PM Modi Launches Digital Payment Solution e-RUPI

Prime Minister Shri Narendra Modi launched digital payment solution e-RUPI, a person and purpose specific digital payment solution, today via video conference. e-RUPI is a cashless and contactless instrument for digital payment.

Essentially, e-RUPI is a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in form of an SMS-string or a QR code.

Addressing the event, the Prime Minister said that the eRUPI voucher is going to play a huge role in making DBT more effective in digital transactions in the country and will give a new dimension to digital governance. 

This will help everyone in targeted, transparent and leakage free delivery. He said e-RUPI is a symbol of how India is progressing by connecting people’s lives with technology. He also expressed happiness that this futuristic reform initiative has come at a time when the country is celebrating the Amrit Mahotsav on the 75th anniversary of independence.

Commenting on e-RUPI launch, Anand Kumar Bajaj, Founder & CEO, PayNearby, said in statement, This is the next best step to take high end of tech to bottom of pyramid. It will help the Government to dispense the specific policy benefit to an identified user segment without any misuse of the funds or delay. The funds will not need to move around in banks but the beneficiary can directly go to end point to avail the intended benefit.

"Beyond a code sending to mobile number of a user, I believe the upgrade can also scan an Aadhaar card at the dispensation counter and identify the user for the respective service. This is the true test of network that has been created at the last mile in India because at PayNearby our merchants will be able to identify the user for right benefit and deliver it in pointed/specific manner. Targeted, transparent and leakage free delivery to the end point is the intention of policy makers and we are happy that PayNearby will be able to enable this objective. The Central Bank Digital Currency movement has already started by India now. While the world is talking of Central Bank Digital Currency, India has already launched it today.", added Anand Kumar Bajaj.

PM Mod further said that in addition to the government, if any organization wants to help someone in their treatment, education or for any other work, then they will be able to give an eRUPI voucher instead of cash. This will ensure that the money given by him is used for the work for which the amount was given.

The Prime Minister said eRUPI is person as well as purpose specific. eRUPI will ensure that the money is being used for the purpose for which any help or any benefit is being provided.

The Prime Minister recalled that there was a time when technology was considered a domain of the rich people and there was no scope for technology in a poor country like India. He remembered when this government took technology as a mission, it was questioned by the political leaders and certain types of experts. He added that today the country has also denied the thinking of those people, and has proved them wrong. Today the thinking of the country is different, it is new. Today we are seeing technology as a tool to help the poor, a tool for their progress.

Google Pay Integrates Wise To Allow Remittance from U.S. To India and Singapore

Google Pay has integrated Wise (Formerly TransferWise) platform, allowing users to send money to their friends within the Google Pay app and access Wise’s services.

This will allow Google Pay users in the US to send money to users in India and Singapore. For new customers, Wise said it will make the first transfer free on transactions up to US$500 until June 16.

Google Pay and Wise – the beginning of a beautiful friendship 👫

Our ⚡️-fast, low-cost transfers are now live right inside the @GooglePay app for anyone in the US sending money to GPay users in India and Singapore.

Check it out: https://t.co/S5zUAwlS9F pic.twitter.com/G5CBssEvEG

— Wise (ex-TransferWise) (@Wise) May 11, 2021

Starting from 11 Mau, all Android and iOS Google Pay users in the US can send money to another Google Pay user in India or Singapore. Later this year, Wise will work with Google to expand the integration and allow US Google Pay users to pay friends and family in the 80+ countries that Wise already sends to, announced Wise.

The Wise platform enables banks, businesses, and software companies to tap into the startup’s network, giving them and their customers an easier avenue for making international payments. According to Wise, its technology is now being used by banks and businesses in over 10 markets.

London-based fintech company Wise was founded in 2011, by Estonia-based Kristo Käärmann and Taavet Hinrikus. Tavet was the first employee at Skype while Kristo worked for Deloitte.

Fairexpay.com Launches Global Cross Border Payments Aggregator Platform

Fairexpay.com, a global Digital B2B Payments aggregator platform providing payment solutions to businesses across all regions, its features are Currency pair payments aggregation and recommendation, Invoice Factoring, Payment gateway solutions for ecommerce & market place integrations etc. Its platform has a dashboard for Management teams and can support Vendor, Overseas payroll and Intercompany payments, along with 30+ Multi currency wallets which can be used for receiving payments from customers as well.

