🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥

Startup Showcase

Premium Content

Try our Valuation Calculator →

News on Medial

RBI moves to regulate PoS payment players

Economic Times

Economic Times · 1y ago

RBI moves to regulate PoS payment players

The Reserve Bank of India has released draft rules to regulate point-of-sale payment service providers (PA-P), including companies like Innoviti Payments and Pine Labs. The draft rules require these providers to apply for authorization from the RBI by May 31, 2025, and cease their services if authorization is not obtained. The RBI also emphasized enhanced customer due diligence and KYC compliance for these providers, as well as the classification of merchants into small and medium categories. The guidelines aim to strengthen the regulation of the digital payments ecosystem.

Related News

Here’s why RBI placed B2B card pay on full hold

Economic Times

Economic Times · 1y ago

Here’s why RBI placed B2B card pay on full hold

The Reserve Bank of India (RBI) has halted the usage of cards for B2B payments, affecting transactions made through commercial credit cards like Visa and Mastercard. Fintech startups such as EnKash and Paymate have also suspended these payments. The RBI aims to regulate payment intermediaries under the PA/PG guidelines, and the issue is related to transaction flow, potential fraud, and KYC compliance. Some players are migrating vendors to online merchants to resolve the disruption in B2B payments.

Cross-border norms bring ePay companies directly under RBI watch

Economic Times

Economic Times · 2y ago

Cross-border norms bring ePay companies directly under RBI watch

The Reserve Bank of India (RBI) has issued new guidelines that bring digital payment players operating in India's ecosystem under its direct supervision. This move aims to regulate cross-border payments and harmonize regulations across the payments stack. Companies like PayPal, Cashfree, Paymate, and even startups will be required to apply for a license and comply with stricter regulations, increasing their compliance costs. This development signifies the RBI's intention to regulate important functions of the payments ecosystem, potentially including UPI service providers in the future.

FY24 Sees Slowest Point of Sale Growth Since Demonetisation

Inc42 · 1y ago

FY24 Sees Slowest Point of Sale Growth Since Demonetisation

In March, there was a 32% decrease in debit card transactions at merchant outlets compared to the previous year. However, the adoption of QR codes and UPI payments through platforms like PhonePe, Google Pay, and Paytm has doubled in the past two years. The deployment of new Point of Sale (PoS) terminals increased by 14% between March 2023 and 2024. The government's mandate for zero Merchant Discount Rate (MDR) is encouraging merchants to shift to UPI payments. The number of credit cards issued in India has surpassed 100 million. RBI has issued draft rules to regulate point-of-sale payment service providers.

RBI Proposes Draft Rules To Regulate PoS For Online Payment Aggregators

Inc42 · 1y ago

RBI Proposes Draft Rules To Regulate PoS For Online Payment Aggregators

The Reserve Bank of India (RBI) has issued draft rules to regulate point-of-sale payment service providers (PA-P), which includes companies like Innoviti Payments, Pine Labs, and MSwipe. The draft rules state that these companies must apply for authorisation from the RBI by May 31, 2025. If they fail to obtain authorisation, they will have to cease their services. Additionally, payment aggregators must inform the regulator about their plan to seek authorisation within 60 days of the formal guidelines' issuance. The RBI has also introduced new guidelines for online payment firms, requiring them to monitor merchant activities and ensure compliance.

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

Economic Times

Economic Times · 8m 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.

Card networks seek clarity from RBI on compliance lapses in card-based B2B payments

Economic Times

Economic Times · 1y ago

Card networks seek clarity from RBI on compliance lapses in card-based B2B payments

Global card payment players like Visa and Mastercard have reached out to the Reserve Bank of India (RBI) seeking further clarification on business payments made through their settlement rails. Fintechs are also exploring alternative means to ensure their clients can continue making such payments. This follows instructions from the RBI directing these companies to halt the usage of payment instruments for business payments to vendors and suppliers. The card networks have informed payment companies to stop these services to their clients, impacting the industry.

