1 in 3 Indians store personal details like ATM PINs on mobile, computer or email

  • One in three Indians store confidential personal information like details of bank account, debit/credit card, ATM PINs, Aadhaar/PAN card on mobile, computer or email, a new survey by community platform LocalCircles has found.
  • The survey findings indicate that 33 per cent store their credentials digitally, especially on mobile phones, email or computers.
  • The survey pointed out that the poll result indicates that 11 per cent people are storing ATM, bank account, email and other online account passwords in their mobile phone’s contact list.
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Top Indian payments app PhonePe opens its data firehose to everyone

  • Pulse offers an unprecedented level of understanding of the inroads digital payments and various financial services have made across Indian states, districts and over 19,000 zip codes.
  • PhonePe co-founder and chief executive Sameer Nigam said at a virtual conference that PhonePe is also making its insights available through an API for academics, analysts, the government, policy makers, regulatory bodies, and other players to use at no charge.
  • The rationale behind launching Pulse, an effort that was initially conceptualized by the startup’s communications team, is to offer clarity to people on the digital payments behavior as there have been too much unverified noise in the industry, PhonePe executives said at a virtual event Thursday.
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South Korea bans Google, Apple payment monopolies

  • South Korea’s National Assembly approved legislation on Tuesday that bans app store operators such as Google and Apple from forcing developers to use their in-app payment systems.
  • The legislation prohibits the app market operators from using their monopolies to require such payment systems, which means they must allow alternative ways to pay.
  • The judge wondered why Apple couldn’t allow developers of apps like Fortnite to display a range of payment options within their apps.
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MediaTek’s Investment Fund, Mountain Capital Invests in Paytm

Paytm has announced today that Mountain Capital will make an investment into Paytm. The deal values Paytm at close to $5Bn.

The fresh capital infusion will allow Paytm, the consumer brand of One97 Communications, to further accelerate and develop a vibrant mobile ecosystem in India encompassing payments, commerce and financial services. 

The proceeds of the investment will be used for expansion and scaling up, boosting payments and commerce and building and launching the proposed Paytm Payments Bank.

Mountain Capital Fund, L.P., one of the investment funds of MediaTek Inc., is focusing on high tech and innovative investments. MediaTek Inc. is a pioneering fabless semiconductor company and a market leader in cutting-edge system on chips (SoCs) for mobile devices, home entertainment, connectivity and IoT products.

“India is an important emerging market with immense potential for smartphone devices, mobile payments, commerce, and financial services. MediaTek’s endorsement on Paytm through Mountain Capital further demonstrates its confidence in the proliferation of India’s digital payments and mobile Internet ecosystem. For Paytm, our mission is to bring half a billion Indians to the mainstream economy and we are happy to have a long term partner in the mobile chipset world to join us. India is ripe for its financial services revolution and with the growing penetration of smartphones, we have an opportunity to give a new business model of payment, banking and financial services combined with online commerce.” [Vijay Shekhar]

Mobikwik Launches Partial Payment Feature For Bus Ticketing; Will Do Cash Pick Up Too

Mobikwik has announced partial payment for ticket reservation and cash pick up for bus tickets booking. With this launch, MobiKwik targets doing 25000 daily bus bookings by December 2016.

We are currently doing 4000 daily bus bookings and have already seen the service grow hundred percent in the past one month. This tremendous growth has encouraged us to look at bus booking as a separate revenue stream. With this focus, we have launched partial payment booking and cash pick up for bus tickets. – Upasana Taku, Mobikwik cofounder.

The overall bus booking segment is valued at Rs. 20,000 crores in India and online transactions contribute nearly 15 percent to this segment. The segment is growing and much of it is attributed to the booking through mobile apps. The private bus travel market is estimated at Rs. 17,000 crore and is expected to grow by 40% by 2018. The state-run bus travel market is estimated at Rs 44,000 crore and is expected to grow by 20% by 2018.

PayUbiz Launches ‘One Tap’ Technology; Aims To Revolutionize Mobile Payment Tech

PayUbiz has launched ‘one tap’ technology, which by the looks of it definitely revolutionizes the way mobile payments are made.payubiz logo

The One Tap Technology enables all mobile payments being made through debit or credit card to happen by just tapping ‘once’ on to the screen.The integration of this unique tech innovation by merchants will drastically enhance the mobile shopping experience of an Indian shopper.

The One Tap Technology : How Does It Work

The PCI-DSS complaint and patent pending ‘one tap technology’ is a combination of 4 different tech innovations that together provide a seamless online payments experience to the users.

The store card feature that starts the seamless payment journey, ensures that the consumers don’t have to go through the pain of putting in the 16 digit card number repeatedly. The first factor authentication of putting the CVV each time while making an online payment is dispelled by the No-CVV feature.