The Fairexpay aggregation platform hosts a number of renowned regulated payment providers that can support and enable enterprises/ businesses across the globe to make real-time foreign exchange payments quickly, securely, and with Fx pricing clarity. The platform offers clients an automated best rate and partner selection process, either for single or batch payments, ability to schedule payments with full visibility and control, enabling businesses to streamline their treasury operations, by fitting well, on top of their current banking relationships, yet still reducing business costs, providing faster payments, efficiency gains and transparency to businesses.

Fairexpay.com Management team has a strong history of understanding Global payments and have built a robust, scalable technology platform that can transform the way treasury teams operate, through its web application or API, which can fully integrate with business financial applications.

Fairexpay’s Customer Metadatasys CEO Srini said: “We have already realized substantial savings on our cross-border payments, Fairexpay’s application is easy to use and has good recommendations on the Fx currency pairs.”

Fintech Influencers Globally have lauded the Innovative Fairexpay’s solution as a unique, scalable solution.

Raj Kattelu, CEO of Fairexpay said: “Teaming up with global payment providers and the integration with Financial applications helps businesses save money and send payments to 200+ countries, they can also have a single platform for visibility on latest Fx rates for 130+ currencies.”

Abhilash Reddy, Director for Sales, partnerships at Fairexpay said: “Providing a single platform for any business with cross border payments has generated lot Interest across many regions and Fairexpay.com is at the forefront for helping businesses save on their cross-border payments!”

Fairexpay is an agile and disruptive Fintech company in the Payments transaction space poised for explosive growth”. I look forward to supporting founder vision,” said Bobby Chacko, Former CEO Ocean Spray and a former GE Capital executive who joined Fairexpay Board recently.

TerraPay forays into Bank Account payments in the USA and Canada to facilitate same day international money transfers and cross border remittances

- TerraPay's global presence now reaches 70 countries.

- The Company is committed towards fostering inclusive digital mobility for all and is building a credible digital payments highway, beyond borders.

THE HAGUE, Netherlands, March 8, 2021 /PRNewswire/ -- TerraPay, a leading global payments infrastructure company, announced its expansion into Bank Account payments in the USA and Canada markets to facilitate digital cross border remittances and speedy money transfers to senders (partners and their customers) from key corridors around the globe. TerraPay's objective is to build global digital payment highways that interconnect financial institutions such as Banks and Mobile Wallets across the world, nurturing inclusivity, independence and empowerment to all in the global ecosystem.

 

Users across these countries and continents who currently have traditional access to bank transfers directly into the USA and Canada, will now be able to send and receive remittances more efficiently and at global best practice rates directly into their bank accounts through TerraPay's partner networks. With this entry, TerraPay's global footprint reaches 70 countries.

The USA and Canada markets have a largely potential payments ecosystem, including significant Business, Personal, and Education payment requirements. This lends to the markets being the home to millions of students and migrant workers across the world, who immigrate for better education and work opportunities. With TerraPay's expansion into these cashless economies, individuals and businesses across the globe who have to make a small, mid-size or large payment to the USA or Canada can do so through TerraPay's well entrenched global partner network of 4 Bn+ Banks and 500 Mn+ Mobile Wallets. TerraPay's state-of-the-art interoperability engine will enable it's partners' customers to send and receive payments on a scalable, secure, transparent, and efficient platform, and with an assured same day credit notification. All this, at a nominal validation.

"We are proud to announce our expansion into bank account payments in the USA and Canada, expanding our reach to 70 countries, globally. By facilitating same day international money transfers and cross border remittances, we will offer an edge to our partners' customers. The USA and Canada are one of the biggest cashless economies globally, which gives us the right opportunity to scale up our operations going forward. We look forward to paving these two new destinations on our global payments highway," said Ani Sane, Co-founder and Chief Business Officer, TerraPay.

Speaking on the foray into the new marquee geographies, Philip Daniel, Regional Director, TerraPay, said, "Presently, there are more than 5 million students studying and working away from their country of origin. Most of these students and other migrant populations are living in countries such as the USA, UK, Australia, Germany, Canada and others, contributing a cumulative $300 Bn to the economy. For students, these billion dollar spends cater to application fees, tuition fee remittances, spends on debit cards off and on campus, living payments. Therefore, it can be easily ascertained how big the market potential for seamless cross border digital remittance transactions is. Our solution enables P2P and B2B fund transfers on the same day compared to the current 2-3 days delivery as with traditional banking channels. Our partners and end consumers benefit from higher cost efficiencies and increased revenues, transforming the future of efficient digital money transfers."

