The epoch of growing Fintech – How Makes & Accepts Payments?

Have you as of late halted and paused for a minute to acknowledge how you’re ready to pay for the chai you drink by basically examining a QR code? Have you pondered that it is so easy to make a payment at your local market utilizing Google Pay? No? Perhaps you should.

For quite a while, Indian residents have stayed doubtful about advancing alongside the pace that innovation has set. Is it true that it was the dread of investigating what’s going on? The dread of escaping the safe place;

Perhaps; Be that as it may, as of late, the nation has grasped change, and it has brought such a great amount of progression as far as how payments are disentangled. Gone are those days where you generally need to convey money in your wallet. Gone are those days where you have to squabble with sellers for not rendering change to you.

India has seen a gigantic ascent in fintech reception over the most recent couple of years with a developing interest for non-money exchanges. Remembering the interest, NASSCOM predicts the Indian fintech programming market alone to twofold itself and reach USD 2.4 billion by 2020.

Requirement is the mother of discovery

India being a developing country, encourages innovation. The country sees growing customer demand for digital payments, but regulatory and operational complexities persist. Digital transactions are expected to surpass cash transactions by 2023. This demand has created the need for a new ecosystem for digital payments, banks, and fintech firms to join forces and innovate.

India being a creating nation empowers advancement. The nation sees developing client interest for digital payments, yet administrative and operational complexities endure. Digital transactions are required to outperform money exchanges by 2023. This interest has made the requirement for another environment for advanced payments, banks, and fintech firms to unite and improve.

UPI transactions

We as a whole use Google Pay, PhonePe, BHIM, and different applications consistently. Be that as it may, do we truly know what an effect these applications have made on the Indian payments scene?

In every one of these years, if we somehow happened to pick one fintech advancement that has totally changed how payments work, it must be UPI – a moment, ongoing paylment framework created by the National Payments Corporation of India (NPCI) that encourages between bank exchanges.

Everyone heartily invited UPI on the grounds that it gave a look at how simple and momentary payments can be. It saw a 7x development in 2018, while Google Pay turned into the ruler of UPI applications and ruled, deposing all other UPI applications.

From being a wallet executioner, UPI has likewise advanced toward take the piece of the pie from net banking. It has changed into a shipper first payment (P2M) stage, from being a P2Ppayment mode in 2017.

What India can expect further?

With 2019 effectively proceeding, we can predict advanced transactions in India quickening at 70% CAGR through to 2020, adding to the GDP by 15%. Usage of Artificial Intelligence (AI) in the Indian computerized exchange scene will result in more comfort and security, guaranteeing continuous misrepresentation anticipation.

With increasingly more fintech firms breaking new ground through their ground-breaking, front line innovation, India has problematic potential in the fund area, bringing about a record-breaking number of digital transactions as vendors and purchasers both grasp the simplicity of digital payments.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Targeting offline business, Paytm shifts cashback from P2P payments to merchant payments

Alibaba-backed digital payment firm Paytm has announced to shift its focus to offline merchant payments from incentive-led peer-to-peer (P2P ) UPI payments.

The payment firm will now invest money in offline merchant expansion, for which it claims to have high-frequency usage. It plans to partner over 20 million kirana stores enabling them to accept the digital mode of payments including UPI, wallets and cards.

The move is part of the next growth strategy, where Paytm eyes to reach out to smaller cities and villages.

By investing in real merchant payments even in the remotest part of our country, we will help expand the vision of Digital India to the grassroots.” said Deepak Abbot, senior vice president of Paytm in a press statement.

The Noida-based firm, by cutting cashback on P2P payments, believes that Paytm users, who have been using the app for long now do not need cashback push to keep transacting on the platform.  Instead, cashback will be given to those who are not yet part of digital payments, the company said.

The move will further also help weed out artificial transactions on the platform. Besides, it also plans to invest in lending and insurance to help merchants get better access to capital and provide more financial security.

In May, it claimed to clocked over 70 million of the estimated 120 million UPI-based merchant transactions. With about a 10% MoM growth in this segment, it has claimed to have 60% of UPI-based merchant payments market share.

In FY 19 Paytm clocked about 5.5 billion transactions. The payment major aims to cross over 12 billion transactions in the next 18 months.

