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<ul><li><keyword id="2750705" type="General" weightage="80" keywordseo="google-pay" source="Orion">Google Pay</keyword> gets ‘Tap to Pay’ feature in collaboration with <keyword id="1552189" type="General" weightage="80" keywordseo="pine-labs" source="Orion">Pine Labs</keyword>.</li><li>Google Pay lets you make contactless payments via NFC.</li><li>It will be available at merchants like Future Retail and Starbucks. </li></ul>Google’s payment platform Google Pay has launched the ‘Tap to Pay’ UPI-based payment system in collaboration with Pine Labs. This new functionality makes paying easier and faster where you just have to tap the phone to pay, which is seen on some credit and debit cards. Note that the feature will only work on NFC-enabled Android smartphones to make payments by using any Pine Labs Android POS terminal across the nation. This means to complete payment, you have to just tap your smartphone on the POS terminal and authenticate the payment from your phone, using <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> PIN. This process is quick and seamless when compared to entering a UPI-linked mobile number or scanning a QR code. Making a statement on development <keyword id="5364271" type="General" weightage="50" keywordseo="sajith-sivanandan" source="Orion">Sajith Sivanandan</keyword>, Business Head of Google Pay said, “Fintech growth in India is writing the playbook for the world, first with enabling real-time payments with UPI, and further, by innovating with flows that make the transaction time virtually zero. ‘Tap to Pay’ for UPI has profound implications for high traffic retail outlets, with queue management hassles poised to be greatly reduced, and taking digital payments at POS well beyond cards. We are very excited to bring this first-ever innovation to India, in collaboration with Pine Labs.” Kush Mehra, Chief Business Officer, Pine Labs believes the feature will further strengthen UPI acceptance in India and will appeal young population who have already started adopting contactless and digital payments. How to use Google Pay Tap to Pay? First, make sure your smartphone has NFC (Near Field Communication) tag, which is hardware equipment that makes the feature work on the device. The contact is done when the phone’s NFC tag is tapped on the POS machine, which also has a tag to receive the signal. The feature is only for Android phones, for now, there was no mention of the iOS version yet. To enable NFC <ol><li>Open Settings.</li><li>Look for the NFC toggle and turn it on or go to the “Search settings” bar, type “NFC”.</li><li>Tap and turn on NFC. </li></ol>To make a payment using NFC <ol><li>Unlock your phone.</li><li>Tap your phone on the POS terminal (Pine Lab terminals are supported).</li><li>The Google Pay app will open automatically.</li><li>Confirm the amount to be paid and tap proceed.</li><li>Your payment should be done. </li></ol>See also: <a href="https://www.businessinsider.in/tech/news/facebook-messenger-gets-a-new-update-that-let-you-send-silent-replies-and-gifs/articleshow/90536828.cms">Facebook Messenger gets a new update that let you send silent replies and GIFs</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-launches-five-new-smartphones-in-the-galaxy-a-series-in-india/articleshow/90513121.cms">Samsung launches five new smartphones in the Galaxy A series in India</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-enable-dark-mode-in-microsoft-excel-including-a-spreadsheets-cells/articleshow/90527597.cms">How to enable dark mode in Microsoft Excel, including a spreadsheet's cells</a>