TerraPay has established itself as a global partner to leading banks, money transfer operators, mobile wallet operators and financial Institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other businesses and helps them leverage its agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross border spends. TerraPay is regulated in over 45 countries around the world.

About TerraPay

TerraPay is a licensed digital payments infrastructure and solutions provider, paving the global payments highway. The company's robust foundation and innovative platform technology serve as the digital interoperability engine enabling customers and businesses globally to send and receive payments on a secure, transparent, efficient, and real-time basis. The agile network supports diverse payment instruments and types of payments while adhering to complex regulations and compliance standards in different markets.

For more information, please visit terrapay.com

The Advantages of Paying Online with Skrill

Online shopping is not a new trend in the business industry. Indeed, thanks to its many advantages, it’s becoming the norm in the shopping world. People can easily find the things they need, usually at a discount price. Like that’s not enough, shopping sites offer to deliver to your door for free or charge you a very small amount of money. Given the fact that people don’t have the time to spend hours shopping in a mall anymore, online shopping is like a rescue for their lives. They save money, time, and most importantly, they get the same product they would buy in any shop in the shopping mall.

The rise of online shopping brought to the fact that online sites need to offer more payment methods. To ensure a pleasant shopping experience, online sites give you the possibility to choose from a variety of payment methods. It has never been easier to place an order online and pay for it using an online payment method. PayPal was for a long time the only online payment options and its advantages no one can deny. However, a relatively new payment method also offers to pay online with excellent customer support.

About Skrill

Skrill was launched back in 2001. Its main goal was to simplify the procedure of online payment, as well as online money transfers. By the time, Skrill has revolutionized online payment, widening the number of services they provide customers with. Skrill is known for its fast processing of new transactions. Nowadays, Skrill has more than 120.000 users worldwide, which goes hand-in-hand with top payment methods, such as PayPal. To make online processing more efficient, Skrill connects your account with a MasterCard to make purchases with e-wallet easier for all users. 

Entertainment Payment with Skrill

Skrill is becoming a popular online payment for casino services. Indeed, more and more casino sites accept Skrill as a payment method. In fact, the number of Indian casinos accepting Neteller payments is constantly growing. When it comes to online casino gaming, Skrill is a very efficient payment method because many countries worldwide accept it, it’s very convenient and processes payment in no time. It’s easy to use, it’s available at your fingertips and it’s a very safe payment method.

Things that the customers need the most when paying online are the possibility to have accounts in different currencies, credit and debit cards connected to the bank account, transferring money from a bank account online, and many others. A payment method that does pretty much all of these things, and much more than that, is Skrill. While the competition out there is very strong, Skrill is still a big contender in the online payment tools. 

Skrill Online Business Payments

Skrill is the option to go with when you need an account that is an all-in-one place where you can perform all different kinds of payment and money transfers. One of the advantages of Skrill is that it is a very international payment method, available in more than 200 countries. Skrill accounts can be both private and business accounts, according to the personal needs or the needs of your business company. Sending money to another account is completely free of charge. On top of that, Skrill sends directly the money to the receiver’s account for a very short amount of time. You can use both debit and credit cards to perform online payments.

Online Transfers

Transferring money to a bank account connected with an email address or a phone number has never been easier with Skrill. Those in need of buying and selling crypto will find Skrill a useful payment tool. Now, Skrill applications can be downloaded from the app store on any smartphone device, no matter whether it uses iOS or Android operating systems. It’s a very customer-friendly app that makes online payment a piece of cake for online buyers.

How EnKash Is Using Its Platform in B2B Payments Processing, to Mitigate Risks and Creating a Trusted Financial Ecosystem

“With the global Covid pandemic, everyone, including the Banking and Fintech sector has fast tracked their efforts towards digitization. The ever so evolving digital ecosystem has been present for a while, but its adaptation has not been close to what it should have been. The evolution has been seen with respect to newer products to suit the requirements of the customers, while keeping data protection and security, customer experience and convenience at the forefront,” said EnKash Cofounder Naveen Bindal.
 