In offline merchants base segment, PhonePe, which has about 1 million offline merchants, competes against Paytm. Google Pay has also piloted the offline payment service with kirana stores.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source : https://entrackr.com/2019/06/paytm-cashback-from-p2p-payments-merchant-payments/

Rpay- TOP MOST PLATFORM FOR CUSTOMIZED DIGITAL WALLET SOLUTIONS -CIO REVIEW INDIA

As modern-day technological tools transform next to every action today, financial transactions have also undergone a sea change, from the way they are initiated to intermediate processes and eventual execution. Based out of Chennai, Roamsoft provides state of art business and technology platform for various startups across the world and also focused on fintech digital wallet solution. Roamsoft has best hand-picked tech talent having experience in working with great companies around the world and across time-zones.

In India, Phonepe, Paytm, Mobikwik, Google pay have the best technologies in this payment platform. If a startup needs to flourish in this industry they need to work on this technology development platform. As it needs more investment & time, Roamsoft filled the gap by developing ready to use product- R Pay. Roamsoft used that gap in contributing the product R Pay with mobile friendly features, well documented API s, and plug-ins that suits all major Ecommerce platforms. As Digital payment solution plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay – Wallet platform for business. It provides solutions like peer to peer (P2P), business to business (B2B) and business to customer (B2C).

digital payment platform

RPay, a wallet platform helps businesses grow and provide features like a hassle- free sign up, load & send money, withdraw cash, pay merchants, buy tickets, instant notification, and limited liability etc.

It helps merchants to create reward points, feeds, and loyalty programs etc. Through finger print, back end security, Roamsoft ensures high end security, thereby avoiding any fraud. Though the product offered by Roamsoft is ready to use, upon special request Roamsoft does customization of the platform. The company provides free update to the software whenever necessary. Roamsoft fixes errors and works on further development when the client faces any issue in the product. “We also share our ideas and analytical support to our clients. We provide unlimited lifetime free support to our clients and hence we had real customers”, adds Mohan K, Founder, Roamsoft.

“Through finger print, back end security, Roamsoft ensures high end security, thereby avoiding any fraud”

Mohan k, Founder of Roamsoft says

Roamsoft built a digital payment solution for a UAE startup which is the first platform to introduce QR code technology, Payment link, Payment Gateway in UAE. Within two months of its launch, the solution had three hundred thousand payment transactions. “We feel this is one of our successes in the payment solution Industry”,

As of now Roamsoft has 7 clients in their clientele from France, Ethiopia and Peru, with expansion plans underway to include clients from Nigeria, Ghana, Congo, Sweden, and Bangladesh. Roamsoft’s future innovation goal is to become leading digital payment solution provider in the next three years through developing new technologies, and features etc. This digital payment project is growing day by day and the company is working forward to become leading digital payment solution provider in the world

For wallet script demo : https://www.roamsofttech.com/digitalwallet-solution

Exclusive: BharatPe is raising $75 Mn led by Insight Partners at 6X valuation

Fintech is hot in India and investors are continuously chasing deals as they don’t want to miss on the opportunity of making a killing out of the fledgling segment. While Paytm and PhonePe have been negotiating fresh rounds with Alibaba and Tencent-Tiger Global respectively, QR code-based payment app BharatPe is raising at least $75 million in a fresh round.

According to two Entrackr’s sources, the firm has finalized $75 million round led by Insight Partners. “Existing investors along with a couple of US-based hedge funds are also participating in the Series B round,” said aforementioned sources.

Sources requested anonymity as they aren’t authorized to speak to the media.

The Series B round is coming just after three months of raising $15.5 million from Sequoia Capital, Beenext and Insight Partners. “Insight had invested only $5 million in the Series A round. However, in this round, the global venture capital firm is pouring in $35-38 million. Sequoia is participating in the round on a pro-rata basis,” added sources.

Importantly, BharatPe is trying to take the round up to $100 million. “It’s in advanced talk to raise additional $25 million but nothing has materialized beyond $75 million at the moment,” emphasized sources.

It’s worth noting that BharatPe was valued anywhere between $60 to $65 million in Series A round. But its valuation is set to soar 5 to 6X. “The firm is valued about $330 to 350 million in the fresh Series B round,” mentioned sources.

This is eye-popping valuation in a very short duration – only three months.

Besides backing from institutional investors, BharatPe also raised capital from bluechip angels including American Express’ top executive Sanjay Rishi, PayU co-founder Nitin Gupta, PineLabs CTO Nipun Mehra, ex Paytm and Tokopedia VP Amit Lakhotia, and Hero group Akshay Munjal.