Furthermore the second factor authentication of OTP, gets auto read and submitted leading to the completion of a seamless one tap payment experience.

However, the process continues even when there is a network issue and the magic retry feature picks up the transaction from the point where it stopped.

“Consumers can presently experience this technology on apps such as PayUmoney and Twigly.  We are working with other partner ecommerce companies to get this live as soon as possible on their platforms. Some of the other apps where users will experience it in next few weeks are Peppertap, Redbus, Goibibo, Grofers, Big basket, Just dial, xiaomi, Musafir and nearbuy.” Rahul Kothari, Business Head, PayUbiz

 

» Wanna know more about PayUBiz’s OneTap technology? Meet Rahul Kothari @UnPluggd, happening this Saturday!

Android Pay Launches Across 1 Million Locations In US

Google has launched Android Pay at over one million locations across the US.

Android Pay (link) also stores your gift cards, loyalty cards and special offers right on your phone. Android Pay works with all NFC-enabled Android devices (running KitKat 4.4+), on any mobile carrier, at every tap and pay ready location across the US. Android Pay will support credit and debit cards from the four major payment networks: American Express, Discover, MasterCard and Visa.

Ezetap Raises Rs. 150 crores in Funding; Chamath Is Now Board Chairman

Ezetap has raised Rs. 150 crores in fresh funding.

Ezetap’s current investors; Social+Capital, Helion Advisors, and Berggruen Holdings are joined by Horizons Ventures, the private investment arm for Li Ka-Shing, and the Capricorn Investment Group in this round.ezetap_jpjul

Social+Capital founder Chamath Palihapitiya will become Chairman of Board – the first time the former Facebook executive has taken on this role with a portfolio company outside the United States (Chamath’s Social + Capital is also the lead investor in Prime Ventures, the fund behind Ezetap).

https://www.youtube.com/watch?v=L9CYKfWNCjI&feature=youtu.be

Started in 2011 and launched in 2013, Ezetap has deployed over 60,000 new points of sale across India in under 30 months. Ezetap processes transactions worth over $1 million per day and has a customer base ranging from the most well known enterprises to tens of thousands of small retail businesses.

Plus, Ezetap is activating over 500 new small retail merchants a week and will use some of its funds to increase that by 5X in the next few months.

Now You Can Request For Cash Pickup Directly To Topup Mobikwik Wallet

MobiKwik has launched its ‘Cash Pickup’ service, a facility that allows cash to be directly added to MobiKwik wallet. The service soon to be launched across all major cities in India is currently available in Delhi-NCR. mobikwik-cash-pickup

The cash pickup feature essentially provides millions of users without access to banking the opportunity to start making digital payments.

With this initiative MobiKwik’s 17 million users will now have yet another way to top up their wallet. The service, which literally brings the bank to a user’s doorstep, will also bring tremendous benefits to people who do not have access to bank accounts or credit and debit cards.

Cash pickup allows anywhere from Rs 100 to Rs 10,000 to be added to user’s MobiKwik wallet in real time. The users can then make payments across diverse use cases such as recharge, bills, food, travel & cabs, shopping, entertainment, money transfer, etc.

How Does It Work?

In order to use MobiKwik’s doorstep cash pickup service, users need to visit the CashPay tab on the MobiKwik app. The user’s mobile number is pre-filled and the exact location detected automatically. A click on ‘Request Cash Pickup’ will activate the nearest MobiKwik agent who then arrives within 30 minutes to process the request.

In parallel, the user also gets to view on the app the name and photograph of the agent responsible for the pickup. It’s mandatory for all MobiKwik agents to be dressed in uniform, which further helps in identification. To ensure safety of the users’ money, the process of cash pickup is OTP protected.

Mswipe Secures $25mn In Series C From Falcon, Olacabs and others

Company Name : Mswipe
Funding Amount : $25mn
Investor(s) Falcon Edge Capital, Olacabs Meru Capital Matrix Partners India, Axis Bank and DSG Consumer Partners..
Funding Round : Series C

Mswipe provides mobile PoS solution to 30,000 small- and medium-sized businesses.

 

QuikWallet Raises $1.6mn From Snow Leopard Technology Venutres

Livquik, the firm behind digital payments platform QuikWallet, has raised $1.6 million in funding from existing investor Snow Leopard Technology Ventures.

QuikWallet

QuikWallet currently caters to about 1,000 restaurants and small businesses with a gross transaction value of Rs 50 lakh per month.

The firm started off building a payments and loyalty app for restaurants but has transformed the product into a payments platform for small businesses such as mom and pop shops, florists, etc.