AI/ML at the centre

Asked on how EnKash is using its evolved artificial intelligence phenomenon for every aspect of B2B Transactions including fraud detection and customer experience, he explained.

The genesis of EnKash was to simplify business finances. The integrated platform was conceptualized to mitigate any financial transaction risks by automated data validations and two way data sync. With transparent end use, monitoring and control, the platform helps the customer in efficient buyer & supplier management.

“Our engineers and data scientists have developed deep learning algorithms that offer better visibility, control and checks on the financial processes of businesses. Our system insights drive business actions with people, processes and technology. Artificial intelligence (AI) and Machine Learning (ML) are 2 complementary technology actions, that when overlayed with historical data and predictive analysis gives us the power to convey trends to our customers. It is based on these trends and insights that the customer can make future business decisions,” Bindal added.

Enhancing financial transaction system

“We understand that digital insights are the new currency of businesses and we have been working towards giving the best solution to the customer.

Currently, we have more than 60,000+ businesses who trust us with their financial transactions. We have a lot of data daily generated on our platform. It is in our DNA to convert this data to information and then to actionable insights. Traditionally, the banking ecosystem was solving conventional business transactions. We have worked on building layer based solutions to enhance the overall financial experience for new age enterprises - whether large-sized, mid-sized or startups and SMEs,” said Bindal. The solutions help businesses fundamentally transform how they move their money.

Businesses can collect, upload and sync buyer and supplier data at the same time. The platform seamlessly integrates with the enterprise's ERP/Accounting system thereby helping real-time information on financial transactions. OCR helps to gather and sync the information from other formats. But the real take is complex 360-degree verification of the supplier information using more than 500+ attributes. This reduces or eliminates fraud due to incorrect details (for example a personal bank account details for any company transaction to be received.) Such checks not only make the system fraud proof, but also gives complete relief from the error-prone and time consuming manual process of data validation.

Segmentation

EnKash supports over 60000 businesses, having more than 100,000 users while catering to over 20+ industry categories.

The transactional data range from vendor payments, rental and utility payments for electricity, water, mobile, telecom, broadband, etc. and also usage of cards for various other payments like GST, cloud bill payment, digital marketing activities, etc. Right from onboarding to the at-this-moment transaction, EnKash processes thousands of attributes. This helps create and segment the customer in different buckets and categories. With loads of data flowing in the platform at any given time, the AI and ML engines are fed with new data and trends every second and that helps them train to segmentize the data further and better. All of this training helps make the platform perform better every time.

The road ahead

With technology allowing to utilize the data in the most efficient way and the accelerated adoption of digital platforms by businesses since covid19 lockdowns, fintech companies like EnKash are building the next generation solutions that will not just simplify business financials but will also bring higher productivity, reduced cost of funds and better financial performance.

"We have already started work on EnKash 2.0 that will make the entire business cash flow process much smoother and efficient. We are not just hoping for better days in the future but are working towards making it happen for everyone in the ecosystem through innovative offerings," added Bindal.

Time to Embrace a Digital Payment to Reduce Your Financial Stress

One NeoBenk account for all things money. Send, spend, receive money with no fees. Buy, sell Gold, Bitcoin, and more. Earn up to 8.00% on your balance.

NeoBenk, a Worldwide Digital Payment Corporation, today announced their official launch on 20th November 2020. According to this announcement, all customers that open a NeoBenk account during the celebration period of the launch till 20th November 2020 will share an exclusive reward distribution of US$1 Million (Rs 750 Lakh).

NeoBenk is operational and open for partnership and continues to onboard new private and corporate clients 100% digitally from the comfort and safety of their homes, anywhere in the world.

As people rethink how and where they want to live during, and after Covid-19, digital payments' migration continues to accelerate. According to a survey by the BIS (Bank for International Settlements), an international financial institution owned by central banks,  one in ten central banks — representing approximately one-fifth of the world's population – expect to issue their own digital currencies within the next three years.

At press time, data from multinational financial corporation NeoBenk states that — it enables its private and corporate customers to send, spend, and receive money with no fees in multiple currencies. Customers can also buy, hold, and sell Bitcoin and other popular cryptocurrencies and invest in the digital asset economy with complete trust. NeoBenk Business also provides comprehensive solutions to accept payments, on sites, in apps, and in stores. Through NeoBenk Interest Accounts, customers can earn up to 8.00% APY paid out daily on their USD, EUR, GBP, USDT, and USDC balance, all accessed via an easy to use NeoBenk E-banking portal with state-of-the-art security features.

