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<ul><li><keyword id="3005928" type="General" weightage="20" keywordseo="fastag" source="Orion">FasTag</keyword> technology is adapting to a new market</li><li>Your FasTag can now pay for more transactions like fuel and food</li><li>Startups like <keyword id="4064372" type="General" weightage="20" keywordseo="numadic" source="Orion">Numadic</keyword> are enabling this ecosystem with new products </li></ul> FasTag technology has been around since 2014, with the earliest rendition of the tech being limited to toll tax payments. Like any fast e-commerce technology in India, like UPI, our country was quick to adapt to Fastag as well. Almost 10 years in, Fastag’s adaptation to more payment gateways have been fairly slow, with most famously being adapted to car parkings. This might change soon, and if startups like Numadic are to be followed up, the autonomous vehicular payment sector is a booming business. FasTag as it exists - Let’s talk numbers As per official data as of January 2021 54.6 lakh cars on roads are enabled by FasTag in India. Since then the number has only increased. As of today The FASTag system has expanded its coverage to encompass 1,228 toll plazas, which includes 339 state toll plazas. With a penetration rate of approximately 97 percent, the system has issued over 6.9 crore FASTags to users. What does Numadic do? NUmadic has formed partnerships with Hindustan Petroleum and Indian Oil to implement FASTags for fuel payments. The platform has witnessed significant growth, handling close to $1 million in vehicle transactions on a daily basis. The pilot phase commenced in October 2021. Notably, ICICI and IDFC First Bank have initiated the rollout of FASTag-enabled fuel payments at specific outlets through collaborations with petroleum giants such as Indian Oil and Hindustan Petroleum. Additionally RFID technology streamlines electric vehicle (EV) fleet management. By placing RFID readers in the vehicles and employing RFID tags for driver identification, managers can enhance route optimization, monitor vehicle usage, and boost overall efficiency. The future for gateway payments is only expanding and we will be covering it more moving forward. Our readers can also expect a video depicting the format soon. For more informative content make sure to check out our <a href="https://www.instagram.com/businessinsiderin/reels/">social media</a>.

Cars and commerce - How payment gateways in cars are changing

<ul><li><keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword>, a digital payments company, has said that its payment gateway business has turned profitable. </li><li>With an IPO in mind, the company is now aiming for a ₹1.4 lakh crore annual payment volume from the payment gateway business.</li><li>Earlier in July, Mobikwik had reported a funding of ₹8.67 crores. </li></ul>Mobikwik, one of India’s leading digital payments companies, has claimed that its payment gateways vertical had turned profitable since April 2019. “Our focus on building the best tech stack for our merchants is evident in the growth and success of our Payment Gateway business. Our product and user experience (UX) philosophy is to keep the user experience simple and ultra fast. Payment Gateway is one of our fastest growing verticals and will play an instrumental role in our path to profitability,” said Upasana Taku, Co-Founder, MobiKwik. With this, the payments company now aims to ₹1.4 lakh crore annual payment volume for its payment gateway business. As a payment gateway, Mobikwik finds clients in businesses like Uber, IRCTC, Dream11, Bajaj Finance, Zomato, Grofers, Blue Dart, Delhivery, Dominos, Maruti Suzuki, Hyundai, etc. “Over 94 million unique cards are saved on MobiKwik PG platform; this includes 20 million credit cards which is 50% of all credit cards issued in India,” said the company’s official statement. In July, the company had also announced a new round of funding of ₹8.67 crore from Trifecta Capital and NDTV. Its previous investors include Sequoia Capital and American Express among others. According to <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ahead-of-ipo-mobikwik-scouts-for-investor-eyes-profit-from-fy21/articleshow/69810493.cms?from=mdr">reports</a>, Mobikwik is also planning to head for an IPO in the next three years. "We are looking for an investor who will help the company go for an initial public offering (IPO) in three years," co-founder and chief executive Bipin Preet Singh told <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ahead-of-ipo-mobikwik-scouts-for-investor-eyes-profit-from-fy21/articleshow/69810493.cms?from=mdr">ET.</a> Mobikwik finds competition from the likes of Paytm, PayU and Razorpay in the payment gateway business. Paytm claims to hold over 50% of the market share and has said that it does 400 million transactions per month; is five times more than its next competitor. A report by Credit Suisse Group AG says that the Indian digital payments market will increase five-fold from the current $200 billion to $1 trillion by the year 2023. This has also resulted in many international players eyeing the Indian market like <a href="https://www.businessinsider.in/google-wallet-creator-osama-bediers-startup-poynt-will-launch-in-india-in-2019/articleshow/68145220.cms">Osama Bedier's Poynt.</a> Bedier is also credited to be the creator of the Google Wallet. In June 2019, Mobikwik had also partnered with DT One, a global B2B network for mobile recharge, giving its users the opportunity to recharge their phones in 150 countries. MobiKwik’s competitor in India, Paytm had already entered two international markets – Canada and Japan.

