Cross-Border Payments Platform Skydo Raises $10Mn led by Susquehanna Asia VC to Power India’s USD 2Tn Export Ambition

Skydo founders Srivatsan Sridhar and Movin Jain

Skydo, India’s leading cross-border payments platform for exporters, has raised USD 10 million in Series A funding led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital.

The Bengaluru-based company serves over 30,000 Indian MSMEs, freelancers, and startups across 50+ cities, processing payments in 32+ currencies. Skydo was among the first to receive the Reserve Bank of India's In-Principle authorisation as a Payment Aggregator - Cross Border (PA-CB).

Rapidly Growing Exports, Broken Payments

India aspires to export services and goods worth USD 2 trillion by FY30, fuelled by hundreds of thousands of ambitious MSMEs, freelancers and startups. Yet, these exporters often lose 3-7% of their revenue to hidden forex mark-ups and opaque fees. Client payments take days, while subsequent documentation and compliance can extend into weeks and months.

Skydo is building the financial Operating System for Indian exporters - Skydo customers can collect payments locally from clients across countries. These payments are then processed at zero forex fees, transparent flat-fee pricing and 24-hour settlement. The platform instantly generates compliance documents like FIRA, and provides a full suite of accounts receivable tools like invoicing, payment reminders and accounting integration.

Indian exporters are second to none in their global ambition. Skydo aims to enable them with world class payment infrastructure built from India for the world," said Srivatsan Sridhar, co-founder and CEO of Skydo. "This funding fuels our mission to build the financial operating system for global commerce - from collections, payouts, card acceptance, compliance automation, and accounting reconciliation.

Until now, the only options for an Indian MSME exporter to receive payments have been traditional banks or global platforms like PayPal, Wise or Payoneer. Banks charge opaque fees and have lengthy, manual processes for compliance, while global platforms deduct up to 10% of invoice values as fees, and aren’t natively built for Indian exporters’ needs.

“Skydo has simplified our cross-border payments and cut our finance costs dramatically. Their fixed fees and mid-market rates give us full predictability and better value than any bank we’ve worked with,” said Sushant Yadav, founder of marketing agency Optimite.

“I started using Skydo shortly after their launch, and I’ve been a fan ever since. Skydo saved me from haggling with banks on FX rates every time I received a payment, and we’ve saved thousands of hard-earned dollars since switching,” said Abhishek Agarwalla, Co-founder and CEO of AI interviewing company Fabric.

“What really stands out, though, is how customer-obsessed they are. I still remember the entire Skydo team, including Movin and Srivatsan, showing up at our office to listen to our problems firsthand. Most products make money, but Skydo has earned something far rarer: customer trust."

Scaling to USD 5Bn and Beyond

Skydo grew 4X in the past year, and is targeting USD 5 billion in annualized payment volume within two years.

“We’re demonstrating that India has the talent, compliance muscle, and regulatory clarity to build global financial infrastructure from here, for the world,” said Movin Jain, co-founder of Skydo . “With this round, we aim to expand our global footprint and secure payment licences in key geographies.”

According to Bhavanipratap Rana, Investment Advisor to Susquehanna Asia VC, “India's evolving cross-border payment landscape, with the introduction of the new PA-CB framework, demands high-quality, focused players with a technological edge. Skydo’s focus on solving the real costs of cross-border transactions – opacity, time, compliance risk, and working capital blockage is a clear differentiator. We are excited to partner with a company that meets the high bar for technological and risk capabilities set by the regulator, and we believe their model is perfectly suited to capturing high-volume B2B business.”

Talking about the investment, Mridul Arora, Partner, Elevation Capital said, "Since partnering with Skydo at their inception, we have been incredibly impressed by the team’s speed, execution, and unwavering product focus. They have done a stellar job scaling the platform 4X in the last year alone, building what is truly a customer-centric international payments powerhouse. We are thrilled to support this next phase of growth as Skydo continues to dismantle barriers and make global trade friction-free and seamless for Indian exporters."

What This Round Unlocks

The new capital will unlock:

• Geographic expansion: Local collections across 20+ countries in Latin America, Africa, South East Asia and the Middle East
• Global licensing: regulatory licenses in key international markets
• Card infrastructure: Scaling InstaLinks to enable card acceptance for more exporters at half the cost of legacy gateways
• Deeper compliance suite: Enhanced reconciliation and reporting tools to reduce back-office overhead
• Developer platform: APIs and webhooks for SaaS companies, marketplaces, and fintechs to embed Skydo's global payment rails

Paytm Enables UPI Payments for NRIs Across 12 Countries Using International Mobile Numbers

• NRIs from 12 countries can now send money instantly and pay any UPI merchant through the Paytm app using international numbers linked to NRE or NRO accounts, without the need for a local Indian SIM card. 
• Offers exclusive features such as downloading UPI statements, automatic spend classification and spend analysis, ability to hide payments, checking total balance across bank accounts linked to Paytm UPI, generating AI Rap song on recent spends, available only on the Paytm app. 
• Reinforces Paytm’s commitment to financial inclusion and accessibility, enabling Indians around the world to participate in India’s mobile payment revolution. 

Paytm (One 97 Communications Limited), India’s full stack merchant payments leader serving MSMEs and enterprises, a leading financial services distribution company, and the pioneer of mobile payments, QR codes, and Soundbox, today announced that Non-Resident Indians (NRIs) from 12 countries can now login with their international mobile numbers to the Paytm app for seamless UPI payments through NRE or NRO accounts. 

With this launch, NRIs can use Paytm UPI for everyday payments and money transfers to friends and family in India. They can pay at shops, restaurants, and local businesses across the country by simply scanning a UPI QR code or shop online on Indian apps and websites. This seamless experience is now possible without international payment gateways or currency conversions. NRIs can also transfer funds between their own accounts or send money instantly to any UPI ID or UPI linked mobile number, removing remittance delays and high forex charges. The convenience of Paytm UPI is now available wherever NRIs are, whether living abroad or visiting India, without the need for a local Indian SIM card.

The service, powered by NPCI, is available for Indians residing in 12 countries including Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE (United Arab Emirates), UK (United Kingdom), France, and Malaysia. It brings greater convenience to global Indians by allowing them to stay financially connected with India even while living abroad. Currently available in beta, the rollout to all eligible users will happen in the coming days.

NRIs will also benefit from Paytm’s continuous innovations, as it is the only payments app that offers exclusive features such as downloading UPI statements in PDF or Excel, automatic spend classification and spend analysis, ability to hide payments, checking total balance across bank accounts linked with Paytm UPI, generating AI Rap song on recent spends with Paytm Playback among others. Together, these capabilities provide a comprehensive, seamless, and trusted payments experience on Paytm.

Paytm Spokesperson said, “We started Paytm with the dream of building technology made in India, for India, and now for every Indian around the world. Enabling NRIs to use Paytm UPI with their international mobile numbers is another step in that journey. It keeps Indians connected to India’s growing mobile payments ecosystem, no matter where they live.”

Here’s how an NRI can start making UPI payments in India through Paytm

• Download and open the Paytm app. 
• Login with international mobile number. 
• Verify the number via SMS and link the bank account to start making payments instantly

This reinforces Paytm’s commitment to financial inclusion and accessibility, ensuring that Indians around the world continue to be part of India’s mobile payment revolution built on trust and technology.

