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Cars and commerce - How payment gateways in cars are changing

Business Insider

Business Insider · 1y ago

Cars and commerce - How payment gateways in cars are changing

FasTag technology, initially used for toll tax payments, is now expanding to include payments for fuel and food transactions. Startups like Numadic are playing a key role in enabling this ecosystem by introducing new products. As of January 2021, there are 54.6 lakh cars in India using FasTag, and the system has expanded to cover 1,228 toll plazas. Numadic has partnered with Hindustan Petroleum and Indian Oil to implement FasTag for fuel payments, handling close to $1 million in vehicle transactions daily. The future of gateway payments in cars is expected to grow further.

Related News

FY24: Cashfree Payments grows marginally in year of RBI ban

The Arc Web

The Arc Web · 9m ago

FY24: Cashfree Payments grows marginally in year of RBI ban

Indian payment aggregator Cashfree reported operating revenue of ₹642.7 crore in fiscal year 2024, a growth of only 4.7% from the previous year. Its primary business is payment gateways, competing with companies like Razorpay and Paytm. More than 75% of its revenue comes from payment gateways and payouts, while its products contribute 15%. The company was impacted by the RBI ban on payment aggregators in 2022-2023, but saw a 50% increase in merchant onboarding in 2024. Cashfree has a base of 600,000 businesses and processes $80 billion in annual payment volume.

Paytm shares nosedive 9% amid reports of ED probe in crypto scam

Economic Times

Economic Times · 7m ago

Paytm shares nosedive 9% amid reports of ED probe in crypto scam

Paytm's shares dropped by 9% after reports indicated the company is among eight payment gateways under investigation by the Enforcement Directorate (ED) for involvement in a major cryptocurrency scam, known as the HPZ Token scam. The accused collected over Rs 2,200 crore from investors across 20 states. The ED has frozen approximately Rs 500 crore in connection to the scam, which included funds held temporarily by payment gateways like Paytm, PayU, and Razorpay.

Many startups are becoming brands leveraging quick commerce benefits: BOAT’s Aman Gupta

Business Today

Business Today · 11m ago

Many startups are becoming brands leveraging quick commerce benefits: BOAT’s Aman Gupta

Quick commerce, also known as Q-commerce, is becoming a dominant force in the digital commerce industry. Aman Gupta, co-founder of B.O.A.T, highlighted the shift towards faster product delivery and its impact on the growth of startups. Payment gateways have also evolved to provide simpler and more secure transactions. D2C (Direct-to-Consumer) brands have thrived through digital channels, challenging initial doubts from investors. Gupta predicts a future with millions of brands spanning all segments in India. He also discussed the influence of founders' fame on business growth and emphasized the importance of customer retention and community building.

Govt Warns Against Illegal Payment Gateways Facilitating Laundering

Inc42 · 10m ago

Govt Warns Against Illegal Payment Gateways Facilitating Laundering

The Ministry of Home Affairs (MHA) and the Indian Cybercrime Coordination Centre (I4C) have issued an alert against illegal payment gateways that facilitate money laundering. Transnational criminals have been found to have created illegal digital payment gateways using mule or rented accounts, as discovered by Gujarat Police and Andhra Pradesh Police during a country-wide raid. This comes weeks after the Maharashtra government partnered with L&T Technology Services to establish an advanced cyber command and control centre in Navi Mumbai.

GST sleuths tracking merchants skipping tax via digital payments

Economic Times

Economic Times · 1y ago

GST sleuths tracking merchants skipping tax via digital payments

The Directorate General of Goods and Service Tax Intelligence (DGGI) is partnering with startups, payment aggregators, and payment gateways to monitor online merchants for tax evasion. Small merchants often engage in selling products that attract lower GST despite enlisting as sellers of different products. The government and the Reserve Bank of India (RBI) are cracking down on such behavior. While payment aggregators conduct due diligence during onboarding, continuous monitoring is lacking. The RBI has drafted guidelines on ongoing monitoring of merchants by payment aggregators to ensure correct taxes are paid. Fraud detection platforms help in flagging suspicious activities and fake UPI IDs used for fraudulent transactions.

Google vs Indian apps: Payments industry seeks legal changes against Google’s app billing policy

Economic Times

Economic Times · 1y ago

Google vs Indian apps: Payments industry seeks legal changes against Google’s app billing policy

The Payments Council of India is urging the Indian government to intervene and amend laws to prevent Google's monopolistic policies. The council wants to protect Indian startups and regulated payment aggregators from Google's abusive practices. South Korea and the European Union have already taken steps to safeguard their local startups and curb Big Tech's monopoly. Google's recent removal of apps from the Play Store due to alleged payment policy violations has raised concerns in the digital payment industry. Many startups are removing payment gateways from their Android apps to avoid paying fees to Google, potentially impacting transaction volumes.

Paytm, Razorpay, 6 other payment gateways in ED crosshairs for crypto scam: Report

Economic Times

Economic Times · 7m ago

Paytm, Razorpay, 6 other payment gateways in ED crosshairs for crypto scam: Report

The Enforcement Directorate (ED) is investigating payment gateways like Razorpay, PayU, and Paytm for their involvement in a cryptocurrency scam related to the HPZ Token operated by Chinese nationals. Approximately Rs 500 crore in virtual accounts has been frozen, as Rs 2,200 crore was allegedly scammed from customers across 20 Indian states and moved abroad. The ED is examining if the gateways flagged suspicious transactions. PayU held the largest frozen amount, affecting shares of parent company One97 Communications.

Why do investors love quick commerce startups?

Inshorts · 3m ago

Why do investors love quick commerce startups?

With changing lifestyles and instant gratification on the rise, investors are pouring funds into Q-commerce. Fast-delivery startups are investor favourites highlighting strong unit economics, repeat behaviour, and scalable city-level models that blend tech and efficiency. The future of commerce is faster and funded.

Razorpay, Cashfree secure RBI approval for payment aggregator business

Economic Times

Economic Times · 1y ago

Razorpay, Cashfree secure RBI approval for payment aggregator business

Digital payment startups Razorpay and Cashfree have received the final approval from the Reserve Bank of India (RBI) to operate as payment aggregators. This approval allows the companies to onboard new merchants on their payment gateways. The approval comes as a relief for the companies, which were unable to sign up new customers for over a year due to an embargo imposed by the RBI. The RBI conducted thorough checks before granting the final authorization.

JusPay Nears Unicorn Status With $150 Mn Fundraise Amid Payment Gateway Exodus

OutlookIndia

OutlookIndia · 7m ago

JusPay Nears Unicorn Status With $150 Mn Fundraise Amid Payment Gateway Exodus

JusPay, a SoftBank-backed fintech infrastructure firm, is set to raise $150 million, nearing unicorn status with an approximate $1 billion valuation. This upcoming funding round, involving SoftBank and WestBridge, will increase JusPay's total fundraising to over $237 million. The move follows multiple payment gateways like PhonePe and Razorpay severing partnerships with JusPay, as these firms shift towards direct merchant integrations to enhance control over client data and payment solutions.

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