airpay secures all three RBI payment-aggregator licences

Entrackr

Entrackr · 18d ago

airpay secures all three RBI payment-aggregator licences

airpay secures all three RBI payment-aggregator licences Mumbai-based airpay Payment Services has received authorisation from the Reserve Bank of India (RBI) to operate across the full payment-aggregator framework, completing approvals for online (PA-O), physical/POS and QR (PA-P), and cross-border (PA-CB) services. With this, airpay now joins a small group of regulated players that can handle domestic and international payments across online and offline merchant touchpoints on a single compliant stack. The recent list includes Razorpay, Easebuzz, PayU and Pine Labs. The company said the approvals will allow it to offer collections, payouts and settlements for Indian enterprises, D2C brands and SMEs selling both within India and overseas. airpay expects the expanded licence set to drive a 30–40% increase in processing volumes over the next 6–12 months. It is also projecting over 20% of its revenue to come from cross-border flows in this period, alongside the onboarding of more than 50,000 merchants. Founded in 2012, airpay operates in UPI acquiring, QR, payment links, PoS and merchant lifecycle management. With all three licences in place, the company is now positioned to support online, offline and cross-border commerce from a single regulated infrastructure as Indian businesses expand beyond domestic markets. This is expected to reduce settlement risk and compliance overhead for exporters, SaaS firms, subscription businesses and D2C brands targeting markets in Europe, the Middle East, and Southeast Asia. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.

NPCI arm, banks and fintechs in talks for net banking synergies

Economic Times

Economic Times · 1y ago

NPCI arm, banks and fintechs in talks for net banking synergies

The National Payments Corporation of India's (NPCI) subsidiary, Bharat Billpay (NBBL), is in talks with banks and fintech firms to implement banking interoperability following approval from the Reserve Bank of India (RBI). Plans to enable interoperable payment systems for internet banking transactions are underway, with conversations taking place with major players in the net banking ecosystem. The RBI aims to centralize all payment rails, including internet banking, for standardization, better visibility on data, and improved customer grievance mechanisms. Currently, each bank must work with specific payment aggregators for net banking transactions.

Mswipe’s FY23 loss declines 45% to INR 49 Cr on lower cash burn

Inc42 · 2y ago

Mswipe’s FY23 loss declines 45% to INR 49 Cr on lower cash burn

Fintech major Mswipe Technologies recorded a 45% reduction in its net loss for FY23, amounting to INR 49.1 Cr compared to INR 90 Cr in the previous fiscal year. The company's total expenditure decreased by 3% to INR 328.4 Cr, while revenue from operations saw a 14% increase to INR 274.5 Cr. Mswipe provides digital payments solutions to merchants, including POS terminals, QR codes, and audio devices for payment confirmation. Its expenses mainly consisted of IT costs and employee benefits. The company is awaiting final approval from the Reserve Bank of India (RBI) for a payment aggregator license.

Pine Labs introduces new PoS device for QR, card-based payments

Economic Times

Economic Times · 2y ago

Pine Labs introduces new PoS device for QR, card-based payments

Pine Labs introduced Mini, an affordable point-of-sale (PoS) device that accepts both QR-based and card-based payments. Designed for small merchants, it competes with devices concentrating on one payment mode. Amid growing PoS market competition, Pine Labs aims to provide an accessible, cost-effective checkout experience. The Mini device is priced at around one-third of a regular PoS terminal's cost.

Trackers

Active Indian VC’s

OG Capital Email

With a hands-on approach, OG Capital aims to invest in over 20 promising...

Accel Partners Email

Early and growth-stage investments in disruptive technology companies with...

Early-stage venture capital firm investing in technology startups in India. Focus on...

Access All Trackers

Startup Showcase Winners

Sept 2025

Your Health, Simplified with Smart Care

An ecosystem for curated creative partnerships

Your Health our Priority.

Enter Ongoing Startup Showcase

Top Users

Trending News on Medial

OYO’s parent PRISM gets sharehold ...

‘Oops! Something went wrong’: Rap ...

Zepto makes confidential filing w ...

Download the medial app to read full posts, comements and news.