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News on Medial
Online pay aggregators focus on anti-fraud tech to up revenues
Economic Times
·
2m ago
Medial
Online payment aggregators, such as PayU, Razorpay, and PhonePe, are investing in advanced fraud detection technologies to enhance revenue streams due to intense competition and pricing constraints in the payments sector. These companies are offering fraud detection services to banks, focusing on ensuring transaction legitimacy, preventing unnatural payment behaviors, and securing payment processes. This shift aligns with global trends as digital payments grow, necessitating robust systems to combat rising fraud cases in the ecosystem.
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GST sleuths tracking merchants skipping tax via digital payments
Economic Times
·
11m ago
Medial
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.
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Why is the EU probing Big Tech under the Digital Markets Act?
Economic Times
·
1y ago
Medial
The European Union has launched investigations into Alphabet, Apple, and Meta (formerly Facebook) for potentially breaching the Digital Markets Act (DMA), which aims to prevent unfair advantage for Big Tech. The investigations will focus on anti-steering behavior in payment systems and self-preferencing of products. Apple's compliance with uninstallation and default settings changes, as well as Meta's pay-or-be-tracked policy, will also be examined. Violations could result in fines of up to 10% of a company's global annual turnover. Google and Apple have expressed confidence in their compliance, while Meta says it is trying to adhere to the act's guidance.
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Apple offers to settle EU antitrust charges on Apple Pay, sources say
Economic Times
·
1y ago
Medial
Apple has reportedly offered to settle the European Union's antitrust charges related to Apple Pay. The tech giant has proposed certain commitments to address the concerns raised by the EU competition enforcer. The charges against Apple alleged that it practices anti-competitive behavior by limiting access to the NFC (Near Field Communication) technology on its devices for payments made through mobile apps other than Apple Pay. The company could face a fine of up to 10% of its global turnover if found guilty.
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Google and Facebook's concerns over online news law being addressed, says Canada
Economic Times
·
1y ago
Medial
Canada's Online News Act, part of a global trend to make Internet giants pay for news, became law in June and is expected to come into effect in December. Facebook and Google will need to voluntarily negotiate deals with news publishers in Canada and pay a portion of their global revenues, based on a set calculation, according to the draft regulations.
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Startup Salaries Soar as CTOs Earn 27x More Than Entry-Level Employees
OutlookIndia
·
5m ago
Medial
India's startup ecosystem emphasizes technology leadership, with CTOs earning the highest among C-suite roles, receiving 27 times more than entry-level employees. As startups progress, leadership pay increases 20-30% at each stage. While product-led startups like fintech focus on tech salaries, brand-focused companies favor marketing leaders. Equity compensation further influences pay structures, with aggressive equity-based startups paying up to 20% over median multipliers. Overall, compensation reflects a startup's growth stage and business focus.
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CCAvenue, BillDesk Get GST Notice For Sub-INR 2,000 Payments
Inc42
·
11m ago
Medial
The authorities are seeking to impose GST on the fees charged by payment aggregators to merchants for processing low-value digital transactions. Notices have been issued for demands dating back to FY18. The move coincides with the GST Council's discussion on a proposal to levy an 18% GST on payment aggregators processing online payments under INR 2,000.
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Karnataka aims to ensure proposed gig workers bill is ‘win-win for all’
Economic Times
·
1y ago
Medial
The Karnataka state government is seeking wider consultation on a bill to extend social security benefits to gig workers. The proposed law would require platform-based aggregators to pay a fee on each online transaction to fund social security and welfare expenses for gig workers. The government plans to open a 10-day window for companies to offer their comments before placing the bill before the legislature. Bengaluru, which has the largest number of gig workers in India, would be significantly impacted by the legislation.
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Bike taxis: Karnataka in no mood to relent on its stand, say sources
Economic Times
·
3m ago
Medial
Karnataka is firm on its ban on bike taxis despite appeals from app-based aggregators like Rapido, Ola, and Uber. The transport department argues bike taxis evade taxes levied on autos and cabs, as they pay only lifetime tax. The High Court extended the deadline to cease bike taxi operations, while aggregators urge for regulatory rules and licenses. While some states like Delhi have adapted policies for electric bike taxis, Karnataka remains hesitant.
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RBI-fintech meet discusses expanding digital payments market, checking fraud
Economic Times
·
5m ago
Medial
Fintech industry leaders and Reserve Bank of India (RBI) officials met to discuss expanding digital payments beyond the current 200 million users, tackling fraud, and merchant discount rates (MDR) on UPI transactions. RBI emphasized responsible innovation and compliance, urging the industry to explore fraud prevention methods. Challenges like language barriers and account security for new users were highlighted. Payment aggregators raised revenue concerns with UPI transactions, while digital lending complications, including video KYC, were also discussed.
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Cinépolis ties up with Amazon Pay to simplify movie payments
Economic Times
·
1m ago
Medial
Cinépolis India has teamed up with Amazon Pay to enhance the digital payment experience across its theatres and online platforms. This partnership aims to offer faster, secure payments, and exclusive promotions, streamlining ticket booking and food purchases. The integration supports Cinépolis's focus on technology-driven customer service, aligning with the evolving expectations for convenience and speed. It marks a step towards providing a seamless, digitally empowered cinema experience for moviegoers throughout India.
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