BharatPe Launches BharatPeX to Reinvent Enterprise Payments with AI and In-App UPI

BharatPe, India’s leading fintech company, today unveiled BharatPeX, its new PAPG-online brand that brings an ‘X-factor’ to how enterprises run payments. It combines a modern online payment gateway (Cards, Net Banking, UPI) with an implementation-first model that helps clients ship in-app UPI experiences faster, keep customer data within their own apps, and materially lift success rates.

Highlights

• More than a gateway, it's an implementation squad plus an AI layer that de-risks compliance, compresses go-live timelines to a third, and lifts success rates while keeping customer data with the merchant. That’s the X-factor.
• Next-gen payments stack. Built in Bharat, built for Bharat (and beyond): Full-stack collections and payouts designed for ecommerce, fintech, and enterprise scale.
• BharatPeX.AI — expertise on tap: A first-of-its-kind virtual assistant delivering instant answers, journey prototypes (e.g., UPI Autopay, UPI Circle, UPI International) and reusable sample code to accelerate builds.
• Compliance-first, bank-ready: Strong NPCI/bank navigation, secure-by-design architecture, and resilient rails powering reliable pay-ins, payouts, and BBPS.
• Own the UPI experience: Seamless UPI (in-app via UPI Plug-in or a TPAP pathway), plus Cards, Net Banking, Wallets, and Credit on UPI—all tuned for higher conversion.
• A dedicated triad for every client: Named Product, Tech, and Bank/NPCI points-of-contact partner end-to-end to make onboarding simple and integration effort ~1/3rd of typical cycles.

With technology and artificial intelligence at its core, the service comes bundled with BharatPeX.AI, which empowers enterprises with expertise on tap. The AI assistant provides clients with 24/7, consistent guidance on features, eligibility, and go-live steps across BharatPeX, NPCI, and partner banks. It also provides journey prototypes (e.g., UPI Autopay, UPI Circle, UPI International) and can generate sample code that teams can reuse.

Sandeep Indurkar, CEO – Payments, BharatPe, said, “Most enterprises want world-class payment systems but are wary of compliance, bank coordination, and long development cycles. With BharatPeX, we remove that friction. We don’t stop at an API—we deploy a specialist team and an AI-driven virtual assistant so our clients can enable UPI Plug-in or even scale to becoming TPAP-enabled—owning the user journey, the data, and the outcomes, which in turn lets them offer a seamless collections service and payment experience to their customers.” The company has already begun onboarding e-commerce, fintech, and enterprise clients in phases.

Designed to power growth at scale, BharatPeX combines collections, payouts, and enterprise-grade support into a single, secure platform, simplifying payments while multiplying impact. It promises outcome-oriented enablement, higher success rates, reduced go-to-market time, and data ownership for the merchant.

What makes BharatPeX different:

1. Payments expertise, not just a gateway: A dedicated (Product/Tech/Relationship) squad partners with each client to design, integrate, and scale collections and payouts. The team navigates NPCI processes and partner banks, simplifying onboarding and cutting implementation effort to roughly one-third of typical cycles.
2. In-app UPI at the core: While UPI already drives a large share of ecommerce transactions, most merchants still have to divert users to third party apps, losing visibility and control. BharatPeX helps clients run in-app UPI flows (via UPI Plug-in or TPAP), boosting success rates and ensuring customer data stays with the client.
3. Built for eCommerce, fintech, and enterprises: From checkout orchestration to complex payout needs, BharatPeX is designed for scale and governed by a compliance-first approach aligned to applicable RBI/NPCI guidelines.

With BharatPeX, BharatPe positions itself as the go-to partner for enterprises navigating the fast-evolving digital economy, reinforcing India’s place at the global forefront of payments innovation.

BharatPe is the only fintech company in India with an NBFC license (Trillion Loans), a stake in a Small Finance Bank (Unity SFB), and an Online Payment Aggregator license.

Why should merchants adopt BharatPeX?Command the user experience:

• Keep users in-app; reduce drop-offs and dependency on third-party apps
• Own the data: Maintain visibility on key customer markers to drive retention and LTV
• Ship faster: Cut integration effort to ~1/3rd with guided implementation and sample code
• Scale confidently: A single partner to handle tech, bank coordination, and compliance nuances
• Go beyond payments: Identify revenue opportunities tied to better payment experiences and customer delight

About BharatPeX:

BharatPeX is BharatPe’s online PAPG brand, purpose-built to bring the X-factor to enterprise payments by combining a full-stack gateway with hands-on implementation and AI-assisted expertise.

About BharatPe:

BharatPe (brand name of Resilient Innovations Pvt Ltd) was founded in 2018 to make financial inclusion a reality for Indian merchants. In 2018, it launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched a card acceptance terminal – BharatPe Swipe. Currently, with a registered network of over 1.7 crores merchants across 450+ cities, the company is one of the leading players in UPI offline transactions, processing 450 million+ UPI transactions per month. BharatPe processes payments of a monthly Transaction Processed Value of ₹12,000 crores. BharatPe Money (brand name of Resilient Digi Services Private Limited), a BharatPe Group Company, has already facilitated the disbursement of loans of over US$ 2 billion, in partnership with NBFCs. BharatPe’s POS business processes payments of over ₹27,000 crores annually on its 125,000+ machines.

Apple Pay Comes to India via Razorpay

Razorpay has officially integrated Apple Pay into its international payments suite, becoming the first Indian payment aggregator to do so. This allows eligible Indian merchants to accept seamless, biometric-authenticated payments from global customers using Apple Pay.

Key Highlights:

• Global Reach: Apple Pay has over 500 million users worldwide, with 90% of U.S. merchants already accepting it.
• Merchant Impact: Early adopters include Mokobara, Akasa Air, Sabyasachi, House of Masaba, and others.
• Checkout Revolution:
  • 58% boost in conversion rates
  • 45% faster checkout times
  • 12% increase in average order value
• Frictionless Payments: No CVV, OTP, or manual card entry—just Face ID or Touch ID for instant authentication.
• Cross-Border Compliance: Designed to align with India’s cross-border payment regulations, targeting supported geographies.

Strategic Context:

• This move follows Razorpay’s reverse flip to India and its international expansion into Singapore and Malaysia.
• The integration is seen as a strategic step toward IPO readiness and global merchant enablement, especially for Indian brands scaling abroad.

Apple Pay is officially supported in several Southeast Asian countries, including Singapore, Malaysia, Vietnam, Thailand, Indonesia and Phillipines.

Despite Apple’s rapid growth in India’s premium smartphone segment, Apple Pay is not officially supported for domestic transactions. India mandates local data storage and PIN-based authentication for digital payments, which conflicts with Apple Pay’s biometric-first model.

India’s digital payment space is dominated by UPI-based apps like PhonePe, Google PAY, BHIM and Paytm, making it tough for Apple Pay to gain traction. Apple’s small market share and exclusive device compatibility reduce incentives for Indian merchants to support Apple Pay.

However, Razorpay has enabled Apple Pay for international transactions, allowing Indian merchants to accept payments from global Apple Pay users in supported geographies.

