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Paytm Payments Bank halts int’l transactions on debit cards

Entrackr

Entrackr · 1y ago

Paytm Payments Bank halts int’l transactions on debit cards

Paytm Payments Bank has temporarily disabled international transactions on its debit cards. Customers will not be able to initiate international transactions until further notice. The reason for this move has not been disclosed. The announcement comes shortly after the Reserve Bank of India imposed a fine of INR 5.39 crore on Paytm Payments Bank for non-compliance with certain guidelines. The bank had previously faced regulatory action for "certain material supervisory concerns" and was restricted from onboarding new customers.

Related News

UPI features like ATM withdrawals, circle likely to hit debit cards hard

Economic Times

Economic Times · 11m ago

UPI features like ATM withdrawals, circle likely to hit debit cards hard

The Unified Payments Interface (UPI) in India is expected to gain a larger share of the debit card market due to new features such as cash withdrawals from ATMs and delegated payments. Debit card usage has been declining in recent years, and UPI's ability to support various digital payment needs could further challenge the use of debit cards. UPI Circle, a delegated payment feature allowing authorization for family members' transactions, could potentially replace add-on debit cards. UPI ATMs offering cardless cash withdrawals and deposits could also reduce operational costs. As UPI expands, it diminishes the unique role that debit cards once held.

Paytm launches NFC soundbox that doubles up as card payment machine

Economic Times

Economic Times · 1y ago

Paytm launches NFC soundbox that doubles up as card payment machine

One97 Communications, the company behind Paytm, has introduced a card soundbox that also functions as a payment device. This innovative technology enables small shops to easily and affordably accept various types of payments, including credit or debit cards and UPI. With the Paytm NFC Card Soundbox, merchants can receive mobile payments from any UPI app and accept NFC-based debit and credit cards, simplifying the payment process for both customers and businesses. This advancement aims to empower offline merchants across the nation with inclusive payment acceptance capabilities.

RBI's Paytm FAQs: What happens to your EMIs, electricity bills?

Economic Times

Economic Times · 1y ago

RBI's Paytm FAQs: What happens to your EMIs, electricity bills?

The Reserve Bank of India (RBI) has issued a list of FAQs to address concerns regarding the restrictions imposed on Paytm Payments Bank (PPBL). The RBI has extended the deadline for customers to make deposits and credit transactions until March 15. The document elaborates on how this will affect customers in various aspects such as salary accounts, electricity bills, OTT subscriptions, EMI payments, and Fastag usage. After March 15, customers will not be able to receive salaries in their PPBL accounts, but certain debit mandates and auto-debit payments will continue until the balance is exhausted. Further funding or top-ups for Fastag will not be allowed after the specified date.

Debit cards losing out as UPI turns default mode on ecommerce

Economic Times

Economic Times · 1y ago

Debit cards losing out as UPI turns default mode on ecommerce

Debit cards are losing popularity as UPI (Unified Payments Interface) becomes the preferred payment mode in India for both in-store shopping and peer-to-peer transactions. The rise of ecommerce has accelerated this decline, with the number of debit card transactions for online shopping decreasing significantly. UPI payments made to merchants have tripled, while credit card transactions in ecommerce have increased by 22%. Debit card usage at retail stores has also decreased. UPI's popularity is attributed to its ease of use, innovative checkout experiences, and zero MDR for merchants.

GST Council May Impose 18% GST On PAs For Small Payments

Inc42 · 11m ago

GST Council May Impose 18% GST On PAs For Small Payments

The proposal to impose an 18% GST on payment aggregators for processing transactions up to INR 2,000 made via debit and credit cards is being considered by the Council. The fitment panel argues that payment aggregators should be treated as intermediaries and not banks. This proposal comes after the waiver of service tax on debit and credit card transactions under INR 2,000 to encourage digital payments following demonetization.

No merchant discount rate on UPI transactions

Economic Times

Economic Times · 1m ago

No merchant discount rate on UPI transactions

The Indian government reaffirmed its support for digital payments via the Unified Payment Interface (UPI) by confirming there will be no merchant discount rate (MDR) on UPI transactions. Any speculation regarding MDR charges on these transactions is baseless, as zero MDR has been applied since January 2020 for RuPay debit cards and BHIM-UPI transactions. The government continues to promote digital transactions and supports the payment ecosystem through incentive schemes for low-value transactions.

5 best debit cards designed to fetch you the travel benefits

Money Control

Money Control · 1y ago

5 best debit cards designed to fetch you the travel benefits

India's digital payments ecosystem has experienced significant growth, with digital transaction volume increasing at a compound annual growth rate of 45 percent. When comparing credit cards and debit cards, credit cards are often seen as having more offers and benefits. However, the market now offers debit cards with convenient features and attractive benefits. Here are five such debit cards recommended by Mastercard, which offer advantages like travel benefits, hotel memberships, complimentary lounge access, dining discounts, and low forex markup fees. These debit cards are designed to elevate the travel and luxury experience of customers.

Infibeam Avenues launches CCAvenue SoundBox Max

Entrackr

Entrackr · 11m ago

Infibeam Avenues launches CCAvenue SoundBox Max

Fintech firm Infibeam Avenues has launched CCAvenue SoundBox Max, an all-in-one point of sale (POS) device tailored for merchants and retailers across India. According to CCAvenue, SoundBox Max is designed to reshape the payment landscape for retailers and merchants, offering them the flexibility to accept payments from multiple sources—UPI, debit cards, and credit cards. It is also designed to simplify and secure transactions, featuring support for static and dynamic QR payments, as well as contactless (NFC) and chip-based credit and debit card payments. Infibeam Avenues is set to enhance the CCAvenue SoundBox Max with additional value-added features, such as card EMI and brand EMI options, catering to diverse retail sectors including supermarkets, quick-service restaurants, salons, fashion boutiques, and more. The device is fully compliant with EMV L1, L2, PCI PTS, CE, FCC, and RoHS standards, ensuring robust security and performance. Infibeam Avenues claims to have processed transactions worth Rs 7 trillion (about $ 86 billion) in FY24 and currently has over 10 million clients across digital payments and enterprise software platforms. Leading fintech companies such as Paytm, BharatPe, Razorpay, Pibe Labs and PhonePe also launcher their soundbox for merchants and retailers.

Jio Financial says not in talks to acquire Paytm's wallet business | TechCrunch

TechCrunch · 1y ago

Jio Financial says not in talks to acquire Paytm's wallet business | TechCrunch

Reliance Industries' subsidiary, Jio Financial Services, has denied reports that it is in talks to acquire Paytm's wallet business following the Reserve Bank of India's crackdown on the fintech firm's payments bank. Last week, the central bank prohibited Paytm Payments Bank from offering several services, prompting speculation that a deal with Jio Financial Services was on the cards. Paytm shares rose 5.5% on the back of the news.

Paytm secures NPCI nod for migrating its users to other banks

Economic Times

Economic Times · 1y ago

Paytm secures NPCI nod for migrating its users to other banks

Digital payments company Paytm has successfully integrated with four banks, including State Bank of India, Yes Bank, HDFC Bank, and Axis Bank, for Unified Payments Interface-based payment services. The integration allows Paytm to migrate its users to these banks for seamless payment transactions. Previously relying heavily on Paytm Payments Bank, Paytm had to switch to other banks after the Reserve Bank of India ordered the payments bank to shut down its basic banking services. Despite the integration, Paytm's UPI payment volumes have slightly declined, with the company currently holding a 9% market share.

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