Heading for an IPO, Mobikwik reports a profit in its payment gateway business

The Enforcement Directorate (ED) after conducting raids at multiple locations belonging to <keyword id="714947" type="General" weightage="50" keywordseo="payment-gateways" source="Orion">payment gateways</keyword> i.e <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> and PayU in connection with a case of Chinese Loan apps, asked Paytm to freeze certain amounts from a few Merchant IDs (MIDs). Sources said the raids were conducted in Mumbai, Delhi, Gurugram, Lucknow and <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword>. The ED has not given any official comment on the matter. On September 3, raids were conducted at the premises belonging to online payments gateways including <keyword id="14887233" type="General" weightage="50" keywordseo="razorpay-pvt-ltd" source="Orion">Razorpay Pvt Ltd</keyword>, Cashfree Payments and <keyword id="14887232" type="General" weightage="50" keywordseo="paytm-payment-services-ltd" source="Orion">Paytm Payment Services Ltd</keyword>. A Paytm spokesperson said that as part of the ongoing investigations of a specific set of merchants, the ED has sought information regarding such merchants to whom we provide payment processing solutions. "These merchants are independent entities, and none of them are our group entities. We are, and will continue to, fully cooperate with the authorities, and all the directive actions are being duly complied with," said the Paytm spokesperson. The ED has instructed Paytm to freeze certain amounts from the Merchant IDs of a specific set of merchant entities (as mentioned by the ED in its press release). "None of the funds which have been instructed to be frozen belong to Paytm or any of our group companies. As we have mentioned before, ED continues to seek information about certain merchants from various payment service providers, and we have shared the required information," the Paytm spokesperson said. What is the case? The case is based on 18 FIRs registered by the Cyber Crime Police Station, Bengaluru City, against numerous persons for their involvement in extortion and harassment of the public who had availed small loans through the mobile apps being run by those entities. "During enquiries, it had emerged that these entities are operated by Chinese persons. The modus operandi of these entities is that by using forged documents of Indians and making them dummy directors of those entities, they are generating proceeds of crime," the ED said. The ED had said that it has come to its notice that the entities were conducting their suspected business through various Merchant IDs/Accounts held with Payment Gateways/banks. The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled/operated by Chinese persons were covered in the search operations. "During the search operations, it was noticed that the said entities were generating proceeds of crime through various Merchant IDs/Accounts held with Payment Gateways/banks and they are also not operating from the addresses given on the <keyword id="6355225" type="General" weightage="50" keywordseo="mca" source="Orion">MCA</keyword> website/registered address and having fake addresses. An amount of Rs 17 crore has been seized in merchant IDs and bank accounts of these Chinese persons-controlled entities," the ED official had said. Meanwhile, a Razorpay spokesperson had said "Some of our merchants were being investigated by law enforcement about a year and a half back. As part of the ongoing investigation, the authorities requested additional information to help with the investigation. We have fully cooperated and shared <keyword id="167905" type="General" weightage="50" keywordseo="kyc" source="Orion">KYC</keyword> and other details. The authorities were satisfied by our due diligence process." The search operations are in progress. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/weight-gain-during-the-pandemic-is-increasing-the-incidence-of-pcos-in-women/articleshow/94202794.cms">Weight gain during the pandemic is increasing the incidence of PCOS in women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-top-75-brands-are-worth-393-billion-thats-11-of-indias-gdp/articleshow/94203813.cms">TCS is India's most valuable brand worth $45.5 billion: Kantar</a>

ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)

<keyword id="2823188" type="UNKNOWN" weightage="100" keywordseo="One-Mobikwik-Systems">One MobiKwik Systems</keyword>, the owner and operator of <a href="http://www.businessinsider.in/Exclusive-How-MobiKwik-managed-to-stay-on-top-of-the-Digital-Wallet-market-despite-stiff-competition-from-Paytm/articleshow/50201287.cms">MobiKwik</a>, the online recharge and mobile wallet, has managed to raise around $50 million (Rs 332.6 crore) in a new fresh capital round led by Japan's <keyword id="3346730" type="UNKNOWN" weightage="100" keywordseo="GMO-Payment-Gateway">GMO Payment Gateway</keyword> and Taiwanese fabless semiconductor company <keyword id="6369515" type="COMPANY" weightage="100" keywordseo="Mediatek">MediaTek</keyword>. 
 
Also read: <a href="http://www.businessinsider.in/One-wallet-to-pay-for-them-all-MobiKwik-ties-up-with-Zomato-OYORooms/articleshow/49324049.cms">One wallet to pay for them all: MobiKwik ties up with Zomato, OYORooms</a> 
 The Series-C round was closed last month and also had the company's existing investors <keyword id="122716" type="CITY" weightage="100" keywordseo="Sequoia-Capital">Sequoia Capital</keyword> and Asia-focused hedge fund <keyword id="2799728" type="UNKNOWN" weightage="100" keywordseo="Tree-Line-Asia">Tree Line Asia</keyword> participating in it. However, the amount at which the company was valued after getting the funding was not disclosed. 
 
"<a href="http://www.businessinsider.in/After-Snapdeal-Mobikwik-files-patent-for-payment-platform/articleshow/50379128.cms">MobiKwik</a> is excited to have raised an undisclosed amount in the Series-C round of funding led by GMO and MediaTek. GMO is Japan's leading payment gateway and MediaTek is the world's leading semiconductor company," said a mail that the company spokesperson wrote to ET, without commenting on the specifics of the deal. 
 It was in March that <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword>'s CEO <a href="http://www.businessinsider.in/Start-in-India-to-Make-in-India-A-startup-CEOs-message-for-Budget-2016/articleshow/51093247.cms">Bipin Preet Singh</a> had said that the company was looking to raise an amount between ranging from $40 to 50 million. 
 
According to a statement released by GMO Payment Gateway, the company has made the investment through GMO Global Payment Fund, a $15-million fund that is backed by major financial institutions, including, credit card issuers and acquiring banks. The fund targets investment opportunities among payments companies throughout Asia, while putting a strong focus on South East Asia. 
 
<a href="http://i1.wp.com/apptricker.in/wp-content/uploads/2015/12/Mobikwik-Wallet-Offers.jpg">Image source</a>

MobiKwik’s parent raises $50million in funding

<keyword id="3001203" type="UNKNOWN" weightage="60" keywordseo="PayUBiz">PayUBiz</keyword>, an Indian <a href="http://www.businessinsider.in/searchresult.cms?query=payment+gateway&amp;sortorder=effectivedate">payment gateway</a> aggregator has hit a total processed value (TPV) of half a billion dollar per month. It currently has more than 10,000 merchants from multiple industry verticals. 
 “We have been continuously expanding our industry portfolio such as <keyword id="35621" type="UNKNOWN" weightage="40" keywordseo="e-commerce">E-commerce</keyword>, Airlines, Education, Utilities, etc. which has also been fueled by our strong relationships with resellers and banks,” Rahul Kothari, Business Head at PayUBiz said. 
 