Google Pay now has Tap to Pay for UPI — here’s how to use it

<keyword id="107877" type="CITY" weightage="20" keywordseo="Samsung-India">Samsung India</keyword> on Tuesday unveiled a new smartphone -- Galaxy F22 -- that is said to be an affordable sAMOLED display smartphone and comes in two storage variants. The 4GB+64GB and 6GB+128GB are priced at Rs 12,499 and Rs 14,499 respectively. It will be available in two colours -- denim blue and denim black -- on online and offline stores from July 13. "Galaxy F22 has been designed for our young Gen Z and millennial consumers in India who want all-rounder smartphone that is able to keep up with their always-on lifestyle," Aditya Babbar, Senior Director and Head, Mobile Marketing, Samsung India, said in a statement. "Galaxy F22 comes with segment-leading specs - stunning 6.4-inch HD+ sAMOLED display with a 90Hz refresh rate, massive 6000mAh battery and True 48 MP Quad camera," Babbar added. The display is protected with Corning Gorilla Glass 5 that prevents scratches and breakage. It also features Dolby Atmos support and offers excellent audio and cinematic viewing experience. The smartphone is powered by an <keyword id="1946466" type="PERSON" weightage="20" keywordseo="Octa-Core">Octa-Core</keyword> MediaTek Helio G80 processor and supports Android 11 and One UI 3.1 out of the box. Galaxy F22 houses massive 6000mAh battery and in-box 15W USB-C fast charger which supports 25W charging. It delivers 130 hours of music playback, 40 hours of talk time, 25 hours of video playback and 24 hours of internet usage time, the company claimed. Galaxy F22 sports a quad-camera setup that consists of a 48MP main camera with <keyword id="11579281" type="UNKNOWN" weightage="20" keywordseo="isocell-plus">ISOCELL Plus</keyword> technology and a GM2 sensor that allows you to capture detailed shots with stunning clarity. The 5MP ultra-wide lens has a 123-degree field of view that adds more perspective to images while the 2MP macro lens takes detailed close-up shots. The 2MP depth camera comes with Live focus to take amazing portrait shots. The smartphone comes with a 13MP front camera for selfies. Galaxy F22 also comes with a slew of camera modes like Hyperlapse, Slow motion, Food Mode, Pro mode and AR zone. SEE ALSO - <a href="https://www.businessinsider.in/business/startups/news/payments-firm-pine-labs-raises-600-million-as-it-plans-to-go-public-by-2022/articleshow/84162996.cms" data-type="tilCustomLink">Payments firm Pine Labs raises $600 million as it plans to go public by 2022</a> <a href="https://www.businessinsider.in/personal-finance/news/what-happens-if-you-forget-to-claim-your-fixed-deposit-proceeds-after-maturity-explained/articleshow/84161710.cms" data-type="tilCustomLink">What happens if you forget to claim your fixed deposit proceeds after maturity? Explained</a>

Samsung Galaxy F22 launched in India starting at ₹12,499

India's gross <keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword> revenue collection fell below the psychological mark of Rs 1 lakh crore for the first time this year, clocking Rs 92,849 crore in June 2021, as collections fell due to disruptions caused by the fresh wave of Covid-19. Though the GST revenues during June 2021 are lower than the over Rs 1 lakh crore collections recorded in the previous month and a record Rs 1.41 lakh crore collection made in April, it is still a growth over June 2020 collections when GST numbers had remained low due to the first set of lockdowns. Most tax experts had feared that the real impact of the pandemic and lockdowns in different parts of the country would pull down GST revenues significantly in May and then in June. "The revenues for the month of June 2021 are 2 per cent higher than the GST revenues in the same month last year", a <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">finance ministry</keyword> statement said. According to the statement, the gross GST revenue collected in the month of June is Rs 92,849 crore of which CGST is Rs 16,424 crore, SGST is Rs 20,397, <keyword id="6360947" type="UNKNOWN" weightage="20" keywordseo="IGST">IGST</keyword> is Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and Cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods). The June numbers include <keyword id="4943720" type="PERSON" weightage="20" keywordseo="gst-collection">GST collection</keyword> from domestic transactions between 5th June to 5th July 2021 since taxpayers were given various relief measures in the form of waiver or reduction in interest on delayed return filing for 15 days for the return filing month June '21 for the taxpayers with the aggregate turnover upto Rs 5 crore in the wake of the second wave. During this month the government has settled Rs 19,286 crore to CGST and Rs 16,939 crore to SGST from IGST as regular settlement, the statement said. With June collections staying close to below the Rs 1 lakh crore mark, it would be the first month after a gap of eight months in a row when GST revenues had remained above the threshold. The collection is surprising as most of the States have been under strict lockdown due to the pandemic. The GST collection for June, 2021 is related to the business transactions made during May, 2021. During May, 2021, most of the States/UTs were under either complete or partial lockdown due to Covid. A finance ministry statement said that the e-way bill data for the month of May 2021 shows that during the month, 3.99 crore e-way bills were generated as compared to 5.88 crore in the month of April 2021, down by more than 30 per cent. However, with reduction in caseload and easing of lockdowns, the e-way bills generated during June 2021 are 5.5 crore which indicates recovery of trade and business. The daily average generation of e-way bills for the first two weeks of April 2021 was 20 lakh, which came down to 16 lakh in the last week of April 2021 and further to 12 lakh in the two weeks between 9th to 22nd May. Thereafter, the ministry said, the average generation of e-way bills has been increasing and has again reached the 20 lakh level since the week beginning 20th June. Therefore, it is expected that while the GST revenues have dipped during the month of June, the revenues will see an increase again from July 2021 onwards, the finance ministry said. "While the collections are lower than Rs 1 Trillion, which had become the norm for the past few months, considering the fact that it relates to transactions in May 2021 which was badly impacted by the pandemic, it would be considered as a very satisfactory collection. These numbers also reflect the economic resilience shown during the recent pandemic phase," said MS Mani, Senior Director, <keyword id="6356108" type="ORGANIZATION" weightage="20" keywordseo="deloitte-india">Deloitte India</keyword>. SEE ALSO- <a href="https://www.businessinsider.in/business/startups/news/payments-firm-pine-labs-raises-600-million-as-it-plans-to-go-public-by-2022/articleshow/84162996.cms" data-type="tilCustomLink">Payments firm Pine Labs raises $600 million as it plans to go public by 2022</a> <a href="https://www.businessinsider.in/personal-finance/news/what-happens-if-you-forget-to-claim-your-fixed-deposit-proceeds-after-maturity-explained/articleshow/84161710.cms" data-type="tilCustomLink">What happens if you forget to claim your fixed deposit proceeds after maturity? Explained</a>

