digital payments

Walmart Inc late confirmed that it had already paid the Indian government most of the nearly $1 billion in tax owed after digital payments company PhonePe, which the US retailer owns through Flipkart, shifted its headquarters from Singapore to India. Walmart bought a controlling stake in Indian ecommerce giant Flipkart in 2018, giving it ownership of PhonePe. The company said last month it had completed the separation of PhonePe from Flipkart, adding that it would remain a majority stakeholder in both the companies.…

Paytm said on Wednesday that going ahead there will be no more cash burn in the business and that the SoftBank-backed digital payments firm was far ahead on re-setting its ambition on controlling spends."It has got decided last month that it (cash burn) would no more be continuing. As far as Paytm is concerned, we have publicly declared that we are far ahead of our ambitions — far meaning the border of magnitude ahead — in terms of re-setting our cash burns" founder Vijay Shekhar Sharma said at newspaper Business…

Google Pay has announced the introduction of new fraud detection techniques to make digital payments more secure for users in India. The tech giant announced the new security features for its UPI-based payment app at its Google for India event on Monday. This will alert users of any suspicious activities on their accounts by using multi-layered warnings. It has also introduced several other useful features aimed at users in the country, including a major update to the Files by Google app that will let users access their…

The National Payments Corporation of India (NPCI) on Friday extended the deadline for third party UPI players to meet its 30 percent volume cap in digital payment transactions by two years to end-December 2024.The decision may provide a relief to third party app providers (TPAP) like Google Pay and Walmart's PhonePe which have a majority share in UPI-based transactions.NPCI runs the Unified Payments Interface (UPI) used for real-time payments between peers or at merchants' end while making purchases.In November 2020, NPCI…

All payments at AIIMS-New Delhi will go fully digital from April 1, 2023, with the premier healthcare institute introducing smartcards in addition to UPI (Unified Payments Interface) and card payments at counters."AIIMS New Delhi introduces #SmartCard in addition to UPI and card payments at all counters. All payments at AIIMS to go completely digital from April 1, 2023," it said in a tweet.The institute has also decided to promote the use of Ayushman Bharat Health Account (ABHA) IDs for outpatient department (OPD)…

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NEW DELHI: A lack of flexibility and adaptability in legacy banking infrastructure is pushing small and medium businesses (SMBs) around the world to…

With cash usage continuing to remain high despite a jump in online payments, a top NPCI official on Friday said currency in circulation will reduce only when a third of the population starts using digital payment alternatives.National Payments Corporation of India (NPCI) Managing Director and Chief Executive Officer Dilip Asbe said that right now, the overall universe of people using services like the Unified Payments Interface (UPI) is 250 million or about a fifth of the population."... unless we see one-third of the…

Didi's digital payments unit was fined 4.27 million yuan ($632,170) on Friday by China's central bank for a dozen rule violations, amid an effort by the ride-hailing company to appease regulators. The unit was fined for violations that included transactions not meeting the requirements for traceability and authenticity, opening payment accounts for enterprises involved in the financial industry, and failure to report significant risk events in a timely manner, the People's Bank of China said in a notice published on its…