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RBI Moves to Ensure UPI Transactions on Paytm Continue to Work After Strictures on Paytm Payments Bank

The Reserve Bank of India said on Friday it has asked the National Payments Corporation of India (NPCI) to examine a request from Paytm, formally known as One 97 Communications, to become a third party application provider (TPAP).If approved, this would allow Paytm to continue processing payments via India's popular unified payments interface (UPI), but will need a set of newly identified banks to back the app.The NPCI should facilitate four to five banks, with an ability to process high volumes of UPI payments, to act as…

Google Pay is shutting down in the US later this year

Google Pay was largely replaced by Google Wallet back in 2022, but it has still been operating in several countries, including the US. Now, the search giant has announced that Pay will be discontinued stateside on June 4, 2024 in a push to simplify its payment apps. After that, it will only be available in Singapore and India due to the "unique needs in those countries," Google wrote in a blog.As part of the deprecation, Google will be removing peer-to-peer (P2P) payments, managing your balance and "find offers and…

TRON to Dominate Stablecoin Payments, Says New Report; Up-and-Coming AI Altcoin Forecasted to Lead the Market

From analysts’ reports, TRON looks like the next big deal in stablecoin payment. The coin has been putting up an impressive show for a while. Even though TRON is expected to gain dominance in the stablecoins league, an upcoming coin is expected to transform the entire crypto market, it is called Borroe Finance ($ROE). Let’s dive into more details and see the potential bright future of these projects. >>BUY $ROE TOKENS NOW<< Borroe Finance: AI Crypto with a Difference Borroe Finance’s presale of…

How to activate and use UPI for international payments

Now, you can use UPI (Unified Payments Interface) internationally as well, using BHIM and other third-party apps such as Google Pay, Paytm, and PhonePe. This grants you financial freedom to conduct transactions without the need to carry foreign currency or cards. Below is an easy step-by-step guide on how to activate UPI International and make payments online. So without further ado, let’s explore the process along with how UPI International works and how to use the feature.Note: For this feature to work, both your and…

RBI Not Planning Harsher Rules to Curb Fintech Sector After Paytm Strictures, Official Says

India's banking regulator doesn't intend to impose drastic measures on the country's fintech sector, a senior official said, weeks after it stunned investors by abruptly suspending much of the operations of Paytm Payments Bank, founded by high-flying billionaire Vijay Shekhar Sharma.There are “no harsher measures coming on fintech,” P. Vasudevan, an executive director in charge of enforcement at the Reserve Bank of India, said on Friday. The central bank would be happy to see self-regulation for the sector, but expected…

Paytm Payments Bank: Paytm Payments Bank customers can use basic services till March 15

The Reserve Bank of India (RBI) Friday extended the deadline on ordinary banking services for the customers of Paytm Payments Bank (PPBL) to March 15, but it didn’t ease any of the earlier announced curbs that were set to be deployed on March 1 on the entity part-owned by One97 Communications.The banking regulator, which had said during its monetary policy review meeting on February 8 that it would soon come out with clarifications on the curbs originally announced on January 31, said Friday that customers using PPBL…

Paytm Payments Bank: RBI’s Paytm FAQs: What happens to your EMIs, electricity bills?

The Reserve Bank of India has issued a list of frequently asked questions (FAQs) to allay customers' fears after it restricted operations of Paytm Payments Bank (PPBL) citing compliance issues.The regulator also extended the deadline for customers to make deposits and credit transactions in the bank till March 15. In a detailed document, the RBI elaborated on what this move means for customers using Paytm Payments Bank for receiving salaries, paying EMIs and more.Elevate Your Tech Prowess with High-Value Skill…

Axis Bank: Paytm shifts back-end payment settlements to Axis Bank from Paytm Payments Bank

One 97 Communications, which runs Paytm, has shifted its nodal accounts or escrow accounts to private-sector lender Axis Bank, the company said in a filing to the BSE.This will ensure that merchants who accept digital payments through Paytm will be able to continue doing so. The Reserve Bank of India had asked Paytm to close all its nodal accounts with Paytm Payments Bank latest by February 29.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Professional…

India’s central bank extends Paytm Payments Bank deadline by 15 days

India’s central bank has extended the deadline for some business restrictions on Paytm’s Payments Bank to March 15 in “larger public interest,” dashing hopes of any major concessions but allowing extra time to comply. The Reserve Bank of India (RBI) said on Friday that Paytm Payments Bank will be barred from accepting deposits and facilitating credit transactions from March 15. The order initially had set a deadline of February 29. The extension follows curbs last month that wiped 55% from…