<a href="http://retail.franchiseindia.com/mediaint/images/858.jpg">Image Source</a> 
“Our ambitions go beyond this feat and intend to hit a billion dollar mark in processed value in the next one year. The growth will be organic and will also come from new lines of businesses - offline, payment products, risk solutions and global business”, Kothari added. 
 
PayU has introduced several initiatives in the payment industry including dynamic switching for routing transactions through the healthiest <a href="http://www.businessinsider.in/searchresult.cms?query=payment+gateway&amp;sortorder=effectivedate">payment gateway</a> for a high transaction success rate, CVV-less transactions, Magic retry and SurePay. 
 
PayUBiz currently caters to 90 of the top 100 ecommerce merchants. Some of itsmerchants include Snapdeal, Jabong, Ola, Bookmyshow, Goibibo, Redbus, Myntra, Foodpanda, Groupon, PepperFry etc. 
 <keyword id="1493567" type="UNKNOWN" weightage="60" keywordseo="PayU-India">PayU India</keyword> was founded in October 2011 and is based out of Gurgaon, India. 
 
<a href="http://calgaryrealestate.ca/images/2012/05/Money-by-Nick-Ares.jpg">Image Source</a>

This Gurgaon-based startup processes half a billion dollars every month

He was the CFO for <a href="http://www.businessinsider.in/searchresult.cms?query=PayPal&amp;sortorder=effectivedate">PayPal</a> in ASEAN and India. A Chartered Accountant by profession, he started off his career with Cargill, worked with <keyword id="11148" type="CITY" weightage="60" keywordseo="Motorola">Motorola</keyword> in senior leadership roles and later joined Nokia Solutions and Networks as the Senior Business <keyword id="25455" type="ORGANIZATION" weightage="40" keywordseo="finance">Finance</keyword> Controller for APAC. 
 This year he’s won the title of ‘Most Promising Entrepreneur of 2016’ at the Asia Pacific <keyword id="107737" type="ORGANIZATION" weightage="60" keywordseo="Entrepreneurship">Entrepreneurship</keyword> Awards. Meet Sirish Kumar, co-founder and CEO of <keyword id="3228085" type="UNKNOWN" weightage="40" keywordseo="Telr">Telr</keyword>. His company offers a <keyword id="6468181" type="UNKNOWN" weightage="60" keywordseo="payment-gateway">payment gateway</keyword> that instantly enables businesses to accept and manage online payments via web, mobile and social media. 
 
Business Insider caught up with Sirish to chat about where India’s placed in this transition from cash to cashless. 
 
1. India’s still a cash-driven economy. Does that worry you? 
Over 85% of the world’s GDP is cash. Only recently in the UK cashless exceeded cash. It’s a myth that cash is a problem for developing markets only. 
 
If you look at the proportion of cash a few years ago, and now, you’ll see the cash to overall transactions ration has reduced by up to 40%. India is one of the few countries where you have government push on digitization, a massive <a href="http://www.businessinsider.in/searchresult.cms?query=Aadhar&amp;sortorder=effectivedate">Aadhar</a> project and opening bank accounts becoming easier. Incentives are being floated as logistic players can deliver faster if consumers go cashless. 
 
The cost of business would make India move from cash to cashless. 
 
2. Will Wallets take off big time in India? If you really look a large scale, multi-country level, there’s really been one success in the world – <keyword id="6357940" type="CITY" weightage="60" keywordseo="Paypal">PayPal</keyword>. 
 
Wallets cannot succeed in a standalone basis. A lot of merchants and buyers have to come together, and it should be used interchangeably with a payment gateway. That’s where India’s rightly placed. 
 