Multi-asset investment platform NeoBenk can help provide customers with a means of generating consistent income at attractive interest rates, with the potential for a lower level of risk than the stock market. Whether a customer is just beginning their financial journey or have decades of experience under their belt, cultivating an income-generating component to a NeoBenk portfolio is an important step — and the company said they are very proud to be offering this feature.
 
“It is clear to us that most people don’t have access to excellent financial services, even in 2020. Today still there are billions of underbanked people worldwide who don't have access to regular products or services. Our goal is to disrupt traditional banking even of the online-only variety and change the way people think about banking by changing the way they bank.” said Indranil Sinha, the President of NeoBenk.

“In order to expand our services to global customers, we have to find trusted partners. So, we are welcoming currency exchanges, money service businesses, and financial institutions to join us through a NeoBenk Partnership Program. We are open to collaborating with other companies and developers in this respect. We believe in a future of collaboration, not a competition!”
 
The company said: “We believe that Gold should be accessible to everyone, we're proud to bring PAXG as Digital Gold for our customers for democratizing access to Gold.” PAXG is provided by the Paxos Trust Company, a regulated provider of digital currency products and services. Companies like PayPal, Revolut, Binance, etc. are also bringing the benefits of Digital Assets through Paxos to the masses.

On this matter, Indranil opined that: “Digital Assets will play a significant role in the future global economic system; moreover, governments around the world are beginning to realize that Digital Assets are here to stay. At NeoBenk, we are looking forward to bringing reputable and regulated Digital Assets that will deliver services to customers regardless of their geography.”
 
NeoBenk Ventures Sets up $10 Million (Rs7.5 Crore) for Indian Startups in Digital Payments.

The growing adoption of digital payments and digital representations of value in the country, especially during the Covid-19 pandemic, has necessitated the need for digital services more accessible to more people by arming them with the products and services they need to reduce financial stress.

In a note shared with the press, the company said, “As an international financial services corporation, NeoBenk looks at India as a crucial market as it has tremendous potential in its fintech sector and we think of it long term. We are looking forward to taking NeoBenk’s integrated banking solution to market, together with our valued customers and partners through our investment arm NeoBenk Ventures.”

These investments are part of NeoBenk's commitment to invest $50 Million (Rs37.5 Crore) to support currency exchanges, money service businesses, and payment and remittance solutions. The fund, which plans to invest around $50,000 (Rs37.5 Lakh) per Indian startups to offer a safer, faster, and more convenient payment experience for NeoBenk customers and help drive incremental access to Digital Assets.

For more information and updates, visit neobenk.com or follow NeoBenk on Twitter, Facebook, and Medium.

The Advantages of Paying Online with Skrill

Online shopping is not a new trend in the business industry. Indeed, thanks to its many advantages, it’s becoming the norm in the shopping world. People can easily find the things they need, usually at a discount price. Like that’s not enough, shopping sites offer to deliver to your door for free or charge you a very small amount of money. Given the fact that people don’t have the time to spend hours shopping in a mall anymore, online shopping is like a rescue for their lives. They save money, time, and most importantly, they get the same product they would buy in any shop in the shopping mall.

The rise of online shopping brought to the fact that online sites need to offer more payment methods. To ensure a pleasant shopping experience, online sites give you the possibility to choose from a variety of payment methods. It has never been easier to place an order online and pay for it using an online payment method. PayPal was for a long time the only online payment options and its advantages no one can deny. However, a relatively new payment method also offers to pay online with excellent customer support.

About Skrill

Skrill was launched back in 2001. Its main goal was to simplify the procedure of online payment, as well as online money transfers. By the time, Skrill has revolutionized online payment, widening the number of services they provide customers with. Skrill is known for its fast processing of new transactions. Nowadays, Skrill has more than 120.000 users worldwide, which goes hand-in-hand with top payment methods, such as PayPal. To make online processing more efficient, Skrill connects your account with a MasterCard to make purchases with e-wallet easier for all users.
Entertainment Payment with Skrill

Skrill is becoming a popular online payment for casino services. Indeed, more and more casino sites accept Skrill as a payment method. In fact, the number of Indian casinos accepting Neteller payments is constantly growing. When it comes to online casino gaming, Skrill is a very efficient payment method because many countries worldwide accept it, it’s very convenient and processes payment in no time. It’s easy to use, it’s available at your fingertips and it’s a very safe payment method.