“The deal is likely to be announced in the next couple of weeks,” outlined one of the aforementioned sources. Queries sent to Insight Partners and Sequoia Capital did not elicit an immediate response while BharatPe declined to comment on the matter.

Last we heard, the company claimed to have about 9 lakh offline merchants who drive over 350K transactions on a daily basis via its platform. Apart from powering payments via interoperable UPI QR codes, it recently began disbursing loans to the merchant based on transaction histories.

BharatPe has partnered Apollo Finvest to offer loans with ticket sizes between the range of Rs 10,000 to Rs 1 lakh at a lucrative interest rate of 1.67%.

BharatPe has emerged as a strong player in the UPI segment in the past couple of years. The UPI ecosystem is largely being fought by deep-pocketed players such as Paytm, PhonePe and Google Pay. By focusing on QR code payments meant to be used across offline merchants, the firm has scaled up really fast.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source : https://entrackr.com/2019/06/exclusive-bharatpe-raise-75-mn-insight-partners/

NPCI to credit online payment to e-comm firms only after product delivery

Payment transactions through Unified Payments Interface (UPI) have witnessed decline for the last two months. After hitting a record high to 799 million transactions in March, UPI witnessed 781 million and 733 million transactions in April and May respectively.

The recent downfall has worried the National Payments Corporation of India (NPCI), which developed an instant real-time payment system three years ago.

NPCI, to drive its growth, is planning to bring non-adapting online users on UPI platform by creating an escrow-like mechanism with e-tailers and marketplaces.

It is reportedly working with Amazon and Flipkart. Under the mechanism, e-tailers will receive payment only after delivery is confirmed by the buyers. The payment at first will be kept in the escrow-like account by UPI. Once the delivery is confirmed it will be credited in e-tailers accounts.

NPCI is planning to launch this mechanism within one and a half months, as per a TOI report.

However, despite a slowdown in volume, the UPI value of transactions has not been affected. In April, as per NPCI data transactions worth Rs 1.53 lakh crore were made, up 7.3% from April.

The move is largely aimed at roping in new online buyers.

As per industry observers, NPCI-move will help drive more adoption of UPI payment. Besides, NPCI is also planning to push for retail investment in IPOs via UPI

At present, about 143 banks are live on UPI.

Among non-banking players like Google Pay, Paytm and PhonePe are top three firms, who have continuously been witnessing reshuffle in terms of the transaction volume as well as value.

Though, in the last three months, the Google-owned payment firm outran its rivals

As per latest figure, Google-owned payments app Google Pay emerged as the largest contributor of NPCI-owned UPI payment, recording 240 million transactions amounting to Rs 55,000 crore in May whereas PhonePe and Paytm registered 230 and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively.

Google Pay contributed over 32% in overall 733 million UPI transactions that took place last month

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source : https://entrackr.com/2019/06/npci-e-tailers-after-product-delivery/

UPI battlefield: Google Pay beats Paytm and PhonePe at both value and volume

Surpassing all records in terms of UPI transaction volume and Value, Google Pay has dethroned its arch-rivals Paytm and PhonePe to become the largest contributor of NPCI-owned unified payment railroad.

The Google-owned payments app has recorded 240 million transactions amounting to Rs 55,000 crore in May whereas PhonePe and Paytm registered 230 million and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively.

In the last three months, Google Pay has increased its adoption from 220-230 million monthly transactions to 240 million while PhonePe and Paytm have been gradually losing their marketshare.

In April, PhonePe recorded 258 million transactions, on the other hand, Google Pay and Paytm’s monthly UPI transaction stood between 230 million to 240 million.

Google Pay alone contributed over 32% in overall 733 million UPI transactions happened in May. Combinedly, these top three apps along with government-promoted BHIM count 93% of the UPI transactions market.

This is a big achievement for any offshore company that has achieved a user base of 45 million within 18 months of launch and fighting against incumbents like Alibaba-backed Paytm and Flipkart-owned PhonePe.

Currently, Google Pay is accepted at over 2,000 online merchants such as foodtech, travel, movie or event tickets, including trading, and investments. Besides, the firm has also forayed into wealth management space and collaborated with Pine Labs to boost its offline transaction.

Apart from peer-to-peer transaction, the firm is looking to compete PhonePe in terms of merchant payments that only contribute between 10% and 20% of the overall numbers.

