Paytm Payments Bank turns profitable in second year of operation

Paytm Payments Bank Limited (PPB)  has posted profit to the tune of Rs 19 crore within second year of its operation in fiscal 2019. The bank had reported  loss of Rs 20.7 crore for the fiscal ended March, 2018,

PPB, which was incorporated in August 2016, formally began its operations in 2017.

Satish Kumar Gupta, MD and CEO of Paytm Payments Bank, said the bank performed “exceptionally well” in the last year. He claimed that PPB was the first payments bank in the country to announce profit, that too within two years of its operations.

As of April 2019, the bank has more than Rs 500 crore deposits in its savings account.

PPB claims to lead mobile banking transactions with over 19 per cent market share as of March 2019. Nearly a third of the total mobile banking transactions in India are powered by PPB and it processes over Rs 3 lakh crore worth of digital transactions on an annualised basis, the company said in a statement.

The majority of PPB earnings accrues from investing in government treasuries and FDs, besides commissions on facilitating payments across its saving bank accounts and its e-wallet holders. The e-wallet, which had a deposit of Rs 1700 crore, was able to generate 6-6.5 per cent interest for the company.

Gupta said that the deposits are expected to rise three-fold by the next financial year end.

Earlier, RBI data on payment banks revealed that Paytm Payments Bank and Airtel Payments Bank together command over 88% of the deposits in payment banks in India in 2018.

In December last year, Paytm witnessed over 240% rise in deposit to Rs 371.4 crore (48% of total deposit) from Rs 107.3 crore in March, added the report. In total, payments banks hold around Rs 780 crore in deposits, including savings and current accounts till the end of last year.

PPB now aims to introduce more products and features on its platform to increase the monthly processing of savings account payments from Rs 24,000 crore to Rs 40,000 crore in FY’20.

Paytm Founder Vijay Shekhar Sharma holds 51 per cent share in Paytm Payments Bank, while the rest is held by One97 Communications.

Besides Paytm, Airtel, Fino and India Posts are the other fully operational payment banks. There has been doubts about the earnings of the payment banks as they cannot generate revenues by lending. Besides the transaction size is always going to be small.

They are hoping to bring more people from the unbanked segment, which stands at 233 million, within their fold to achieve the scale.

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Source: https://entrackr.com/2019/05/paytm-payments-bank-turns-profitable/

Digital Wallet Payment in Security

As we move into a cashless economy, there is continually going to be addresses brought over the security up in digital payments. Nations over the world have seen various advances towards cyber security measures, yet not without a couple of hiccups along the street. As India is genuinely new to the idea of computerized payments, there is dependably that approaching risk of a digital assault that could delete an individual’s ledger. Luckily, the administration is moving firmly towards a super-secure method for making payments through cell phones and different cashless assets.

To the extent security is concerned, the best thing shoppers can do today is to guarantee that they make careful strides in counteracting the burglary or loss of vital information on their mobile phones. Here are a few different ways to guarantee full security when you get ready to make payments the digital way.

Mobile applications are a standout amongst the most helpful cell phone includes ever existing. Applications are so easy to use that numerous organizations that had recently worked exclusively by means of sites have moved spotlight on building up a versatile application adaptation of their administrations. While the Play Store (Android) and App Store (iOS) do give standard security checks their confirmed application programs, there can be instances of broken or meddlesome application includes that could misuse payment conventions. With the instance of e-wallet applications, you should be sure beyond a shadow of a doubt of utilizing and offering essential data to the application’s database preceding introducing it. There are numerous choices to browse, however it is most secure to introduce the e-wallet application with the most hits and client suggested downloads. Additionally, check the security rules and application necessities before you input individual data.