Things that the customers need the most when paying online are the possibility to have accounts in different currencies, credit and debit cards connected to the bank account, transferring money from a bank account online, and many others. A payment method that does pretty much all of these things, and much more than that, is Skrill. While the competition out there is very strong, Skrill is still a big contender in the online payment tools. 

Skrill Online Business Payments

Skrill is the option to go with when you need an account that is an all-in-one place where you can perform all different kinds of payment and money transfers. One of the advantages of Skrill is that it is a very international payment method, available in more than 200 countries. Skrill accounts can be both private and business accounts, according to the personal needs or the needs of your business company. Sending money to another account is completely free of charge. On top of that, Skrill sends directly the money to the receiver’s account for a very short amount of time. You can use both debit and credit cards to perform online payments.

Online Transfers

Transferring money to a bank account connected with an email address or a phone number has never been easier with Skrill. Those in need of buying and selling crypto will find Skrill a useful payment tool. Now, Skrill applications can be downloaded from the app store on any smartphone device, no matter whether it uses iOS or Android operating systems. It’s a very customer-friendly app that makes online payment a piece of cake for online buyers.

BCFI to Form Self-Regulatory Organization (SRO) for Finance and Payment Services Industry

Encouraged by the Reserve Bank of India’s invitation to set up Self-Regulatory Organisations (SRO) for financial services and payments industry, the Board of Business Correspondent Federation of India (BCFI), the body representing companies working towards delivery of financial services to underbanked and unbanked citizens, has approved the formation of SRO, subject to due consent from RBI, and appointed Mr. Sunil Kulkarni as the new Head of BCFI and CEO (designate) for the SRO. Mr. Kulkarni is an industry veteran, one of the founding members of BCFI and been on its board since inception.

The team at BCFI will improvise upon the Code of Conduct and Grievance Redressal Mechanism developed last year, and implement them in the earnest among its members with key focus towards ensuring customer protection and betterment of service standards.

In complete alignment with the government’s financial inclusion policy framework and RBI’s vision of National strategy on Financial Education, BCFI SRO team would work towards expediting accessibility of financial services to the citizens and standardisation of banking processes to different corporate BCs. The body continues to play a unique role in building standards and practices for the sector and addressing burgeoning issues and structural challenges whilst putting the customers’ needs at the centre.

“The RBI’s invitation to form an SRO for Payment System Operators is deeply encouraging, and further fortifies our intent to deliver uninterrupted financial inclusion to the unbanked and underbanked citizen of India. We take pride and privilege in proposing Sunil Kulkarni, a veteran in the payments and business correspondents space, as the CEO (designate) of BCFI SRO”, said Sasidhar N Thumuluri, Chairman, BCFI who has taken the responsibility last year from Dr. Anand Srivastava (the founding Chairman of BCFI).

The passion and efforts of BC industry to revolutionise banking and make it ubiquitous has been apparent during this global crisis, as millions have benefitted from the deeply entrenched Agent Business Correspondents (ABC) network in the country. We look forward to grow further under the dynamic leadership of Mr. Kulkarni and his decades of industry expertise. In this increasingly technologically empowered environment, we are duty-bound to ensure that no community is marginalised in the digital payments revolution”, said Anand Kumar Bajaj, Vice Chairman of BCFI.

Commenting on the occasion, Mr. Sunil Kulkarni said, “I am delighted & honoured to have been appointed by Board of BCFI for this position. Through interactions with Banks, Regulators and Government, the Self-Regulatory Organisation for BCs, will work towards setting and enforcing rules and standards relating to the conduct of Corporate BCs and Agent BCs in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism. We are encouraged by customer and industry friendly policies by RBI, and will continue to strive to provide uninterrupted banking services at the last mile. We are poised to reach a million touchpoints soon, and will refine processes to meet expectations of the regulator from time to time.”

Sunil Kulkarni brings more than 34 years of experience in Services distribution, branchless banking, telecom and mobile wallet technology projects. Sunil was responsible for launching India’s first e-Distribution Network for mobile recharge/Bill Payments in 2004 over Point of Sale (POS) terminals in retail. He was, till recently, Joint MD of Oxigen Services India Pvt Ltd.