Country	Apple Pay Status
Singapore	✅ Fully supported
Malaysia	✅ Supported via Curlec (Razorpay’s acquisition)
Vietnam	✅ Supported
Thailand	✅ Supported
Indonesia	❌ Not officially supported
Philippines	❌ Not officially supported

BHIM App Partners with Sony TV’s KBC to Promote Digital Payments Through Exclusive Game Show Week

• BHIM Payments App, Bharat Ka Apna Payments App Collaborates with Sony Entertainment Television to launch an exclusive ‘Golden Week’ in Kaun Banega Crorepati

BHIM App, India’s homegrown payment app developed by NPCI BHIM Services Limited (NBSL), has partnered with Sony Entertainment Television to deepen the reach of safe, secure digital payments across the country through the most iconic game show Kaun Banega Crorepati,, Sony Entertainment Television is introducing, for the first time to a digital payment platform, a special one-week edition of the KBC Game Show, curated exclusively for BHIM Payments App users.

This collaboration is designed to enable users of BHIM Payments App across India, to get a Golden Opportunity to play the game with Mr. Amitabh Bachchan. The registration window for the ‘Golden Week’ opens from September 1, 2025 till October 10, 2025 exclusively for BHIM Payment App Users. Ten selected users of the BHIM Payments App will receive an exclusive opportunity to appear on the show, and participate in the Fastest Finger First round. A dedicated week of 5 Episodes Game Show will be organized and telecasted on Sony Entertainment Television with these 10 contestants

How to Participate:

Viewers are invited to Download / Update BHIM Payments App and register through a dedicated ‘KBC Golden Week with BHIM’ section within the app. To submit their registration successfully, viewer has to answer simple question, fill their basic details and submit. All successful entries will undergo the standard screening process of KBC. The shortlisted 10 candidates will then come to the KBC set and play Fastest Finger First in the Golden Week with BHIM and get a chance to reach the Hot Seat of KBC to play the game with Amitabh Bachchan. During the ‘Golden Week with BHIM’, only those (10) users who have come through the BHIM payments app will be featured.

This resonates with Brand’s overall purpose of trust and inclusiveness and the initiative will help BHIM to create familiarity (trust) and confidence in using UPI through an experience that is interactive, rewarding, and deeply local. The more BHIM app users experience the app and participate in the registration process, higher are their chances of getting shortlisted.

This first of its kind format on the show encourages citizens to not only test their knowledge but also experience the simplicity and trust of the homegrown BHIM Payment App. This initiative is designed to reach beyond digital-first users encouraging participation from families, first-time digital adopters, and citizens in Tier 2,Tier 3 cities and towns, through a platform they already know and trust.

Lalitha Nataraj, CEO, NBSL, added, “At BHIM, our mission is to become the most trusted payment apps of India and become their choice of app for any digital payments small or big. Partnering with an Iconic platform like KBC allows us to take this message into homes across the country especially in regions where awareness and comfort with digital payments are still evolving. KBC has, over the years, earned the trust of millions of families, and this association helps us build on that trust to encourage every member of the family to use BHIM Payments App for safe and secure payments. We are delighted to collaborate with Kaun Banega Crorepati and extend this golden opportunity to our app users.

For more information, visit https://www.bhimupi.org.in/, follow on [Insta - @bhim_npci, X – NPCI_BHIM, YT - BHIMNPCI]

As BHIM’s official media partner, Madison Media has crafted the high-impact outreach strategy. Abhik Banerjee, COO, Madison Media, said: “We are delighted to welcome the BHIM Payments App as a partner for this landmark collaboration with Kaun Banega Crorepati. For decades, KBC has been a platform that unites the nation, inspires millions, and captures the hearts of viewers from every corner of India. That makes it the perfect stage for BHIM – Bharat Ka Apna Payments App to connect with audiences in a truly meaningful way.

This association marks BHIM’s first-ever integration with KBC, and we wanted to go beyond just brand presence. Working closely with Sony, we have designed an interactive experience that invites viewers, even first-time BHIM users to get a golden opportunity to participate in the iconic KBC and reach to the famous Hot Seat. With BHIM payments app, the user gets easy, safe and instant payment solutions, while being part of one of India’s most-loved and talked about shows.

For us, this partnership is about more than visibility via TV presence. It is about creating opportunities, encouraging participation, and offering every Indian citizen a rewarding reason to engage with BHIM Payments App.”

About NPCI BHIM Services Limited:

NPCI BHIM Services Limited (NBSL) was incorporated in 2024, as a wholly owned subsidiary of the National Payments Corporation of India (NPCI). NBSL aims to enhance the adoption of digital payments through the Bharat Interface for Money (BHIM) platform and committed to providing a seamless, secure, and user-friendly payment experience to individuals and businesses across India.

NBSL facilitates quick and efficient digital transactions, offering an accessible and reliable payment solution for all. By leveraging cutting-edge technology, NBSL aims to drive financial inclusion and support India’s journey toward becoming a fully digital economy.

For more information, visit: - https://www.bhimupi.org.in/

6 Ways in Which BHIM Payment App Helps Users in Their Digital Payments Journey

Digital payments are no longer limited to big cities, they’ve become a part of daily life across India, from metros to remote villages. As more people turn to payment apps for everyday needs, digital money management is evolving. It’s no longer just about sending or receiving money; it’s about tracking expenses, staying updated on bills, and having the tools to make informed financial decisions with ease and confidence.

Here are six ways users can take meaningful steps toward financial freedom, using BHIM Payments App:

1. Make Payments in a Language You’re Comfortable With

BHIM Payments App supports more than 15 Indian languages including Hindi, Marathi, Bengali, Tamil, and Odia. This makes it easier for users to navigate the app and complete transactions in their preferred language, especially helpful for shopkeepers, senior citizens, or first-time users in Tier 2 and 3 cities. Using an app that communicates in a known language builds comfort and trust, making digital transactions feel less intimidating.

2. Transact Even with Weak Internet Connectivity

The app is built to work even in areas with low or unstable internet, making it practical for users in rural regions or those who often face network issues. It helps ensure that important payments can still go through, whether at a local market or during daily business hours.

3. Track and Manage Spending Without Extra Effort

BHIM Payments App includes features like Spends Analytics, which gives users a simple monthly view of where their money is going. The Split Expenses option lets people easily share costs with friends or family, useful for roommates, joint travel, or shared groceries, without needing to track it manually.

4. Coordinate Family Expenses in One Place

With Family Mode, users can onboard family members, assign specific payments, and view shared expenses. Whether it’s a couple managing bills or siblings taking care of household expenses, this feature helps keep everyone informed and organised.

5. Allow Trusted People to Help with Payments, While Staying in Control

The UPI Circle feature lets users create a trusted network of individuals who can initiate payments on their behalf, with every transaction requiring the primary user’s approval. It’s especially helpful for elderly users who rely on caregivers or busy parents who want to let their children or household help handle daily payments like groceries or utility bills, all while maintaining full visibility and control over each transaction.

6. Get Reminders for Important Financial Tasks

The Action Needed section offers reminders for pending bills, low balance alerts, or UPI Lite activation. These gentle nudges reduce the risk of missing important payments and help users stay updated without needing to track everything manually. Additionally, users can also pay electricity, water, and other utility bills directly through the app, with no additional charges or hidden fees, making it a convenient way to manage monthly expenses.

In a growing digital economy, having access to simple, reliable tools is key to managing money independently. Features like these are helping users across Bharat take important steps toward financial freedom.

SEBI’s New UPI Rule = Safer Investor Payments | Verified IDs, Green Icons, No Guesswork

SEBI’s latest initiative—“Adoption of Standardised, Validated and Exclusive UPI IDs for Payment Collection by SEBI Registered Intermediaries from Investors”—is a major step toward enhancing transparency and security in India’s securities market. Here's a structured breakdown:

Objective

To ensure secure, verified, and transparent fund transfers from investors to SEBI-registered intermediaries by introducing a standardized UPI framework.