It’s also very crucial for Wallet companies not to pay incentives to consumers. If consumers use it even after stopping incentives, the wallet is a success. 
 
3. Will proprietary wallets survive? 
UPI is one of the signals from the government to bring inter-operability in Wallets. Some say it will endanger wallets, I don’t think so. My <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm+wallet&amp;sortorder=effectivedate">Paytm</a> or <a href="http://www.businessinsider.in/searchresult.cms?query=Oxygen+Wallet&amp;sortorder=effectivedate">Oxygen Wallet</a> shouldn’t be limited to a certain number of merchants. 
 
As UPI is introduced, the big players will embrace it, and it’ll slowly trickle down to the SMEs. Some wallets will move on the payment bank methodology, and some will integrate a <a href="http://www.businessinsider.in/searchresult.cms?query=payment+gateway&amp;sortorder=effectivedate">payment gateway</a>. 
 
If you have a payment gateway and a closed loop it brings down transaction costs by 80-90%. That’s how the Wallet becomes a good option. 
 
However, if it’s an open loop, you always have <a href="http://www.businessinsider.in/searchresult.cms?query=Visa&amp;sortorder=effectivedate">Visa</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=MasterCard&amp;sortorder=effectivedate">MasterCard</a> and end up paying 2-3% anyway. That hits the margins of many merchants. 
 
4. Why should Indian merchants partner with Telr? 
If you’re looking for someone who can offer proprietary fully stacked technology, there are few in the market. Most are outsourcing specific modules or licensing their tech to different companies across the world. 
 
With our international experience we bring customization for specific verticals and merchants. Call it tailor-made Telr solutions. 
 
5. Why should proprietary tech matter for startups? 
Large merchants have the privilege of accessing big players and ensuring their fraudulent transactions are limited. Typically fraud transactions are stopped by restricting number of transactions. 
 
In case of SMEs, that might mean blocking 4 out of 10 buyers. That impacts cash flow and growth. We can empower an SME by tell him on a real-time basis what’s a suspicious transaction. We don’t force buyers to register on the merchant’s website before they can pay. 
 
6. Biggest limiting factor for online startups 
The government should allow merchants to sell on <a href="http://www.businessinsider.in/searchresult.cms?query=Facebook&amp;sortorder=effectivedate">Facebook</a> and Instagram without a website, period. We don’t have that today. 
 
There’s no need to create a website and drive traffic if you already have a network on <a href="http://www.businessinsider.in/searchresult.cms?query=Facebook&amp;sortorder=effectivedate">Facebook</a>.

Wallets
cannot succeed on a standalone basis: Sirish Kumar

New Delhi, Feb 17 () Digital payments firm Paytm on Monday said it has extended its partnership with Uber that will enable passengers to pay for their ride through credit or debit card using its platform. Earlier, passengers were able to pay for their rides through Paytm wallet and other modes like cash and cards separately. "Uber and Paytm have been long-standing partners. We are extending this partnership to a full-stack payment gateway. This integration will benefit millions of Uber riders to make seamless instant payments from their cards which might be already saved on Paytm," Puneet Jain, senior vice president at Paytm Payments Gateway said in a statement. Under the extended partnership, Paytm will also provide a range of services to Uber's driver partners under the Uber Care program such as savings accounts, zero-fee debit cards and significant cashback at Indian Oil, Paytm FASTags among others. "With the latest credit and debit card integration with Paytm, we hope to promote more digital transactions, reduce cash dependency on the platform and improve the country's digital financial infrastructure," Nandini Maheshwari, Director, Business Development, Uber India &amp; South Asia said. PRS RVK