India's GST revenue falls below ₹1 lakh crore for the first time this year

<keyword id="8901041" type="UNKNOWN" weightage="20" keywordseo="FamPay">FamPay</keyword>, a <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword> startup focussed on teenagers, on Wednesday said it has raised USD 38 million (about ₹278.4 crore) in funding, led by Elevation Capital and existing investor <keyword id="136147" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital-India">Sequoia Capital India</keyword>. Other early investors, Venture Highway, Y Combinator, Global Founders Capital and new Global Investors like General Catalyst, Rocketship VC, and <keyword id="2779666" type="PERSON" weightage="20" keywordseo="Greenoaks-Capital">Greenoaks Capital</keyword> also participated in the Series A round, a statement said. FamPay will use the latest round of funding to build a leadership team to further fuel growth, it added. FamPay makes it convenient for teenagers to make online and offline payments through FamPay app as well as FamCard. In addition to payment products, FamPay also offers gamified savings experiences. "FamPay is creating a market segment that a lot of brands don't focus on today. It's their (teenage users) first step at being responsible with money, their first step into adulthood. We plan to stay with them from this first step throughout their financial journey by evolving the product as they grow," Kush Taneja, co-founder of FamPay, said. The company has crossed 2 million registered users within 8 months of its launch and has been averaging 100 per cent month-on-month growth. In March 2020, the company announced raising USD 4.7 million in seed funding from Y Combinator, Venture Highway, Sequoia Capital <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, and Global Founders Capital, as well as angel investors, Twitch co-founder Kevin Lin, Robinhood co-founder Vladimir Tenev, CRED founder <keyword id="192201" type="PERSON" weightage="20" keywordseo="Kunal-Shah">Kunal Shah</keyword> and <keyword id="1552189" type="COMPANY" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> CEO Amrish Rau. Launched in 2020 by Kush Taneja and Sambhav Jain, FamPay is a marketing and distribution partner of IDFC FIRST Bank Prepaid Card. "With around 40 per cent of the Indian population being below 18, every year millions of new teenagers will start using their first smartphone and FamPay envisions becoming their go-to brand," Sambhav Jain, co-founder of FamPay, said. "We are privileged and delighted to partner with Sambhav, Kush and the entire FamPay team as they march ahead in their mission to reimagine banking for teenagers. We have been extremely impressed by FamPay's product innovations, growth trajectory and customer love - all early signs that FamPay is destined to become the destination app for GenZ and gateway for their access to fintech and beyond," said Mridul Arora, Partner, Elevation Capital. India today has a sizable population of adolescents and we believe that catering to this unserved audience with innovative products contextualised to their needs and behaviours will create a very valuable business, Arora added. "It was apparent to us they (FamPay) understood their users and had very nuanced views on how to serve them best. The team is excited to double down in this round and is looking forward to working with them to help build FamPay over the next many years," Shailendra Singh, Managing Director of Sequoia Capital (India) Singapore, said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/twitter-may-now-be-directly-responsible-for-every-single-tweet-in-india/articleshow/83565645.cms">Twitter may now be directly responsible for every single tweet in India</a> <a href="https://www.businessinsider.in/policy/news/china-will-not-buy-iron-copper-aluminum-zinc-and-some-other-commodities-from-foreign-countries/articleshow/83565216.cms">China has decided to take global commodity bulls by their horns ⁠— to protect the profit margins of its small businesses</a>

Teenager-focused payments startup FamPay raises $38 million led by Elevation Capital and Sequoia Capital