Key Features

Exclusive UPI Handles:

All SEBI-registered intermediaries must use UPI IDs with the handle @valid<bankname> (e.g., abc.brk@validhdfc).

Segment-Specific Suffixes:

UPI IDs will include suffixes like .brk for brokers or .mf for mutual funds, ensuring clarity and traceability.

Green Triangle Icon:

Verified UPI transactions will display a “thumbs-up inside a green triangle” icon, signaling legitimacy.

SEBI Check Functionality (Coming Soon):

Investors can verify UPI IDs and bank details via QR code or manual entry.

Milestone	Date
Circular Issued	June 11, 2025
UPI IDs Available to Investors	October 1, 2025
Transition Deadline for Intermediaries	~Early December 2025 (T+180 days)

Stakeholder Responsibilities

Intermediaries:

Must obtain new UPI IDs, update contact details, and educate investors.

Self-Certified Syndicate Banks:

Must verify intermediaries before issuing UPI IDs using SEBI’s prescribed utility.

Investors:

Optional adoption, but encouraged for secure transactions. Existing SIPs remain unaffected; new ones must use the new UPI IDs.

Legal Backing

Issued under Section 11(1) of the SEBI Act, 1992, reinforcing SEBI’s mandate to protect investor interests and regulate the securities market.

NPCI Shares 5 Key Tips to Spread Awareness About Safe Digital Payments

Digital payments have made everyday transactions faster, easier, and more accessible for millions of users across India. As this convenience grows, it is important for users to remain aware and informed. Safe payment practices are simple to follow and go a long way in ensuring secure digital experiences.

1. Always check before you pay: Before making any payment, check the name that appears on the screen. Make sure it is the person or business you want to pay. Taking a few seconds to confirm can help avoid mistakes.
2. Use only trusted payment Apps and websites: Make payments only through official and well-known Apps or websites. Do not download Apps or click on links sent by people you do not know or trust.
3. Do not share your PIN or OTP with anyone: Your UPI PIN, OTP, or bank details are private and confidential. Never share them with anyone, even if they say they are from a bank or police or any government office.
4. Do not rush into any payment: If someone asks you to make a payment quickly or share your details urgently, take a moment. You can always say you will check and call back. It is okay to take your time.
5. Keep payment alerts on and check them often: Turn on SMS and App notifications for your payments. Read each alert carefully. If something looks wrong, contact your bank or payment App immediately.

By adopting a few mindful habits, every user can ensure they take charge of their digital safety. With awareness and responsible use, digital payments can continue to be a trusted and empowering part of daily life. Report suspicious number to the national cybercrime helpline by dialling 1930 or the Department of Telecommunication (https://sancharsaathi.gov.in/sfc/). Save messages, take screenshots and document interactions. This can help authorities if you need to file a report.

RBI Approves NPCI Bharat BillPay to Implement an Interoperable Payment System for Internet Banking Transactions

The Reserve Bank of India (RBI) has approved NPCI Bharat BillPay Ltd to implement an interoperable payment system for internet banking transactions. The new system will facilitate quicker settlement of funds for merchants.

Expected to be launched during the current calendar year, the new system will enable customers to pay businesses through net banking irrespective of whether their banks and the merchants’ payment aggregator are integrated.

Currently, online merchant payment transactions are processed through payment aggregators, which are not interoperable. So a bank is required to separately integrate with each payment aggregator of different online merchants.

India accounts for 46% of the world's digital transactions.

Speaking at an event "Digital Payment Awareness Week" in Mumbai, RBI Governor Shaktikanta Das said, "Internet Banking is one of the oldest modes for online merchant payment transactions. It is a preferred channel for payments like income tax, insurance premium, mutual fund payments and e-commerce."

Governor Das said that there is no common payment system and a set of rules for digital transactions at the moment. But when it comes to digital transactions, the world is looking at India, he said.

The proposed interoperable net banking payments will act as a clearing house to settle internet banking transactions between customers and merchants. This would eliminate the need for individual tie-ups.

NPCI Approved IppoPay Launches Tamil Nadu’s 1st UPI App to Help Offline Retail Businesses Receive UPI Payments

Clocked in transactions worth Rs 1000 crores

IppoPay is soon to roll out Tap to Phone and Payout services

Mumbai, May 24 , 2021: IppoPay is a Chennai-based Fintech startup that provides payment solutions to Small businesses, SMEs, and Freelancers. The company has launched Tamil Nadu’s first UPI App to help offline retail businesses receive payments through UPI. IppoPay was launched in September 2020 with its first beta version and from then now around 1000 crores worth of transactions were processed using their payment gateway.

Ippo Pay is a payment aggregator for businesses that collect and accept payments from their customers using Payment links, Invoice, Subscription, Social Commerce, and UPI. They target small businesses, retail stores, freelancers, homepreneurs, and people who do business in Tier 2 and Tier 3 cities & in rural areas.

IppoPay launched its store app to start accept/collect payments for all offline businesses. They are a B2B service provider that offers static QR codes for merchants to start accepting payments. In India, by one year IppoPay’s QR code will be placed across Tier-2, Tier-3, and Rural store outlets. In their app, the complete transaction records, ledger, POS (Point-Of-Sale terminal) of the merchant’s store that includes inventory, customer details, transaction reports get maintained. By this, their merchants don't need to approach any third-party software/app for all these services. They have cash record options in their application that helps to manage the complete inventory transactions between the merchant and the customer, followed by providing the static and dynamic QR codes. Using the dynamic QR code, you can define the respective amount for the customer and send it as a link to them across different social mediums. Customers from any UPI app (Google pay, Phone pe, Paytm, Amazon Pay, Mobikwik, Apple Pay, WhatsApp Pay) can pay for the merchants who use the IppoPay QR code. They accept all the bank cards for payments.

Mr Mohan K CEO, Ippo Pay says - 

COVID-19 has changed the way we shop in offline retail business. There is a need to avail UPI payments in every retail shop. Even small kirana stores have started delivering items, and so IppoPay helps them to collect UPI payment via shared dynamic QR code also featuring card payments via contactless tap-to-phone technology and the recording of cash payments. They provide complete payment solutions to offline businesses. Our app can be used by a street merchant, as well as large brands. They can generate dynamic QR code and share it on WhatsApp or SMS to collect UPI payments and we our primary focus is on bringing all the offline businesses to start accepting payments.

Mr Sourabh Tomar, Head- UPI; IMPS Product, NPCI said, 

We are happy to partner with IppoPay to onboard the massive merchant network of Tamil Nadu into UPI platform. This initiative will provide significant access to the digital payment ecosystem where they can accept payments seamlessly through UPI. We are also glad that UPI is increasingly becoming an integral part of businesses of all sizes across the country.

IppoPay’s short term goal is to reach out to 10 lakh offline merchants by 2022. So, they have it all!