Update to the latest Ideas

Truly, it might bother be always shelled with meddlesome programming reports on your mobile phone or whatever other equipment that bolsters digital payments. Yet, in all actuality these updates are finished by their individual parent associations for valid justifications. A lion’s share of minor and regular updates you spot will include bug fixes and UI upgrades, just for the sole purpose of making significant components like the exchange of cash smoother and less mistake inclined. Set your gadget to acknowledge programming refreshes naturally and dependably experience what the update is going to see how to utilize it.

Enact essential safety efforts

Protection is a fundamental piece of everyday living, particularly in the event that you are facing a daily reality such that all that you do can be followed by a basic couple of catch presses. With regards to verifying basic information, mobile phones are the go-to gadget in the advanced age. Fundamental safety efforts like passwords, pins and biometric confirmation are utilized widely, and this is additionally helped with spending benevolent keen gadgets likewise including comparative safety efforts. The act of verifying individual digitized information must be spread across the nation if the nation is really going to change into an carefully sovereign money.

Make the most of two-factor authentication

You may have gone over a safety effort that requires the contribution of an e-secret word that lapses after use. Such safety efforts are called as two-factor confirmation that enormously diminishes the danger of false movement amid digital payments. Your e-wallet service provider will incite you with a One-Time-Password that must be entered to affirm payments, after you experience the underlying safety effort of entering your own secret phrase. This safety effort is polished over all significant payment specialist organizations, so ensure you have all the obligatory necessities dealt with before you proceed for a buy by means of digital implies.

Swipe just at confided in POS frameworks

Card payments in India are at a high danger of extortion because of the straightforwardness wherein your PIN number and card subtleties can be copied. Luckily, progression in payment strategies like portable e-cards is evacuating the danger of conveying such a large number of cards in your satchel. You should likewise be tired of where you swipe your card; it is ideal to swipe at confided in strip malls that utilization on the best and most recent POS machines.

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As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “RPay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then RPay is the right choice.

 

Facebook Stablecoin launch may bypass RBI regulations ban on crypto transactions

With Facebook’s reportedly planning to test its virtual currency codenamed Libra, it is likely that the move will lend legitimacy to use of digital currency in the country. But the fluid regulatory situation with regards to cryptocurrency has cast doubt about the efficacy of such a plan.

Last week Bloomberg reported that Facebook is building Stablecoin, a cryptocurrency pegged to the US dollar or a basket of currencies, making it less prone to swings in price. The product could eventually allow users to transfer money for remittances via WhatsApp through Stablecoin. India, given its expanse, has been chosen as the testing ground for the product.

The social media giant has, so far, chosen not to comment on the reports.

Anyway, given the size of the company, this was enough to cause a flutter in the relevant circles.

Facebook is expected to allow peer-to-peer transaction of its cryptocurrency and the proposed currency system would not require to use banks to transfer money to buy or sell digital currency, a report in ET said quoting leaders in cryptocurrency startups.

The foray shall not be aided by the regulatory policies in the country which continue to be ambiguous. In April 2018, the Reserve Bank of India had banned entities from providing services in virtual currencies to any individual or business.

Companies represented by the Internet and Mobile Association of India are fighting a case in the Supreme Court against the regulator’s ban. The next hearing on this case is scheduled in the second week of July. The court had also directed the government to come out with its own set of policies.

However, there is no law in the country which prevents users within a platform from exchanging digital tokens. Facebook is likely to initially operate within the ambit of this rule.

Nitin Sharma, founder of Incrypt Blockchain, has been quoted as saying that for the Facebook project to be deployed on a large scale in India, regulatory approval may eventually be a major impediment. Facebook will be faced with challenges of making the link between the crypto Stablecoin and rupee to be real to derive any value for its users.

Not everyone at the forefront of fighting for pro-cryptocurrency regulation in the country is, however, enthusiastic about Facebook’s plans. The fact that the company shall deploy a centralised approach by allowing transactions only within its various platforms, defeats the purpose altogether, said a bitcoin trader.

These are still the early days for Facebook. Moving beyond traditional payments to add blockchain-based Stablecoin transfers would represent a huge shift for the company. There is still no clarity about the wider rollout of the cryptocurrency by the company and hence it needs to be treated with caution.

