Mastercard has announced a new partnership with payment facilitator Razorpay to help small and micro merchants in India more easily move to digital payments.
Mastercard has announced a new partnership with payment facilitator Razorpay to help small and micro merchants in India more easily move to digital payments.
Two years after launching its payments app in India, Google has reached $110 billion in annual payments volume there and is asserting its dominance in the space.
Efforts by the Indian government to shore up the security of digital transactions have boosted consumer confidence and – as a result –adoption, according to the Reserve Bank of India (RBI). But the country’s central bank has identified its next significant barrier to growing access to digital transactions: low internet connectivity.
The Reserve Bank of India issued new requirements last week mandating that payment companies with QR code-based payment solutions use interoperable codes, ensuring that the same code can be used by different payment applications.
The growth of digital payments has led to non-bank entities stepping deeper into financial services. But at least one authority has demonstrated that it will tighten requirements on these non-traditional entities if needed, based on how they’re conducting their financial services business.
The coronavirus pandemic may be changing how retailers in India view digital payments. Payment providers are seeing an increase in merchants who are willing to talk about implementing contactless payment methods. Payment facilitators are among the fintech companies who have responded with innovative offerings to help small businesses.
In an effort to continue promoting digital as the preferred method of payment, the Indian government is looking to mandate QR-based payment options at all shops and establishments operating beyond a pre-determined threshold.
India’s homegrown payments provider Paytm announced this week that it’s launching a subscription-based loyalty service called Paytm First.
Despite last-minute intervention by U.S. senators, India’s government has stood by its requirement for payments firms to store data within the country’s borders by this week’s deadline.
The growth of digital payments has led to non-bank entities stepping deeper into financial services. But at least one authority has demonstrated that it will tighten requirements on these non-traditional entities if needed, based on how they’re conducting their financial services business.
Mastercard has announced a new partnership with payment facilitator Razorpay to help small and micro merchants in India more easily move to digital payments.