Standout Features of the App:

• Instant Friction-less Settlements
• On-priority merchant support in the language known to you is of paramount importance.
• 0% Transaction Charges and a free Set-Up.
• Dynamic-QR, helps you share a dynamic QR code with your customer on any platform for the amount you need to be paid.
• Payment Links can be generated and shared to receive payments.
• e-POS, manages all your inventory, sales, marketing, revenue billing system and payment acceptance across different payment mediums.
• Digital Ledger(Khata), gives you the list of all customer-specific transaction details with timestamps.
• Supports offline retail shops, micro businesses, freelancers, women homepreneurs and street vendors.
• Record the receipt of offline cash and card payments.
• Digital Receipt helps customer keep their transaction history forever in their mail or SMS

Twitter Testing "Tip Jar" Feature Where You Can Send Money Directly to Favourite Account

Twitter is testing a new Tip Jar feature globally -- including in India -- where iOS and Android users can send money directly to their favourite accounts with substantial followers.

Starting 6th May, everyone using Twitter in English can send tips to applicable accounts on Twitter for iOS and Android, announced Twitter on its official blog. 

However, at the moment only a limited group of people around the world who use Twitter in English can add Tip Jar to their profile and accept tips. This group includes creators, journalists, experts, and nonprofits. Soon, more people will be able to add Tip Jar to their profile and we’ll expand to more languages.

A Twitter account’s Tip Jar is enabled if you see a Tip Jar icon [$] next to the Follow button on their Twitter profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose. The payment services, availability and features of which may vary by region. 

Eligible accounts can add payment services -- Bandcamp, Cash App, Patreon, PayPal and Venmo. Twitter takes no cut. On Android, tips can also be sent within Spaces - an audio chat app by Twitter.

Twitter is also reportedly bringing Indian payment providers to Tip Jar, along with the ability to Tip in multiple languages.

Future of digital payments - What's next for India's Digital Space: Lyra Network

Rajesh Desai - CEO Lyra Network

MUMBAI, India , Nov. 25, 2020 /PRNewswire/ -- In India's journey towards becoming a cashless economy, two words and their impact played a significant role, 'demonetization' and 'COVID-19'. One laid out the foundation of digital payments and another became the main source to build up the digital payments ecosystem.

Back in 2016, demonetization was a push from the government to convert India from a cash-based economy to a cashless economy. But India had witnessed digitization with steady progress way back in the 90s. With technologies like MICR, ATM, credit, debit cards followed by digital wallets, prepaid cards, recharge vouchers, etc., the payment industry was supported by new technologies and innovations. With the rise of Fintechs, the growth of the payment industry has seen many innovative solutions and methods to transact digitally. With astounding initiatives and innovations like, UPI, FASTags, NFC payments, QR codes, interoperable digital wallets, etc., Indian digital payment space certainly holds a promising future.

In the pandemic and the eventual lockdown, the digital payment sector has witnessed ups and downs. The new normal of COVID- 19, social distancing, has influenced not only consumer behavior towards shopping but also how they pay for things. However, with the government's initiative, local and new businesses like online storefronts utility bills, etc. are embracing digital payments and with that', many digital platforms have seen recoveries. One such platform that has gained enormous popularity is contactless payments.

"Pandemic has created a big opportunity for contactless payments. As awareness about digital payments is spreading pan India , more number of people are actually interested in using contactless payments. They know what contactless payments are, how they work and they prefer to use contactless payments, " Says Rajesh Desai, CEO & MD, Lyra Network .

"While contactless payment is sitting comfortably with consumers, it is crucial for merchants to adapt to such methods, understand them, and cater to the customer needs," he further added.

Today, more than 60% of Indians use mobile and online banking for financial transactions, and many of them want to continue with digital payments in the post-covid world. But still, four out of five payments are done by cash, and one of the main reasons is the lack of internet access. Though there are many external factors directly or indirectly affecting the growth of digital payments like government's initiative, the pandemic, digital awareness campaigns by the payment solution providers, Fintechs, banks, and the government, etc., the mobile penetration and a robust digital payment infrastructure will allow for a continuous expansion in digitalization and digitization.

Many digital payment platforms have seen their all-time high during this pandemic, so as many digital payment solution providers. Lyra as a Fintech is also playing a pivotal role in making India's journey towards the cashless economy.

"Lyra aims to be a 'One stop solution for all payment requisites'. The backend infrastructure is Lyra's key strength and the data centers at Mumbai and Bangalore are backbones. Our technology, ideas, and innovations are our greatest allies, " Rajesh added.

Lyra is working in the digital space providing transaction routing and payment processing solutions for more than a decade. For rural India , where there are connectivity and network issues Lyra is providing a connecting platform called 'Lyra Connect' . With the active partnership with broadband companies, Telcos, several banking business correspondents, Lyra managed services are able to provide secure and stable connectivity and deliver banking and financial services.

Lyra has also introduced secure connections with intelligent platforms for Point Of Sales (POS) terminals with 2G/3G/4G/PSTN (and now Wi-Fi) technology under the fintech industry banner in India . With innovative solutions like Lyra NAC, a secure and powerful server that provides seamless connectivity and fast transaction gateway for payment processing without any glitch, Lyra payment switch, processing, and routing online payments with a higher success rate and faster processing time, Lyra provides efficient transaction services for all sectors.

Businesses are interested in the payment solutions that require much cheaper and less infrastructure to accept online payments. Payment processing industry and payment service providers are launching and researching the products/ services that will change customer service to more on a personal level. For a long time, banks have dominated the finance industry but with the rise of financial institutes, neo banking, and Fintechs, financial services have become more accessible. Now that there is a mobile app for literally everything, all the services are becoming more personalized and customized.

Soon in the future, the payment space will take more advanced and revolutionary routes. We can witness the development of blockchain payments, payments initiated by voice, biometrics and social media accounts, cryptocurrencies, cloud-based payments, AI, ML, IoT enabled payments, and many more innovative methods.

But payment space includes more than just payment methods, in the coming years, there will be interesting development on the side of digital payment solution providers, as they understand their role in the payment value chain and evolve their innovations, infrastructure, security, interoperability with the trends and the government's regulatory regime.

Though due to the uncertainty caused by the pandemic have increased the demand for cash, more people are now shifting towards using contactless payments. In a developing country like India , though financial inclusion has provided an opportunity to adapt to digital payments, the unbanked and underbanked sectors in Indian provide the biggest opportunity for the growth of digital payments. It is safe to say, that for now, due to the pandemic, India's journey to becoming a cashless economy from a cash-based economy is taking a temporary halt at the contactless economy.

About Lyra

Started in 2007, in Mumbai, India , Lyra is established as a leader in securing e-commerce and proximity payments, working in sectors like payment gateway, IP solutions sim solutions, payment switch, merchant plug-in, etc.

Lyra's Key Figures:

Over 10 billion payments secured and transmitted Over 1,20,000 e-merchants Over 14,00,000 POS devices Processing 16 million connections per day SSL certified, EMV 3D2.0 secured and PCI DSS V 3.2.1 compliant services https://lyra.com/in/

WorldRemit and Digicel International Partner to Enable Mobile Wallet Transfers in Pacific Islands

WorldRemit, a leading global digital payments provider and Digicel International, have partnered to enable international money transfers to mobile wallets for customers in Fiji, Samoa, and Tonga.

Globally, customers can now make international transfers via digicelinternational.com to Digicel MyCash mobile wallet accounts in Fiji, Samoa and Tonga. Money is received by the recipient securely into their mobile wallet within minutes, and is ready to spend on what they need by making purchases or transferring money straight from their MyCash wallet.