About Business Correspondent Federation of India:

Business Correspondent Federation of India (BCFI) is the national federation of Corporate Business Correspondents (CBCs) and Agent Business Correspondents (ABCs) in India. It is a not-for-profit organization that aims to promote responsible finance by systematizing and harmonizing the delivery of financial services to the poor through the critical last mile i.e. the ABCs. The federation interalia also does policy advocacy, promotes financial literacy and customer awareness. BCFI undertakes studies, workshops/conclaves and supports collaborative development activities related to financial inclusion in general and the BC sector in particular. The federation works with its stakeholders towards setting up a quality network, standardized systems and processes that address both supply and demand side challenges holistically.

Instamojo partners with Google India to digitize Indian SME sector

Instamojo, India's full-stack MSME-tech solutions provider, today announced its partnership with Google India as part of the 'Grow with Google' program. The partnership aims to provide small business owners and enterprises the digital tools to do business at ease.


Reports state that, out of a total population of 6.33 crore MSMEs in India, about 62% of MSMEs still run offline businesses in the middle of a digitally evolving ecosystem. The current pandemic situation has pushed lot of businesses advance their digitization plans.

Businesses who sign up for this program with Instamojo will be offered the benefit of free subscription to Instamojo's Premium Online Store for a period of 6 months. This can be availed by SMBs who have offline business, and are now looking to establish an online presence.

Speaking on the partnership, Akash Gehani, Co-Founder & COO, Instamojo said, "In the current scenario, merchants are looking to rapidly transform their businesses online and go digital. Consumers today prefer transacting online, be it shopping, payments or even online trading. This progressive shift in consumer behavior, coupled with massive competition from e-commerce giants brings to the forefront the need for small businesses to adopt digital means. Through our partnership with Google India, we are looking to further enable small businesses to achieve digital independency and align themselves to the growing trend in their ecosystem."

He further added, "Since the lockdown, we have seen a traction in terms of small businesses and micro entrepreneurs moving online, at a time when they faced new found challenges. This was driven by a constant lookout for creative ways of business survival via digital platforms."

Sampad Swain, CEO & Co-founder, Instamojo said, "The pandemic has today created a massive shift in the way digital as a platform and as a business tool is being accepted and implemented by SMBs and traditional businesses. At Instamojo, the core of our business lies in supporting and empowering the MSMEs of the country. We are already enabling the digital journey of merchants through our host of products and services, however taking a business online is moving to the next level. Through Instamojo's e-commerce platform, and the 'Grow with Google' program, we aim to take end to end digital solutions to businesses across India."

In recent months, Instamojo introduced easy ways of going digital through their 'Priority KYC', 'Sachet loans on Whatsapp' and 'InstaCash' features which enabled merchants to go online and get instant access to loans. During the pandemic, Instamojo recorded a 30% rise in their merchant-base, thus marking the start of a digital revolution in the sector.

About Instamojo:

Instamojo is a growth gateway platform for Micro, Medium & Small Enterprises (MSME's) that enables them to build, manage and grow their business online. It is a one-stop shop for an entrepreneur that caters to their diverse business needs by leveraging technology,​ data​​ and ​​design. Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo early this year raised Series B funding from Gunosy Capital, AnyPay-a Japanese payments firm and the existing VCs. ​In November 2014, the company raised USD 2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500Startups and others. Prior to this, it had raised approximately USD 500,000 from 500 Startups, Blume Ventures and angel investors Rajan Anandan, Sunil Kalra,​​ Shailesh Rao, ​​Rob ​​de ​​Heus​​ among​​ others. In 2012, Instamojo was one of the first startups from India to join the prestigious 500Startups Silicon Valley Accelerator​​ Program. ​​It ​​has ​​also ​​been​​ featured​ ​as ​​one ​​of ​​the ​​hottest ​​start-ups ​​by ​​Economic ​​Times​​ in ​​2015. Instamojo constantly works towards creating significant innovation in digital commerce, which is universally accessible to create newer opportunities & sustainable livelihoods for MSMEs.