In coming months, WhatsApp may launch its UPI-based payments service – WhatsApp Pay in India. With two overseas behemoths in UPI ecosystem, it would become more difficult for Paytm and PhonePe to compete against them.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source : https://entrackr.com/2019/06/google-pay-paytm-phonepe-upi-transaction-share/

Paytm claims 50% market share in payment gateway transactions; 5X greater than PayU

Vijay Shekhar Sharma-led digital payment firm Paytm has claimed a leadership position in payment gateways with processing over 400 million transactions for merchants every month.

Noida-based payment firm clocked higher gross volume and value transactions than its biggest rivals PayU and Razorpay. Paytm, without disclosing the value of the transactions, processed five-time more transactions than its nearest competitor, the company said in a release.

At present, Nasper-backed PayU processes reportedly around 100-120 million transactions whereas Razorpay has not made its number public. Though, Razorpay claims to add new merchants at the rate of almost 20% per month and witnessing a 15% growth in gross payments.

In April, Paytm did transactions worth Rs 20,000 crore in April whereas PayU and Razorpay clocked around Rs 10,000 crore and Rs 3,000 crore in last month, said a TOI report citing industry data.

Paytm, in the last couple of years, has pushed aggressively for payment gateways business with e-commerce firms. It has garnered a major share of digital transactions for brands including Uber, Zomato, OYO, Dominos, IRCTC, Jio, Club Factory, and Big Basket among others.

Transportation, food delivery and gaming emerged as the fastest growing categories for payment gateway transactions, mentioned the company’s press statement. Paytm offers a gamut of payment solutions from instant plug-and-play offerings to deep platform integrations.

In last one year, Paytm saw 3X growth on third-party apps and websites.

We are committed to delivering more innovative offerings tailored to meet the requirement of the ever-evolving payment to further consolidate our leadership, said Kiran Vasireddy, COO – Paytm.

Recently, Entrakr had exclusively reported that Vasireddy is leaving the payments firm along with former Paytm Mall COO – Amit Sinha.

Softbank and Alibaba backed firm also claimed high success rates for almost all payment method including UPI and RuPay cards. It claimed to drive significant checkout volume with 150 million saved cards and bank accounts in its system.

In February, the RBI has proposed to regulate payment gateway service to make them more transparent and accountable.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source: https://entrackr.com/2019/05/paytm-5x-payment-gateway-transactions-payu/

Google Pay continues lead over Paytm and PhonePe in UPI transaction value

Google’s UPI-based payment app Google Pay has witnessed a remarkable growth ever since its launch in 2017 in India. In about 20 months, it has achieved a stellar growth giving its main rivals PhonePe and Paytm a run for their money.

According to transaction data of April, Google Pay did transactions worth Rs 49,700 crore way more than its competitors PhonePe and Paytm. PhonePe was at second number with a transaction value of Rs 42,610 crore whereas Paytm registered transactions worth Rs 35,500 crore.

All three together accounted for about 90% of the Rs 1.42 lakh crore worth transactionsreported last month. Govt-backed BHIM accounted for merely 15 million transactions worth Rs 6,600 crore during the same period.

This is almost 14% rise in Google Pay transactions in comparison to transactions value in March, as per Bloomberg report.

Interestingly, Google Pay recorded UPI transactions worth Rs 43,000-Rs 45,000 crore in March. Both PhonePe and Paytm are said to have done transactions worth Rs 31,000-32,000 crore each.

However, in terms of volume of transaction, PhonePe leads with 258 million transactions. Google Pay and Paytm are estimated to do transaction between 230 million to 240 million.

As per the last figure provided by Google Pay in March, it has about the user base of 45 million. PhonePe and Paytm have not revealed their exact user base. Earlier, in a tweet, Paytm founder Vijay Shekhar Sharma said there are about 94 million KYC wallets and 371 million total users on its platform.

Meanwhile, the actual numbers of active users and transactions volume are still unknown.

As per observers in the payment space, Google Pay chat enabled payment service is easy to use. And its promotional and cashback offerings have helped it attract more users in very less time.

Currently, Google Pay is accepted at over 2,000 online merchants such as foodtech, travel, movie or event tickets, including trading, and investments.

It has also been testing new products in wealth management space and collaborated with Pine Labs to boost its offline transaction.

As per Sensor Tower data, Google Pay had claimed a top slot in terms of downloads recorded by fintech apps globally. It was downloaded over 327 million times, with over 6X lead from second most downloaded fintech app.