Digicel International is a digital one-stop-shop providing a suite of services, which enable transactions for people to support their loved ones, bringing them together from all corners of the world shortening the distance between them. This new website and app enables Top Up, Send Money, Bill Pay, and other transactions under one single platform. When customers visit digicelinternational.com, they will be able to send money directly to MyCash wallets, an important feature of the digital ecosystem in the Pacific Islands.

Scott Eddington, WorldRemit’s Managing Director for Asia Pacific, said: “We are proud of our history of helping customers send money back home to friends and family in the Pacific Islands, and this new partnership with Digicel will strengthen our offering and give even more choice to consumers. It couldn’t come at a better time – travel restrictions continue to impact on tourism and the movement of seasonal workers, and COVID-19 has created a step-change shift in consumer behaviour towards digital options such as mobile wallets.”

“Longer term, partnerships like this help us to reduce the costs of remittances to the Pacific, putting more money in the pockets of loved ones back home. It also helps to support our financial inclusion goals, ensuring funds can flow to recipients even where they do not have a traditional banking relationship,” Mr. Eddington said.

Pacific Island countries rely heavily on remittances for basic living expenses, with remittances to Tonga representing around 40 percent of the country’s GDP – the highest proportion in the world according to the World Bank.

According to the International Organization of Migration (IOM)*, there has been a significant shift to digital remittances in the Pacific Islands as lockdown measures in both sending and receiving countries have made it more difficult to send and receive cash remittances.

Christophe Justens, Digicel International’s General Manager says: “Digicel International is excited for this preferred-partnership with WorldRemit. We have been in the airtime remittance, or Top Up, business for many years and we wanted to find a way to provide to our customers the same experience when sending money.”

“We wanted to provide an easy and transparent way for people to send and receive money. With this partnership, we are doing exactly that for all our customers. Bank transfer and money remittance costs remain an issue in the Pacific Islands, end-to-end digital experience like the one we’re providing now via mobile wallets will reduce the cost of remittances significantly for our customers; improving their day-to-day,” Mr. Justens said.

The mobile money transfer service is available through the Digicel International website and App, which can be downloaded via Google Play and the App Store. To send money, customers only have to visit the Digicel International website or open their Digicel International app and chose the “Send Money” option and follow the steps on their screen. After choosing their destination, they will select “Digicel mobile money account” when making their mobile money transfer. Recipients receive the money directly through their Digicel MyCash wallets on their mobile phones.

*Reference: https://weblog.iom.int/now-time-reduce-remittance-costs

About WorldRemit

WorldRemit is a leading global payments company. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online - making them safer, faster and lower-cost. We currently send from 50 to 150 countries, operate in 6,500 money transfer corridors worldwide and employ over 1,100 people worldwide.

On the sending side, WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, UK with a global presence including in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

For more information visit www.worldremit.com.

About Digicel

Digicel International is a digital one-stop-shop that provides a suite of digital services that enable daily transactions for people to support their loved ones wherever they are, bringing them together from all corners of the world.

Digicel International offers digital services such as Top Up, International Calling, Bill Pay, Digital Cards, among others, to strengthen our customers’ ties back home.

Digicel International is part of PRISM Holdings, a financial powerhouse in St. Lucia that partnered with Digicel in 2015. Since then, it has been growing and expanding its range of financial services. PRISM Group has been helping clients turn small ideas into large businesses since 1993.


View source version on businesswire.com: https://www.businesswire.com/news/home/20201124006051/en/

For Asia's 1st Pilot of Biometric Card, Mastercard Team Up with IDEMIA and Singapore's Fintech Firm MatchMove

Mastercard has teamed up with IDEMIA, the global leader in Augmented Identity, and MatchMove, a Singapore-based fintech, on their first pilot in Asia of a biometric card that uses a fingerprint to authorize transactions at in-store payment terminals.

The card, with the product name F.CODE Easy, takes the seamless and intuitive experience of biometric authentication from a smartphone to a smart card. It makes transactions more convenient, safe and secure by eliminating the need for a cardholder to provide a PIN number or signature, thereby reducing touch points in public places.

Developed by IDEMIA in accordance with Mastercard’s technical and design specifications, F.CODE Easy ensures privacy and security by storing all biometric credentials on the card chip rather than a central database. The battery-free card, which harvests energy from payment terminals to power its fingerprint sensor, is designed to be user-friendly and is certified to ISO standards by Mastercard for security and compliance.

MatchMove, a Banking as a Service provider in Singapore, will issue the biometric cards for the pilot in the fourth quarter of this year. The pilot will feature employees of Mastercard, IDEMIA and MatchMove using the cards for transactions and live demonstrations for customers.

“As people make a permanent move to contactless transactions, the biometric card promises more choice and greater security for consumers,” said Matthew Driver, Executive Vice President, Services, Asia Pacific, Mastercard. “With Mastercard’s focus on digital commerce, this solution is a testament to the innovative partnerships Mastercard cultivates and its mission to provide fast, frictionless payment experiences that are protected at every point."

The shift to touch-free transactions is underway globally as almost six in 10 consumers say the move to digital payments is likely to last and nearly half plan to use cash less often even after the COVID-19 pandemic passes, according to a Mastercard study in multiple markets around the world. In Asia Pacific, a large majority – 71% in Australia, 77% in India, 73% in China and 62% in Japan – believe the shift to contactless payments is here to stay.

To support the onboarding process for F.CODE Easy, IDEMIA will provide a full set of services to MatchMove that allow users to enroll in their own homes for maximum convenience.

“We are proud to celebrate this milestone on our journey to shaping the future of payments into one powered by biometrics,” said Vincent Mouret, Senior Vice President of Financial Institutions Asia Pacific at IDEMIA. “We are delighted to partner with Mastercard and MatchMove to launch F.CODE Easy in Asia and we look forward to continuing to work together to provide end-to-end security for fintechs."

MatchMove, which aims to democratize essential financial services using advanced cloud and mobile technologies, is one of 21 applicants for Singapore’s digital banking licenses.

“We are excited to partner with IDEMIA and Mastercard to pioneer cutting-edge solutions that empower our customers to make safe and secure payments,” said Amar Abrol, Chief Commercial Officer at MatchMove. “By leveraging F.CODE Easy, we can enable multiple use cases for our clients who in turn create greater value and utility for their customers, employees, suppliers and partners. We look forward to working together and introducing new innovative solutions to the market.”


About Mastercard (NYSE:MA), www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

About IDEMIA

IDEMIA, the global leader in Augmented Identity, provides a trusted environment enabling citizens and consumers alike to perform their daily critical activities (such as pay, connect and travel), in the physical as well as digital space. Securing our identity has become mission critical in the world we live in today. By standing for Augmented Identity, an identity that ensures privacy and trust and guarantees secure, authenticated and verifiable transactions, we reinvent the way we think, produce, use and protect one of our greatest assets – our identity – whether for individuals or for objects, whenever and wherever security matters. We provide Augmented Identity for international clients from Financial, Telecom, Identity, Public Security and IoT sectors. With close to 15,000 employees around the world, IDEMIA serves clients in 180 countries. For more information, visit www.idemia.com / Follow @IdemiaGroup on Twitter.