Online Payment Gateway Market Size is Projected to Reach USD 90,431.01 Million by 2025 | Valuates Reports

According to the Latest Market Research Report "Online Payment Gateway Market by Type (API/Non-hosted Payment Gateways, Direct Payment Gateways, Hosted Payment Gateways, Local Bank Integrates, Platform-based Payment Gateway, Pro/Self-hosted Payment Gateways), by Application (Large Enterprise, Micro and Small Enterprise, Mid-sized Enterprise), by End User (Banking, Retail, Travel) and Region – Global Forecast to 2025", published on Valuates Reports.The Global Online Payment Gateway Market size is expected to grow from USD 43,491.95 Million in 2019 to USD 90,431.01 Million by 2025 at a Compound Annual Growth Rate (CAGR) of 12.97%. 

Major factors that drive the growth of Online Payment Gateway Market size are the growing eCommerce revenues along with increasing internet penetration, acceptance of contactless payments, and changing consumer preferences.

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COVID-19 EFFECT ON THE ONLINE PAYMENT GATEWAY MARKET SIZE

The COVID-19 outbreak is expected to have a positive impact on the Online Payment Gateway Market size. Many major Payment Gateway firms are developing new products to meet the emerging need for contactless transactions during the COVID-19 pandemic. Also, since the lockdown, eCommerce sales have increased worldwide, particularly for groceries and health items, even though many retailers are struggling with logistics.

TRENDS INFLUENCING THE ONLINE PAYMENT GATEWAY MARKET SIZE

Increasing eCommerce sales and growing internet penetration is expected to drive the Online Payment Gateway Market size. Internet connectivity has reached all parts of the globe, and this has strengthened the online shopping industry. The growth of eCommerce is driven by the rapid adoption of smartphones and tablets and internet connectivity through 4G, 5G, and so on. Rising eCommerce transactions are therefore expected to impact the growth of the Online Payment Gateway Market positively.

Rising financial inclusion across the globe is expected to fuel the Online Payment Gateway Market size. Online Payment Gateway will give customers and businesses new ways of conducting personalized, convenient, and scalable transactions with digitization and continuous technological advances.

Merchants worldwide are focused on expanding their businesses in other countries while collaborating with providers of payment services. These collaborations offer the benefit of leveraging the opportunities created by e-commerce globalization and enabling gateway systems to be incorporated into their distribution channels. This increasing collaboration between merchants and payment gateway is expected to increase the Online Payment Gateway Market size.

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ONLINE PAYMENT GATEWAY MARKET SHARE ANALYSIS

North America is expected to hold the largest Online Payment Gateway Market share during the forecast period. This dominance can be attributed to technological advances and significant payment gateway implementations in different end-use segments. Furthermore, the high popularity of mobile commerce in this area is expected to generate market growth opportunities.

Over the forecast period, Asia Pacific is expected to emerge as the fastest-growing regional market. The growth can be attributed to many initiatives undertaken by different governments to develop their countries' online payment infrastructure.

By Region

• Americas,
• Asia-Pacific,
• Europe,
• Middle East & Africa.

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ONLINE PAYMENT GATEWAY MARKET SEGMENTATION

• Based on Type, the Online Payment Gateway Market studied across
• API/Non-hosted Payment Gateways,
• Direct Payment Gateways,
• Hosted Payment Gateways,
• Local Bank Integrates,
• Platform-based Payment Gateways,
• Pro/Self-hosted Payment Gateways.
• Based on Application, the Online Payment Gateway Market studied across
• Large Enterprise,
• Micro and Small Enterprise,
• Mid-sized Enterprise,
• Based on End-User, the Online Payment Gateway Market studied across,
• Banking,
• Retail,
• Travel.

Key Companies:
Alipay,
Amazon Payment,
Net,
eWAY AU,
MOLPay,
Paymill,
PayPal,
PayU,
PesoPay,
Wirecard.

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SIMILAR REPORTS
Payment Gateways Market

Major producers in the Payment Gateways Market include PayPal, Alipay, and WorldPay, which accounted for 15.65%, 20.53%, and 10.27% of the market, respectively.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-8A2635/global-payment-gateways
Payment Gateway Software Market

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-2B361/payment-gateway-software.

ePayment Gateway Market

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-1W358/epayment-gateway
Payment Gateway Solutions Market

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-36A995/global-payment-gateway-solutions.

E-Commerce Payment Gateways Market

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-29I2123/global-e-commerce-payment-gateways.

Nonprofit Payment Gateway Software Market

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-19Y2590/covid-19-impact-on-global-nonprofit-payment-gateway-software

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