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Source : https://entrackr.com/2019/05/facebooks-stablecoin-may-not-have-a-smooth-run/

Are digital payment methods replacing money in our humanity?

The inclination for cashless payments offline and one-contact payments online is changing the internet business scene. Purchasers need to have the capacity to pay whenever, anyplace and with least issue. Versatile wallet innovation is a main thrust behind this change as it enables purchasers to utilize their cell phones to make buys in a hurry utilizing Near-Field Communication (NFC) Technology.

As far as digital payment solutions, however, and as in each circle of innovation, purchasers expect continually progressively “canny” payment solutions. That is, omnipresent methods for paying for merchandise and enterprises that are speedier, less demanding, versatile and, most importantly, secure.

Top digital payment methods

Apple Pay

With 87 million clients worldwide starting at 2017 there’s no denying that Apple Pay is driving the path in digital payment innovation. In this exceedingly competitive scene, Apple keeps on furnishing clients with what they want: a sheltered, brisk and simple approach to pay on the web and in a developing number of in-store areas.

Apple Pay is a type of mobile wallet innovation that enables a purchaser to make buys in physical shops, on the web and in-application, all without rounding out extensive structures and payment data. As usual, Apple gives the market what it needs. A streamlined, simple arrangement acknowledged in actually a huge number of areas (both physical and advanced) in the UK.

PayPal

PayPal is another commonly recognized name that any online customer or web based business entrepreneur alike would perceive.

Continue reading Are digital payment methods replacing money in our humanity?

A journey into the globe of mobile payments –

India is seeing a digital revolution especially in the payment scene. The reason could to a great extent be credited to the approach and advancement of brilliant advances clearing an approach to new-age digital banking and mobile payment system in the country. Alongside this, Government and other administrative bodies in India are rolling out all the important improvements to move the nation from money based to less-money and at last to a cashless society.

Ascend in Mobile and Digital Payments

At a certain point of time mobile phones in India were viewed as a thing of extravagance, however now it has turned into a thing of utility making portable a minimal effort intend to get to digital payments.

Common Ways of Mobile Payments

Continue reading A journey into the globe of mobile payments –

How wallet companies like Paytm, MobiKwik, Oxigen Wallet are annoying to avoid false mobile transactions?

With headway in innovation, things around us have changed radically. Innovation takes into account man’s solace and accommodation. With the assistance of your smart phone, you can do everything. Be it requesting nourishment or basic supplies, booking a taxi or motion picture tickets, and so on.

With the presentation of Mobile Wallet, it has turned out to be to a great degree helpful for a man to make cashless exchanges. Also, despite the fact that various organizations have sprung up in India, offering purchasers this item called ‘mobile wallet’, there is as yet an absence of mindfulness among individuals about the idea and its utility.

What is a mobile wallet?

Mobile wallet is the digital equivalent to the physical wallet in which we carry money. It is an online platform which allows a user to keep money in it, just like a bank account.

Continue reading How wallet companies like Paytm, MobiKwik, Oxigen Wallet are annoying to avoid false mobile transactions?

Digital Wallet White Label – R Pay Digital Wallet Solution

Digital Wallet Platform

Roamsoft is a software & mobile application development Company which provides a very good technological platform for start-up companies across the world.

Roamsoft introduces a digital wallet platform “RPay” with customer app, merchant app, end- to- end admin panel. With digital wallet solution Customers can load money into their account in a bounty of ways. Customers can also purchase movie tickets, pay bills, purchase goods offline provided the merchant has installed digital wallet. Digital wallet will be the secured online payment solution for requesting payments from customers digitally.