About MatchMove

MatchMove, which is regulated by the Monetary Authority of Singapore, is one of the world’s fastest growing and most disruptive fintech companies in digital payments and next-generation banking. MatchMove’s proprietary Banking Wallet OS™ enables 'Banking-As-A-Service' and the capabilities of Spend.Send.Lend™ within any app. The platform empowers businesses and their customers to Spend both online and offline easily and safely, via instantly issued prepaid cards on major card networks. Its Send capabilities include P2P domestic transfers, cross-border remittances, P2M and mass disbursements to global recipients. MatchMove’s platform further extends to Lend, where credit scores are assigned based on customers’ spending and sending patterns to offer customised lending solutions. MatchMove’s solutions help enterprise clients digitise payments and give the financially underserved segments the empowerment to move their money anytime and anywhere. For more information, please visit www.matchmove.com.

Mosambee Receives India’s 1st Certification for Contact and Contactless Card Payment Transactions on Smartphones and Tablets

Business Wire India UL, a global safety science company, announced that Mosambee, a payment solution company, is the first company in India to have their software-based personal identification number (PIN) entry product, commonly known as PIN on Glass, certified for compliance with the Payment Card Industry (PCI) standard. PCI allows for contact and contactless card transactions with PIN entry on merchants’ mobile devices, such as smartphones and tablets, using a secure PIN entry application. In earlier point of sale (PoS) solutions, the PIN was entered on the payment terminals only. Mosambee’s solution supports all payment schemes including RuPay, Visa and Mastercard. This ‘Made in India’ solution will be a plug-and-play option for many of the banks and acquirers already connected to Mosambee. Ensuring product compliance following certification may help to fuel opportunities for businesses and institutions to expand and accept payments. It also helps enable small businesses to compete more effectively while enhancing overall customer service.

Commenting on the certification of the new solution, Mr. Sameer Chugh, Co-Founder of Mosambee, said, “The certification strengthens security and builds trust in digital payments acceptance on smartphones and tablets. The PIN on Glass solution allows a merchant to now download an acquirer application from the Android or iOS app stores instead of focusing on hardware terminals. With its rich experience in the payments industry, UL was an instrumental advisor in our commercial off-the-shelf (COTS) device from a concept to product launch.”

A wide network of subject matter experts from various geographies at UL’s PCI SSC recognized laboratories performed the PCI Security Standards Council’s (SSC) Software-Based PIN Entry on COTS (SPoC) testing requirements for the Mosambee solution.

Mr. Suresh Sugavanam, Vice President and Managing Director of South Asia and Sub-Saharan Africa at UL, said, “We are proud that this certification enables India’s vision of a cash-lite society through expansion of payment acceptance infrastructure in India. The PCI certification helps local companies to develop innovative and smart payment devices and build trust in the security of payments. At UL, we continue to focus on building best-in-class testing platforms and compliance solutions to help bring more secure digital payment products to the market.”

FSS and Airpay to Onboard MSMEs Onto Digital Payments

FSS (Financial Software and Systems), a globally leading provider of payment products and a payment processor and Airpay, a leading omnichannel financial services platform, announced a strategic collaboration to accelerate electronic payments acceptance by micro, small, and medium-sized enterprises (MSMEs). The alliance is a part of the company’s global strategy to bring banks and payment aggregators onto FSS Embark – its omni-channel acquirer platform - to build an inclusive digital payment services ecosystem that efficiently caters to the MSME segment.

Access to cost-efficient digital payments is a fundamental need for businesses today. MSMEs, however, remain underserved due to the diverse and fragmented nature of the market segment as well low profitability in relation to costs of acquiring and servicing these merchants. Under the umbrella of this partnership, FSS and Airpay bring complementary strengths to improve MSME access to digital services. Airpay would be responsible for first-mile enablement – for acquiring, onboarding, technology enablement and providing ongoing support to MSMEs – whilst FSS would be responsible for last-mile single window transaction processing.

Speaking on the alliance, Krishnan Srinivasan, Global Chief Revenue Officer, FSS said: “The COVID-19 pandemic has made digital the new normal and the ability to participate in digital commerce is crucial for MSME survival and growth. We are excited to partner with Airpay for FSS Embark to bring reliable digital payment services to MSMEs. The collaboration helps us gain immediate access to an extensive MSME network and we would benefit from Airpay’s strong technology tools and merchant support network on the field, enabling us to rapidly scale our footprint.”

Speaking on the partnership, Kunal Jhunjhunwala CEO, Airpay, said: “MSMEs are at the heart of India’s economy, and are the hardest hit by the pandemic, as they lack, technology and tools that will help them sell in the digital marketplace. Our partnership with FSS helps make the entire transaction processing more reliable and efficient. It would enable us to expand services to a large base of merchants by offering them a range of innovative digital payment acceptance services -- online, instore and mobile -- to participate and compete in a digital-first economy.”

MSMEs represent 90 per cent of businesses in India and play a crucial role in India’s economy --contributing 30 per cent to the county’s total GDP and employing an approximate 28 per cent of the country’s workforce. A B2B omni-channel acquiring service, FSS Embark partners with banks and merchant aggregators and helps them leverage its reliable, and scalable technology platform to transform the economics of servicing MSMEs. 

London-based Fintech Firm Sokin Enters India with Razorpay Partnership

Sokin, the new generation fintech payment firm, has signalled its intention to become a market leader in India, as it inks a significant deal with Razorpay, the leading full stack financial solutions company to enter the Indian market.

Sokin will work with the RazorpayX, the fintech giant's Neobanking arm, to provide its clients with a fully operational business banking service including current accounts which can be seamlessly integrated with Sokin's simple app, or online-based platform, which allows multiple international transfers with no hidden costs, all for a fixed monthly fee.

Vroon Modgill, CEO at Sokin, knows the link with RazorpayX will offer significant cost savings for Indian nationals and businesses based around the world. He commented: "The remittance and transfer market into India is very important. The deal we have signed, for the first time, will allow anyone to send money home with no additional or recurring hidden costs. We offer users monthly one off subscription fees to enable money transfers from over 150 countries and in more than 35 different currencies, without adding repeat costs or marking-up exchange rates. Through this partnership with Razorpay, the service will now be available for everyone in the Indian market to use."

The Sokin and Razorpay payment gateway will give clients a fast, secure and compliant way to move money back into their home country. It is the first partnership between Razorpay and a European based payments company, which will help millions of people who have family members working overseas.

Shashank Kumar, CTO and Co-founder of Razorpay said, "The Indian payments and money transfer market is undergoing significant change driven by innovation and fintech investment, which is improving the services and products available to customers. The Indian FinTech sector is at its exciting best right now and we are very excited about developing this relationship with Sokin at such a ripe time. With our association with Sokin, we hope to together make real-time, intelligent business banking solutions accessible to the businesses and people living overseas who will be able to save money and time when making remittances."

Sokin allows users to make unlimited payments and transfers for one low monthly fee, starting as low as INR 499. There is no mark-up on transactions and average prices are 20% lower than other existing payment solutions. Fast and secure payments are made through Sokins app covering a range of business and consumer clients.

For more information, please go to www.sokin.net.

About Sokin

Sokin is a next generation financial service provider which enables global payments for both consumers and businesses. Sokin believes in giving consumers the power to make payments and transfer money as many times as they want per month for one fee. Whether it's sending money back home or transfers to friends or even settling with businesses using Sokin is quick and easy.

The current options for transferring money internationally are often complicated and expensive, with often a lack of transparency in the fees being paid. Sokin's transparent fixed monthly cost, with no hidden charges, allows users to make payments in over 200 countries and exchange money in over 150 countries in more than 35 different currencies.

The Sokin app is available to download and customers can sign up to receive service updates.

