhLw/56c34aced7aaa8f87d8b56a7Bc58225e8" target="_blank" rel="noopener">top</a> UPI transaction driver, but without an MDR it may struggle to bring in revenue in the market. This may be why the company is looking to revamp its payment capabilities beyond India, and might help explain why Google <a href="https://e.businessinsider.com/click/19374342.9890/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3BheXBhbHMtcGFydG5lcnNoaXAtd2l0aC1jaXRpLWhpZ2hsaWdodHMtaXRzLXdhbGxldC1nb29nbGUtb2ZmZXJzLWZlZG5vdy1hZHZpY2UtYWxpYmFiYS1hbmQtaWNiYy10ZWFtLXVwLW9uLWZpbnRlY2gtMjAxOS0xMj9jaWQ9c2VhcmNoI0lURU0lMjAy/56c34aced7aaa8f87d8b56a7B1e569c4c" target="_blank" rel="noopener">suggested</a> the US Federal Reserve model its <a href="https://e.businessinsider.com/click/19374342.9890/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3RoZS1mZWQtdG8tbGF1bmNoLW5ldy1zZXJ2aWNlLXRvLWNvbXBldGUtaW4tcmVhbC10aW1lLXBheW1lbnRzLXNwYWNlLWZpcy1yZXZlYWxzLW5ldy1zdHJ1Y3R1cmUtYWZ0ZXItd29ybGRwYXktYWNxdWlzaXRpb24tdWstdG8tZGVsYXktZW5mb3JjZW1lbnQtb2YtbmV3LWF1dGhlbnRpY2F0aW9uLXJlcXVpcmVtZW50cy0yMDE5LTg/56c34aced7aaa8f87d8b56a7B97f1b1f3" target="_blank" rel="noopener">forthcoming</a> real-time payments (RTP) network off of the UPI.Want to read more stories like this one? Here's how to get access: <ol><li>Sign up for Payments &amp; Commerce Pro, Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. &gt;&gt; <a href="https://store.businessinsider.com/products/payments-commerce-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-new-merchant-fee-rules-google-pay-paytm-adjust-strategies-2020-2">Get Started</a></li><li>Check to see if you already have access to Business Insider Intelligence through your company, or inquire about access if you don't. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-new-merchant-fee-rules-google-pay-paytm-adjust-strategies-2020-2">Check If You Have Enterprise Access</a></li><li>Explore related topics in more depth. &gt;&gt; <a href="https://store.businessinsider.com/collections/payments-commerce?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-new-merchant-fee-rules-google-pay-paytm-adjust-strategies-2020-2">Visit Our Report Store</a></li><li>Current subscribers can log in to read the briefing <a href="https://intelligence.businessinsider.com/post/paytm-and-google-pay-eye-new-horizons-7-eleven-steps-into-the-autonomous-checkout-space-australian-regulator-could-alter-debit-routing-2020-2">here</a>.</li></ol>

New merchant fee rules could force Google Pay and Paytm to adjust strategies

More than 40 per cent of <keyword id="20081234" type="General" weightage="20" keywordseo="consumers" source="keywords">consumers</keyword> in Tier 3 to 6 cities use <keyword id="19994585" type="General" weightage="20" keywordseo="digital-payment" source="keywords">digital payment</keyword> on a daily basis, while 45 per cent claimed to use it once in two days, a new survey report has said. "This reflects the frequent usage of <keyword id="6358577" type="General" weightage="20" keywordseo="digital-payments" source="Orion">digital payments</keyword> by consumers, even in Tier 3 to 6 locations of the country," said a report by Chase India on The State of Digital Payments in India. The report identifies the key challenges faced by <keyword id="20442209" type="General" weightage="20" keywordseo="merchants" source="keywords">merchants</keyword> and consumers in the adoption of digital payment services at the grassroots level. According to the report, nearly half of the merchants who are not using digital payments in rural India are unaware of the service. In contrast, a staggering 94 per cent of consumers who are not using digital payments are aware of it but still don't use it, as they face issues like lack of internet connectivity, limited knowledge, mistrust in online payments and service-related problems. The report added that around 74 per cent of consumers claimed to be using digital payment services for a transaction a family member made. The report said around 41 per cent of merchants claimed to receive less than 25 per cent of their sales through digital payments, around 15 per cent of merchants claimed to receive over 50 per cent of their sales through digital payments. "This shows the potential left to be tapped with respect to increasing the usage of digital payments at the grassroots level," the report said. A total of 2,240 respondents were surveyed for the report, including 1,184 consumers and 1,056 merchants, spread across 16 districts, covering eight states in different geographic zones of the country. The report also said that lack of awareness about digital payments was a crucial finding. Around 46 per cent of merchants had never used digital payments because they were unaware of it. The survey revealed that, on average, around 36 per cent of merchants claimed to be processing over 50 digital payment transactions every month. Also, around 23 per cent of merchants claimed to be processing not more than 1 digital payment transaction every alternate day. Most merchants process digital payment transactions of less than Rs 15,000 every month. Only a handful of merchants claimed to process digital payments of over Rs 1 lakh. The main challenges that hinder the adoption of digital payments were inadequate infrastructure, service-related issues, capacity constraints and lack of trust in digital Payments, it said. "KYC is a vital step in onboarding merchants for using digital payments services. However, the survey discovered that nearly one in three merchants faced difficulties in completing the KYC process due to a lack of requisite documents, capacity constraints and the time taken for onboarding, among other reasons," the report said. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

You Searched For "merchant payments" and got 5 results

Merchant bodies urge RBI to extend card-on-file tokenisation deadline citing operational challenges

IANS

Shopclues launches 'Reach' to digitize offline merchants payments

Tanya Dubey

BharatPe to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY21

BI India Partner

New merchant fee rules could force Google Pay and Paytm to adjust strategies

Daniel Keyes

Over 40% consumers use digital payment every day in Tier 3-6 cities: Report

PTI

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