Merchant commerce platform <keyword id="1552189" type="COMPANY" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> on Tuesday said it has acquired <keyword id="7784572" type="COMPANY" weightage="20" keywordseo="fave">Fave</keyword>, Southeast Asia's fast-growing consumer fintech platform, for over $45 million. Pine Labs said that with this acquisition, the consumers in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> will be able to use Fave app later this year to save across 500,000 merchant network points powered by Pine Labs across 3,700 cities. ""Fave helps consumers apply their best rewards, coupons, gift cards and cashbacks on all transactions in a seamless manner. We are excited to partner with them in this journey in South East Asia and India," said B. Amrish Rau, CEO, Pine Labs. Fave founders will lead the overall consumer platform across Asia and hire over 100 new employees. Pine Labs said that Fave's investors will receive an all-cash payout, while founders and key Fave employees will receive both cash and Pine Labs shares. To date, Fave has enabled six million consumers in Southeast Asia to save over $400 million across 40,000 retailers since 2016. The acquisition will help both companies accelerate their growth in the Asia region and unlock massive consumer opportunities across retail, <keyword id="117643" type="COMPANY" weightage="20" keywordseo="FB">F&amp;B</keyword>, fashion, and <keyword id="34523" type="COMPANY" weightage="20" keywordseo="fmcg">FMCG</keyword> markets. "We are confident that the APAC e-payments landscape will continue to achieve exponential growth in the coming decade. Together, we will be stronger, faster and better," said Joel Neoh, <keyword id="170488" type="COMPANY" weightage="20" keywordseo="co-founder">Co-Founder</keyword> and CEO of Fave. Fave currently operates in 35 cities across Malaysia, Singapore, and Indonesia and will arrive in India later this year. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbis-g-sap-1-0-is-certainly-a-much-needed-demand-lever-to-support-the-government-borrowing-programme/articleshow/82042416.cms">RBI’s G-SAP 1.0 is certainly a much needed demand lever to support the government borrowing programme</a> <a href="https://www.businessinsider.in/tech/news/elon-musk-owned-internet-service-starlinks-india-entry-under-scrutiny-of-dot-report-suggests/articleshow/82043618.cms">Elon Musk-owned internet service Starlink’s India entry under scrutiny of DoT, report suggests</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-has-broken-many-records-in-the-last-the-three-months-from-revenue-to-new-deals-to-new-hiring/articleshow/82034522.cms">TCS has broken many records in the last three months — but that isn't good enough for the market</a> <a href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-cumulatively-lost-nearly-7-billion-as-the-markets-plunged/articleshow/82043202.cms">Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged</a>

Pine Labs just spend $45 million to acquire one of Southeast Asia's fastest growing fintech platforms

Merchant commerce platform <keyword id="1552189" type="COMPANY" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> on Monday said it has completed a new round of financing from investors including Baron Capital Group, Duro Capital, <keyword id="4699572" type="COMPANY" weightage="20" keywordseo="marshall-wace">Marshall Wace</keyword>, Moore Strategic Ventures, and <keyword id="252562" type="COMPANY" weightage="20" keywordseo="Ward-Ferry-Management">Ward Ferry Management</keyword>. Existing investors Temasek, Lone Pine Capital, and Sunley House Capital also participated in this <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword> round, a statement said. "We raised USD 285 million. We want to thank Puri Kaaynath for supporting and backing us. Our teams, families, customers, and investors," Pine Labs CEO B Amrish Rau said in a LinkedIn post. This translates to about ₹2089 crore. In December last year, Pine Labs had announced raising funding from Lone Pine Capital, valuing it at over USD 2 billion (about ₹14,700 crore). In January 2020, <keyword id="6368201" type="COMPANY" weightage="20" keywordseo="mastercard">Mastercard</keyword> had invested in the company, placing the <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword> firm in the <keyword id="3009432" type="COMPANY" weightage="20" keywordseo="unicorn-club">unicorn club</keyword> (companies with a valuation of USD 1 billion). Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal, and Mastercard. "In this significantly oversubscribed round, in addition to primary proceeds, Pine Labs enabled secondary transactions for its founder, employees, and early shareholders as it is already a well-financed company with a strong balance sheet and has been EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) profitable for several years," a statement said. Pine Labs currently serves more than 1.5 lakh merchants across Asia and the Middle East. Its payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. Pine Labs had recently launched its popular Buy Now, Pay Later proposition in Malaysia and plans to take its integrated Pay Later installment solution to newer markets in Southeast Asia. Last month, Pine Labs had also announced the acquisition of Fave, a Southeast Asian consumer fintech platform. "This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners," Rau said in a statement. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-pre-registrations-to-begin-on-may-18/articleshow/82702403.cms">PUBG Mobile: Battlegrounds Mobile India pre-registrations to begin on May 18 – rewards, maps and more</a> <a href="https://www.businessinsider.in/business/startups/news/ratan-tata-backed-moglix-is-the-13th-unicorn-from-india-this-year/articleshow/82702143.cms">Ratan Tata-backed Moglix is the 13th unicorn from India this year</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-hints-that-tesla-may-dump-its-billion-dollar-bitcoin-investment/articleshow/82699553.cms">Elon Musk hints that Tesla may dump its billion dollar Bitcoin investment — here’s why his tweets have so much power</a>