QuikWallet supports both online and offline transactions with a plethora of payment offerings through SMS, NFC, QR codes, Web/Mobile Apps and a POS Software.

Including the current round of funding, QuikWallet has raised $2.1 million in funding.

Google Is Working On A Way To Help You Make Payments Hands Free

One of the biggest things Google announced at its I/O keynote was Android Pay, a service to rival Apple Pay and help the company win back some of its pride in the mobile payments segment.

Google-Logo

However, Android Pay is more of the company playing catch up with Apple, and over at Googleville that’s not how things work.

The company has already announced a new project called Google Hands Free, that allows users to make in-store payments without ever touching their smartphones.

The service will be tested out in San Francisco at McDonalds and Papa John’s in the coming years, with Google engineers pointing out that it would be massively useful in drive-thru situations where pulling out a phone is still too fiddly.

The company made no mention of how Google Hands Free works or intends to work though, leaving it up to our imagination to figure out what could actually be happening.

PayPal has been toying with handsfree payments for some time now with things such as Beacon, that used Bluetooth to know if a customer had entered the store. In all probability, Google too deploys some form of geo-fencing tech to make it hands free work.

https://youtu.be/Qxet1VdpOQ4

Paytm Will Begin Listing Products From 1 Lakh AliExpress Sellers This August

Paytm is all set to induct 1 lakh Chinese sellers from Alibaba’s retail website AliExpress, letting them list their products on its own platform starting this August.

Paytm-Logo

The company which crossed $1.5bn in GMV in the previous fiscal hopes the move will allow it to double its GMV by a further $1.5bn in a matter of just 6 months.

For Alibaba, which invested $650 million for 25% stake in Paytm this February, the move is part of its plan to take its online selling platform to regions outside China.

Paytm notes that the integration with AliExpress isn’t simple. The company has to look at various aspects such as legal and taxation issues, international logistics, customs, the process for issuing payouts to merchants and for refunds.

However, despite the complexities, Paytm says for customers there won’t be any difference between buying from Indian and Chinese retailers as it’ll handle logistics and customer care.

A major part of the $650 million raised by Paytm will go towards ramping up its infrastructure in order to accommodate 1 lakh new sellers. Currently the company has 40,000 sellers in India, out of which only 10,000 transact on a monthly basis.

MobiKwik Ties Up With ICICI Bank To Let Users Load Cash Into Their E-Wallets

Mobile wallet company MobiKwik has announced its partnership with ICICI Bank to allow customers to recharge their digital wallets with cash at any of the Bank’s 4,000+ branches in the country.

mobikwik

The partnership will allow people without a bank account or access to net banking services to use MobiKwik’s digital wallet. It will also benefit other customers in providing them an alternative method of loading funds into their e-wallets.

How It Works?

MobiKwik has built a new feature called CashPay into its app in order to allow users to load physical money into their digital wallets.

MobiKwik-CashPay-1

In order to do so, users have to hit the CashPay option on the app and mention their name and the amount to be recharged into their wallets. Doing this will generate a unique order ID and provide the user with the location and contact details of the nearest ICICI Bank branch.

MobiKwik-CashPay-2

Users will be able to go to that ICICI bank branch or any other branch and use a regular cash deposit slip in order to recharge their MobiKwik wallets. CashPay is already up and running in the Delhi-NCR region and will be rolled out pan-India shortly.

Going Forward

There are 970 million mobile subscribers in India, but just 210 million bank account holders. MobiKwik believes that there’s massive potential for mobile based banking, while also helping those bank account holders that don’t utilize their credit/debit cards online to utilize its service.

The company recently raised $25 million from Tree Line Asia, Cisco Investments, American Express and Sequoia Capital, and plans to raise a further $100 million in the second half of 2015.

MobiKwik will use this capital to create an offline retail network of over 1 lakh merchants across India that will not only accept payments made through its wallet, but also act as points to allow users to load cash into their e-wallets.

AngelPrime Invests $500K In Payment Startup, happay

AngelPrime has invested USD 500,000 in happay, a Bangalore-based startup disrupting business expense management. happay will use this funding in product development, sales & marketing and hiring new talent to facilitate faster growth.Happay RBL Bank Expense Managament
In partnership with the RBL (Ratnakar Bank), happay recently launched the “happay Business Expense VISA Card”.
The happay solution sports several disruptive capabilities such as on/off control, channel-specific limits (eg. ATM, Online, POS), organizational hierarchy based rules and approvals, as well as direct integration into ERP software like Tally, SAP, Quickbooks and others.
The three most common use cases for happay are (1) Travel & Expenses, (2) Office Administration, Procurement & Petty Cash and (3) Employee/partner disbursements.