Power of Digital Information

World is going faster day by day with the power of digital information & technology. The world is varying – more and more services are being made available online, from booking train tickets, making a doctor’s appointment and doing the weekly shop to further education, promoting your business and online banking.

mobile-wallet-payments

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

This secured online payment solution brings to easy to use options that are designed to be accessible, convenient and simple backed by reputed partners to provide security and a credible and reliable customer experience. Users can get through a purchase in negligible seconds with an easy tap or scan of their gadget, minimizing the aggravation of long checkout queues.

Continue reading Digital Wallet White Label – R Pay Digital Wallet Solution

Top 10 Digital wallets in India – Rpay

What is a Digital Wallet?

Digital Wallet is a like a financial balance where one can stack cash and utilize it to pay for different offline and online services. Dissimilar to Bank accounts, these wallets don’t offer any enthusiasm on the cash kept in the wallet however are more for simplicity of computerized exchanges and benefiting a few offers on utilizing their services. Paytm is a standout amongst the most mainstream digital wallets right now.

Benefits of digital wallet

  • Allows you to go cashless without the need to go through the process of acquiring credit cards.
  • Makes transactions trackable and easier to manage
  • Get offers, benefits and rewards for using digital wallets
  • Allows you to do multiple things like – Transfer to friends, Online Shopping, Pay at offline merchants or even pay your Bills
  • Is instant and free (for users)

Is Digital Wallet same as BHIM/UPI?

Digital Wallets are not same as the BHIM application or UPI service is essentially a payment interface enabling simple shared exchanges. Google Pay utilizes this innovation thus will Whatsapp. Some computerized wallets do support UPI cash exchanges however they give far greater usefulness to the clients.

Continue reading Top 10 Digital wallets in India – Rpay

Favorable circumstances of a Cashless Society

A cashless society is a monetary state where budgetary exchanges are not directed with money or physical cash. In less demanding words, we can state that a cashless society is where no banknotes and coins are utilized for a budgetary or monetary exchange or buy. The exchanges and buy are somewhat done carefully between the gatherings, or, in other words portrayal of cash.

Cashless society is definitely not another idea and it existed some time before the idea of cash, and it was known as trade framework, where products and enterprises were given in return for merchandise and ventures. Advanced exchanges are somewhat like that to deal framework as in both the cases there is no exchange of physical cash. Cashless exchanges have turned out to be conceivable with the utilization of charge cards, Mastercards, and mobile wallets like Google pay, Phone pay, Paytm, online financial balance exchange and furthermore through computerized monetary standards, for example, bitcoin. Be that as it may, all these have made the procedure very simple and agreeable for the general population.

As now there is no compelling reason to stress over money and going banks and ATM oftentimes. Yet, there is significantly more to consider than the straightforwardness and comfort. There are a few concerns identified with protection and control as each buy and exchange are currently recorded some place and checked by somebody. While a greater part of individuals wouldn’t fret this, a few people need their exchanges and buys to stay private for numerous reasons.

Favorable circumstances of a Cashless Society

Effective and Convenient

Going cashless decreases the issue of illustration money and liberates from the strain that whether trade out hand is adequate to make a payment or not. With cashless and digitized payment framework it has turned out to be more productive and helpful for the majority. This likewise accelerates the procedure of the budgetary transaction.

Continue reading Favorable circumstances of a Cashless Society

The History of Stripe – Online Payment App

Making online payments was not always a click of a button. Many early users found the processes intimidating, unnerving, and even dangerous. Today web merchants and customers have little hesitation making online transactions; in fact, online payments have become a standard. The reason for this attitude change is partly due to Patrick and John Collison, brothers and the founders of disruptive payment company Stripe.

The Inspiration

Stripe was conceived in early 2010 as a side project. Patrick was the Director of Product Engineering for Live Current Media, the company that bought out his first startup Auctomatic. John was attending Harvard. The two brothers had a goal to simplify online transactions and develop an easy-to-use interface. Only two weeks after the initial prototype, Stripe conducted a transaction with its first customer, 280 North, a Y Combinator company.

Continue reading The History of Stripe – Online Payment App