In the last few months, global payer like Amazon has also been betting big to get major share in India payment space. With reports of WhatsApp Pay to be launched in about in next two months, the payment space in the country is poised to witness a dynamic change.

Who will be at forefront or winners in this payment battle, is a matter worth observing.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source: https://entrackr.com/2019/05/google-pay-lead-phonepe-paytm/

PIL filed against Paytm Payments Bank for alleged illegal operations of Post Paid Wallet

A Public Interest Litigation (PIL) has been filed against the Paytm Payments Bank for operating a post paid credit facility allegedly in contravention of law which regulates such facility.

In response to the PIL, the bench, headed by Chief Justice Rajendra Menon and Justice Brijesh Sethi, has issued a notice to the Reserve Bank of India (RBI) and Paytm Payments Banks Limited (PPBL) asking them to clear their stand on the matter. The next date of hearing is on  September 3, as per an agency report.

The petition has been filed by financial economist Abhijit Mishra. He has alleged that Paytm Payments Bank Limited is operating post paid wallets in defiance of Operating Guidelines for Payments and Guidelines for Licensing of Payments Banks as issued by the Reserve Bank of India.

The guidelines do not permit lending facilities to customers by such entities without prior approval of the Central bank, he contended.

Paytm ‘Post Paid’ is a credit facility being offered by the company to its customers. As part of this service, customers can recharge mobiles, book movie and travel tickets and also shop on Paytm and pay the following month at zero cost or interest.  The facility is being offered to customers subject to verification of their creditworthiness as per the company’s assessment. It is therefore open only for “eligible” customers.

The PIL further seeks punitive action by the RBI against the directors, management and officers of the PPB for malpractice and violation of relevant banking acts.

It also claimed that Paytm Bank by the means of its post paid service has provided un-monitored and unauthorized access to the personal information such as Aadhaar, PAN, transactions etc. of its customers to unauthorized third party, thereby clearly violating Article 21 of the Indian Constitution and other relevant banking acts.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

PhonePe seeks $8 billion value with $1 billion fund-raise

After Flipkart’s board gave approval to hive off PhonePe, paving the way for a solo fund-raise, the payments platform is in talks to raise about $1 billion from marquee investors like China’s Tencent and Tiger Global, three people aware of the development said.

Tencent and Tiger Global had backed Flipkart, which acquired PhonePe three years ago. However, the outcome of the talks would depend on the valuation at which these investors are willing to put money in the firm. PhonePe is looking at a valuation of at least $7-8 billion and will not take transaction forward at a lower level.

“Valuation can make or break these talks. PhonePe is in discussions with Tencent as it could leverage a strategic investor willing to back it for the long-term, especially to fight well capitalised Paytm,” a person aware of the discussions said. This person added it could take another two-three months for the investments talks to close formally.

For Walmart, which would remain a large shareholder in the case of new investors coming on-board, PhonePe’s valuation will be crucial since it bought a 77% stake in Flipkart for $16 billion, at a steep valuation of $22 billion. “Board will have to approve PhonePe’s valuation for the independent fund-raise,” the person mentioned above added.

This is not the first time PhonePe has explored independent funding as Nigam-led PhonePe had held talks for investments from strategic players like PayPal in 2017. Back then, too, valuation emerged as a deal-breaker and those talks did not result in an investment. However, the discussions with the new investors are more realistic to come through, sources added.

A PhonePe spokesperson did not respond to an email query by TOI. Tiger Global and Tencent did not respond to TOI’s queries either.

PhonePe, before Walmart acquired Flipkart, got a capital commitment of $500 million in late 2017. Little over half of this capital has been pumped into PhonePe, sources added.

While PhonePe has access to the rest of the capital pool committed by parent Flipkart, it needs new funds to feed its high-spend expansion spree that started in the past few months.

PhonePe has got well-capitalised rivals such as SoftBank and Alibaba-backed Paytm, Google Pay, which are fighting for local payments market. Impending entry of WhatsApp could put further pressure on PhonePe and its rivals. A person aware of the matter said PhonePe’s annual spend for 2019 is said to be in the range of $150-170 million. Its rival Paytm too is stitching up a deal that could see it raising $1-2 billion.

As PhonePe plans to continue its offline payments network expansion and enter new business-like wealth management and lending, it will be crucial that it has adequate capital to spend on existing and new businesses.