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PoS devices still not (s)wiped out in UPI wave

Economic Times

Economic Times · 3m ago

PoS devices still not (s)wiped out in UPI wave

Despite the rise of QR-based payments, card swipe machines at merchants have doubled to over 10 million in three years. These point-of-sale (PoS) terminals have evolved to accept various payment methods, maintaining their relevance. Factors such as consumer preference for card payments and banks’ push for issuing credit cards contribute to their growth. Major players like Pine Labs and banks are expanding PoS deployments, optimizing revenue through card transactions amid UPI's zero MDR challenges.

Related News

Razorpay launches instant refund for failed UPI transactions on its POS devices

Inc42 · 1y ago

Razorpay launches instant refund for failed UPI transactions on its POS devices

Razorpay, the fintech unicorn, has introduced instant refunds for failed Unified Payments Interface (UPI) transactions on its point-of-sale (POS) devices. The solution aims to reduce refund processing time to 2 minutes, compared to the industry standard of 5-6 business days for failed UPI transactions. Razorpay's POS devices will initiate a refund attempt within 3 seconds of a UPI transaction failure, with three automatic attempts spaced 5 seconds apart. This move addresses challenges faced by MSME retailers, such as internet issues and failed transactions, in UPI transactions for business.

Students scramble after security breach wipes 13,000 devices

Arstechnica

Arstechnica · 11m ago

Students scramble after security breach wipes 13,000 devices

A security breach in Singapore caused student's school-issued iPads and Chromebooks to be wiped clean. This incident occurred as a shock to many students, as the Mobile Guardian app has been the official mobile device management provider for public schools in Singapore since 2020. Roughly 13,000 students from 26 secondary schools were affected, leading the Ministry of Education to remove the Mobile Guardian from all devices it issues. Mobile Guardian has revealed a global security incident, resulting in devices being unenrolled and wiped remotely, with restricted access on devices now in effect. This is the second breach of Mobile Guardian this year, with the previous one affecting 127 schools in Singapore.

New PoS deployment grows at slowest pace since demonetisation: RBI data

Economic Times

Economic Times · 1y ago

New PoS deployment grows at slowest pace since demonetisation: RBI data

The deployment of new point-of-sale (PoS) terminals for cashless transactions in India has slowed down, with merchants and businesses favoring QR code-based UPI transactions over debit card swipes. While new PoS deployment rose by only 14% in fiscal year 2023-24, the deployment of QR codes for UPI payments has doubled in the last two years. The convenience of QR code-based UPI transactions and zero merchant discount rate (MDR) have led to a decline in debit card usage. However, credit card usage has seen exponential growth, compensating for the decline in debit card swipes.

Razorpay’s POS business clocks 60% growth in FY23 post acquisition of Ezetap

Inc42 · 1y ago

Razorpay’s POS business clocks 60% growth in FY23 post acquisition of Ezetap

Fintech unicorn Razorpay has witnessed a 60% growth in its POS business following the acquisition of Ezetap. Razorpay POS recorded a 40% growth in its Total Payment Volume (TPV) from April to October 2023 compared to the same period the previous year. UPI transactions contributed to 91% of the cumulative TPV, while SMS pay contributed 9%. Additionally, cash on delivery to digital payments conversion increased by 21% during this period. Razorpay POS currently accounts for 10% of the company's total revenue.

Pan IIT global tech summit 2023 to bring 5,000+ startups, investors, corporates under one roof

Inc42 · 1y ago

Pan IIT global tech summit 2023 to bring 5,000+ startups, investors, corporates under one roof

Fintech unicorn Razorpay has witnessed a 60% growth in its POS business following the acquisition of Ezetap. Razorpay POS recorded a 40% growth in its Total Payment Volume (TPV) from April to October 2023 compared to the same period the previous year. UPI transactions contributed to 91% of the cumulative TPV, while SMS pay contributed 9%. Additionally, cash on delivery to digital payments conversion increased by 21% during this period. Razorpay POS currently accounts for 10% of the company's total revenue.

Exclusive: Mswipe To Raise $10 Mn Debt From Alpha Wave Ventures

Inc42 · 1y ago

Exclusive: Mswipe To Raise $10 Mn Debt From Alpha Wave Ventures

Indian fintech startup Mswipe is raising $10 million in debt funding from existing investor Alpha Wave Ventures. The funding comes shortly after Mswipe received a payment aggregator license from the Reserve Bank of India. The company plans to develop an in-house online payment gateway and offer full-stack payment solutions to offline and online merchants. Mswipe, founded in 2011, provides digital payment solutions such as POS terminals, QR codes, and audio devices for payment confirmation. The startup's net loss decreased by 45% in FY23, while revenue from operations rose by 14%. Mswipe competes with PhonePe, Paytm, Ezetap, and Innoviti.

NPCI international and Network International expand UPI payments in UAE

YourStory

YourStory · 1y ago

NPCI international and Network International expand UPI payments in UAE

NPCI International Payments has partnered with Network International to expand the adoption of Unified Payments Interface (UPI) in the United Arab Emirates (UAE). This collaboration will enable QR code-based UPI payments through Network International's point-of-sale (POS) terminals, allowing Indian tourists and NRIs to make transactions across a vast network of over 60,000 merchants and 200,000 POS terminals. The aim is to provide Indian travelers with a seamless payment experience and promote the use of innovative digital payment solutions internationally. India is a significant source of tourists for the UAE, with over 1.84 million Indian visitors in 2022.

NPCI international partners with Qatar National Bank for UPI payments in Qatar

YourStory

YourStory · 1y ago

NPCI international partners with Qatar National Bank for UPI payments in Qatar

NPCI International Payments Limited (NIPL) has partnered with Qatar National Bank to introduce QR code-based Unified Payments Interface (UPI) payments in Qatar. This collaboration aims to enable Indian tourists to make UPI payments at various locations, enhancing their travel experience. The initiative is expected to revolutionize transactions and empower local merchants in the region. NIPL has also expanded UPI adoption in the United Arab Emirates by partnering with Network International to enable QR code-based UPI payments through their POS terminals.

After its data was wiped, KiranaPro's co-founder cannot rule out an external hack | TechCrunch

TechCrunch · 1m ago

After its data was wiped, KiranaPro's co-founder cannot rule out an external hack | TechCrunch

KiranaPro, an Indian grocery delivery startup, encountered a significant data breach when all its backend data and app code were wiped from GitHub. Initially blaming a former employee, the startup later admitted uncertainty about the breach's origins, not ruling out external hacking due to inadequate employee offboarding practices. Despite claiming the AWS account remained unexploited, they are considering a formal investigation. The incident reveals vulnerabilities in their data security and management protocols.

Mswipe raises $20 mn from existing investors in fresh round

VCCircle

VCCircle · 1y ago

Mswipe raises $20 mn from existing investors in fresh round

Indian digital payments company Mswipe Technologies has raised $20m in primary growth equity capital from existing investors. The funding will enable Mswipe to expand its merchant payment network, enhance product development, and improve its technological infrastructure. The names of the investors have not been disclosed, but reports suggest that global investment firm Alpha Wave Ventures contributed almost $10m. Mswipe, founded in 2011, offers a range of financial products including POS terminals, payment gateways, and QR codes. The firm claims to have a merchant network exceeding 500,000 and has been profitable for the last five quarters.

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