Paytm extends payment service partnership with Uber

Payment gateways are easy enough to install on your website. Most often, web hosts will provide gateways as additional services. But what do you do when companies have never encountered the digital route? Bangalore-based startup, <keyword id="1898251" type="PERSON" weightage="20" keywordseo="Instamojo">Instamojo</keyword>, is trying to solve that problem. It targets small and medium enterprises (<keyword id="44779" type="COMPANY" weightage="20" keywordseo="SMEs">SMEs</keyword>) by selling what is primarily a payments platform. But unlike regular payments gateways or platforms, Instamojo doesn't have to explain the specifics of its service to them. All it tells these SMEs is that they'll get a link to share with prospective buyers, and get payments directly in their bank accounts. The platform will take a 2%+₹3 cut from each payment. At its core, there's nothing innovative about Instamojo as far as its technology is concerned. But it's presentation is tailored to the target audience, making it simple enough for the non-tech savvy audience to adopt. Having started operations in 2013, Instamojo now has over 4,00,000 SMEs on board. Interestingly, while its sellers come from Tier I and II cities, the buyers are mostly from Tier I metros in the country. How it works Technically, Instamojo can be used by anyone. You sign up on the company's website, fill in pan card, GST and other details are you're good to go. A dashboard is presented to you, that tracks the money you receive. You can push this out to your bank account at any time. The dashboard also has a "Create payment link" button. This is where you create the link, which can be shared through various channels. If you're doing this from a desktop PC, you can use <keyword id="6354576" type="ORGANIZATION" weightage="20" keywordseo="facebook">Facebook</keyword>, email and Twitter. You can share it via WhatsApp and SMS if you're using the Instamojo app on your phone. Doing business After starting with payments, Instamojo also offers a shop option for sellers now. This, again, is basic. It allows sellers to put photos of products they sell, offer discounts, choose sizes (when relevant) etc. It's not a full-fledged e-commerce solution like <keyword id="1715801" type="PERSON" weightage="20" keywordseo="Shopify">Shopify</keyword> but allows just enough for sellers to go digital. This though means that these same sellers may move to more established platforms if Instamojo helps them succeed. And Swain says he recognises that. Yet, he says moving money from <keyword id="58103" type="LOCATION" weightage="20" keywordseo="Itanagar">Itanagar</keyword> to <keyword id="6356654" type="LOCATION" weightage="20" keywordseo="bombay">Bombay</keyword> is no easy task. While he agrees that he's partly in competition with every payments platform in the country, including other payments gateways, he feels his primary competition is with cheques and bank transfers. SMEs in Tier II and III cities do not depend on digital modes very often, and they do not want to pay for services without knowing how they'll help. Instamojo asks for payment only when a sale is made through its platform. Sign-ups are free, as is browsing around and sharing links. You pay money when you make money. After introducing the "shop" feature earlier, Swain is moving to lending next. With this, Instamojo will extend loans to businesses, albeit in smallish amounts. Logistics is another service that's soon to start. Essentially, Instamojo now wants to become a full-service e-commerce solution for SMEs. And all this to achieve its target of getting a million SMEs on the platform by end of 2019. Tough ask. Future Yet, Swain is bullish. Like Google, Microsoft, Amazon and pretty much every technology company, he sees the SME space as an untapped market. While bigger companies could just as easily start the service Instamojo offers, Swain says he’s not worried. He says it’s about getting to a place where “you’re the one to beat if others decide to enter this space”. For him, SMEs represent “middle India”, something between the unregistered businesses and big companies. He says the giants aren’t doing payments platforms or e-commerce solutions with these companies in mind. As a result, he sees the space wide open and says competition will only lead to faster growth. In fact, while he agrees that WhatsApp’s recent entry into payments, and the WhatsApp business platform, will probably take away some of his users, he also expects it to raise awareness. As a result, a full-service platform like Instamojo might start making more sense to SMEs. Lastly, Instamojo also sees data as a possible opportunity. While it is not a consumer-facing company, it still has buyer data, which Swain says can be leveraged in future for better services. Similarly, the current customer base of SMEs can be leveraged in future to create a sort of LinkedIn for this industry.

You Searched For "payment gateways" and got 8 results

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