About Razorpay Software Private Limited

Razorpay, a full-stack financial services company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 1Mn+ businesses. Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley's largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Sequoia India, Ribbit Capital, Matrix Partners, Y Combinator and MasterCard have invested a total of $106.5 Mn through Series A, B and C funding. Around 33 angel investors have invested in Razorpay's mission to simplify payments and banking and redefine how finance works in India.

Paytm Payment Gateway partners with StockHolding Corporation of India Limited

India’s largest payment gateway, Paytm PG has entered into a partnership with StockHolding Corporation of India Limited (StockHolding) to provide payment gateway services. With this, Paytm PG will facilitate seamless transactions on StockHolding's website and app for its over 5 crore customers. In addition to this, StockHolding users will also be able to access depository services on their Paytm app.

With a network of over 200 branches, StockHolding is one of India’s largest Depository Participant and provider of Custodial Services. A pioneer of Demat services in the country, it manages over Rs 38 lakh crores in AUC (Assets Under Custody). Now onwards, all transactions done on the platform will be channeled through Paytm PG.

Abhay Sharma, Sr. Vice President - Paytm said, "We are happy to partner with StockHolding, which is one of India’s premier financial services provider to both corporates & individuals. With our technology-driven innovative payment gateway, we will enable ease of operations for StockHolding Clients, thereby moving towards a more efficient and digital way of managing their financial transactions."

StockHolding spokesperson said, "We are happy to partner with Paytm which is one of the leading fintech in India with a technology-driven innovative platform. We are the first Depository Participant offering DP Bill Payment facility through the Paytm application. This will definitely improve the ease of operations for clients."

Paytm Payment Gateway is a leader in India with over 50% market share and processes over 400 million monthly transactions. This includes transactions through cards, UPI, wallets, and net banking. With more than a million merchant partners, it offers several unique services, such as Payouts & Recurring payments, OTP less card payments, instant refunds and pre-authorization flow that addresses the needs of both B2B and B2C companies.    

Advancing Contactless Payments: Infineon and Fingerprint Cards Join Forces to Drive Mass Deployment of Biometric Cards

Biometric payment cards with integrated fingerprint sensor make contactless payments more convenient, more secure and hygienic. The contactless card remains in the hands of the cardholder throughout the entire payment transaction, while eliminating the need for PIN entries or signatures to authorize even high-value payments. Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) and Fingerprint Cards AB (Fingerprints™, STO: FING-B) have joined forces to enable mass deployment of this emerging solution.

The world leaders for security controller in contactless payment and for fingerprint sensors incl. their related software aim to provide card makers with biometric semiconductor solutions which make integration particularly cost-efficient and scalable. The fingerprint information is stored on the card’s embedded secure element and not shared with any third party, thus protecting the user’s credentials.

“Authorizing payments without handing over the card is a huge step forward in terms of user experience, data security and hygiene. We selected Fingerprints as they are the leading biometric silicon and technology provider with market proven performance. Jointly, we want to drive the industrialization of biometric payment cards from a niche into mass market rollout,” said Bjoern Scharfen, Head of the Payment and Transport Ticketing product line at Infineon. “Combining Fingerprints’ leading biometric technology with our expertise in chip security, energy efficiency and contactless performance, we will develop a system solution that is easy to integrate and gives our customers a head start in an emerging growth market.”

“Collaboration is key in the payment ecosystem, in which Infineon is a leading player. Together we will produce an optimized solution that will make it easier for card manufacturers to integrate biometrics into future generations of contactless payment cards, ultimately putting these cards into the hands of consumers around the world to enable a worry-free payment experience,” says Michel Roig, SVP Business Line Payments & Access at Fingerprints.

Fingerprints’ sensor modules, combined with Infineon’s 40 nm high-performance and energy-efficient security controllers based on the 32-bit ARM® SecurCore® SC300™, fully support the requirements of biometric payment cards. They enable:

• Secured matching of the fingerprint image within the security controller where the private data is securely stored


• Excellent contactless performance despite the increased power required


• Convenient and reliable enrollment of sensitive biometric data in the card

Almost every second payment card with a chip worldwide has an Infineon security controller at its core Infineon also supplied chip solutions for major biometric card projects and pilots in 2020. For further information about Infineon’s payment security controllers, please go to www.infineon.com/payment

Further information about Fingerprints’ solutions for payment device manufacturers is available at https://www.fingerprints.com/solutions/payments/device-manufacturers/

Razorpay Launches Payment Buttons for SMEs - Now Integrate Payment Gateway in Less than 5 Mins, No Developer Support Needed

Empowering Startups to accept payments on their own website, Razorpay, the leading full-stack financial services company, today launched Payment Buttons. Payment button enables businesses and freelancers to add a single line of code on their website or blog and go live with an integrated payment gateway, in less than 5 minutes.

Amid salary cuts, layoffs and downsizing of businesses in this COVID-era, a new set of micro-entrepreneurs - including freelancers and individual-run businesses are on the rise. In the last 5 months of the lockdown, Razorpay witnessed a 30% month-on-month growth in payments from micro-entrepreneurs. Having spoken to over 200 Startups & Freelancers during Covid, Razorpay found that this underserved business community needs a customised payment solution which is easy and fast to implement, requiring no technology expertise or dependence on third party vendors for receiving payments. This led to the launch of Razorpay Payment Buttons - a platform which converts the capabilities of a full-stack payment gateway into a payment button, requiring no developer support and giving end-users a simple, fast and secure checkout experience.

In addition, Razorpay's Payment Buttons will enable new growth avenues for the micro-entrepreneur community by supporting 100+ currencies for international payments. The product helps businesses to send automated receipts to customers without any manual intervention and is compatible with leading website builders and content management tools.

Commenting on the launch, Shashank Kumar CTO & Co-founder of Razorpay said, "The current situation has got all businesses feeling the pain to varying degrees, but it's independent businesses that are hurting the most. At Razorpay, one of our immediate priorities is to help Startups and freelancers weather this storm with intelligent payment solutions to build a more resilient business. Solutions such as Payment Buttons empower startups and freelancers to focus on their business and their customers and not worry about having a digital presence and accepting money without integrating a payment gateway. We want to be their growth partner especially in these tough times and so we will continue to deliver new and compelling payment solutions that will meet the increasing digital, 24x7 demands of businesses and their customers. We're excited to see businesses, freelancers and homepreneurs leverage this solution and scale their business in India and across the globe. We predict a 10x growth in demand for Payment Buttons by the end of 2020."

Deepak Kanakaraju, Founder and CEO of DigitalDeepak and PixekTrack said, "It took less than 5 minutes to add a button on our website. Since then we have seen a definite upswing in our conversion numbers. Having a digital presence is more important than ever, I believe micro-entrepreneurs and everyone who is starting their own business will definitely stand to reap the benefits of a product like Payment Buttons."

Razorpay's Payment Buttons provide businesses the flexibility of accepting payments for multiple products, services and events with different price ranges - all through a single button. The company hopes to help businesses save time, money, and resources by integrating this product.

About Razorpay Software Private Limited

Razorpay, a full-stack financial services company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 1Mn+ businesses. Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley's largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Sequoia India, Ribbit Capital, Matrix Partners, Y Combinator and MasterCard have invested a total of $106.5 Mn through Series A, B and C funding. Around 33 angel investors have invested in Razorpay's mission to simplify payments and banking and redefine how finance works in India.