Sequoia and PayPal-backed Pine Labs completes a first close of $285 million funding round from new investors

New Delhi, Mar 3 () Merchant commerce platform Pine Labs on Tuesday said it has appointed Amrish Rau as its chief executive officer.Rau brings fintech, entrepreneurial and corporate experience to his new role as the chief executive officer (CEO) and replaces Vicky Bindra, a statement said.Bindra, after a two-year stint as the CEO, is moving back to San Francisco and will continue to be an advisor to the company supporting strategic initiatives, it added.Rau's startup - Citrus Pay, which was funded by Sequoia India, was acquired by PayU in 2016 in one of the largest fintech acquisitions. He has also served as the managing director for First Data Asia, NCR and Siemens Nixdorf. "I am excited to welcome Amrish to the Pine Labs family. With Amrish's ability to innovate, seek out options with channels and customers we believe Pine Labs can be a true global commerce platform," Pine Labs Executive Chairman Lokvir Kapoor said.Pine Labs has evolved into offering payment acceptance technology, stored value products, in-store consumer credit and other merchant solutions in India, Southeast Asia and the Middle East. It processes payments of USD 30 billion per year and serves about 1.4 lakh merchants across about 4.5 lakh network points.Its key investors are Sequoia India, Actis Capital, Temasek, PayPal, Sofina and Mastercard. SR RUJ

Pine Labs appoints Amrish Rau as CEO

New Delhi, Feb 23 () Fintech platform Pine Labs is confident of expanding the base of its Android POS machines to 1.5 lakh by the next fiscal, as it deploys these new machines across industries like hospitality, retail, healthcare and automobile.The company, which had launched Plutus Smart (its Android-based point of sale machines) about nine months ago, has already deployed over 50,000 of these POS terminals."Merchants across large, medium and small enterprises have chosen Plutus Smart as their preferred mode of payment acceptance. Apart from just accepting multiple modes of payment, it allows merchants access to a plethora of features like bill generation, inventory management etc," Pine Labs Chief Business Officer Kush Mehra told .The company plans to considerably scale up its Android POS network in 2020-21 to 1.5 lakh machines and diversify into newer industries. POS machines are used by merchants to accept payments through cards among other features, he added.Some of its customers of Android POS include merchants across industries like hospitality, apparel and lifestyle, entertainment and healthcare. Organisations like Cinepolis India, Flipkart, Vijay Sales, Lenskart, Air Asia India and Miniso are among its customers."Additionally, multiple State Traffic Police departments have signed up to empower their personnel with the latest Android-based Plutus Smart terminals. We are working on onboarding customers from newer verticals like automobile dealers and educational institutions as well," he said. Plutus Smart can accept payments across multiple payment modes including debit/credit cards, UPI, mobile wallets, QR codes, loyalty cards, amongst others. It also has an in-built barcode scanner and helps customers to compare EMI offers across banks on the POS."We have built an extensive network of banks and brands to offer EMI-led purchase option on its POS terminals. It also helps merchants gain intelligent and real-time business insights and capture customer feedback," Mehra said.Pine Labs has built a portfolio of over 25 third-party billing apps developed using its open APIs since July 2019. These apps help merchants with inventory management, easy option for splitting payment across multiple payment modes, returns management, online ordering feature, and creating GST bills in the recommended GST format, among other features. SR BAL

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Google Pay now has Tap to Pay for UPI — here’s how to use it

Rahul Verma

Samsung Galaxy F22 launched in India starting at ₹12,499

IANS

India's GST revenue falls below ₹1 lakh crore for the first time this year

IANS

Teenager-focused payments startup FamPay raises $38 million led by Elevation Capital and Sequoia Capital

PTI

Pine Labs just spend $45 million to acquire one of Southeast Asia's fastest growing fintech platforms

IANS

Sequoia and PayPal-backed Pine Labs completes a first close of $285 million funding round from new investors

PTI

Pine Labs appoints Amrish Rau as CEO

PTI

Pine Labs plans to deploy 1.5 lakh Android POS devices by next fiscal

PTI

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