ETtech’s Post

🔚💸German banks are reportedly deciding to shut down paydirekt GmbH /Giropay and support the European Payments Initiative (EPI). 📌Find out more about this by reading The Paypers ⬇️ https://lnkd.in/eWUmaq6Q #thepaypers #payments #openbanking #banks #epi #wero #digitalwallet #mobilepayments #onlinepayments #digitalpayments

Simple explanation of what went wrong and why with #paytm https://lnkd.in/gdMvzeAH

Forget users, will be interesting to see how many small businesses, merchants, street vendors, and gig workers will accept UPI payments if and when a fee is introduced. "Seven out of 10 UPI users said they will stop using the application if transaction fees are levied on the same, said a survey of 34,000 respondents by Local Circles, a pollster on governance and public issues. UPI recorded a transaction value of over ₹16 lakh crore in February 2024, up from over ₹12 lakh crore in February last year, according to data from the National Payments Corporation of India (NPCI). The most common example of a transaction fee is the ₹20 fee by IRCTC for UPI payments. Fintech companies urged finance minister Nirmala Sitharaman to raise issues about implementing a merchant discount rate (MDR) in UPI transactions. "The MDR on UPI payments has been a long standing demand from the fintech industry, asserting they don't generate revenue from such transactions. MDR is the rate charged to a merchant for payment processing services on various payment instruments", said the report. The Reserve Bank of India released a discussion paper in August 2022 on a tiered structure charge on UPI payments based on different amount bands. The finance ministry later clarified that there was no proposal to levy convenience fees for UPI transactions. "Several other payment gateways have also been reported to be charging a transaction fee for UPI transactions from merchants, some of who end up passing the same to the consumer," the report said." https://lnkd.in/g7hM5evH

The fall of BNPL was primarily due to the 3 major reasons 1. Lending companies started increasing the credit limit of an unsecured loan with minimum or no kyc of the borrower which led to increased usage and increased defaults. 2. Fintechs using Borrower’s consent to secure Term or Line of credits in Borrower’s name from lending institutions without Borrower’s knowledge which led to consumer distrust in the system. 3.Lack of regulatory framework which led too many of competitors on the small space and ticket size. #bnpl #fintech #theecode

How #Digital #Payments Can Take A Global Business To A Local Level #banking #fintech #financialservices #digitaltransformation https://lnkd.in/erdNekJc

And the #payments innovations keep coming! Take a look at some more trend that we predict will shape the year ahead. What other trends are you noticing in the payments landscape? https://bit.ly/3udLuNd

PB Fintech's plan to create a new subsidiary called 'PB Pay Private Limited'. This subsidiary will function as a payment aggregator, which means it will help businesses accept payments from customers through various methods, both offline and online. PB Fintech is the parent company of Policybazaar.com , and they are setting up this new arm to expand into the payment services sector. They will apply for a license from the Reserve Bank of India (RBI) to operate legally. Once they have this license, they can start providing payment services to merchants. Here's a simplified breakdown of the key points: - PB Fintech: The company behind PolicyBazaar. - New Subsidiary: 'PB Pay Private Limited' is the name of the new arm. - Payment Aggregator: A service that allows businesses to accept payments in various forms. - RBI License: They need approval from the RBI to start their operations. - Capital: They plan to set up the subsidiary with an authorized share capital of INR 50 Crore and a paid-up share capital of INR 27 Crore⁴. This move is significant because it shows PB Fintech's interest in entering a new market within the financial sector, potentially offering more options for businesses and consumers in terms of payment solutions.

Why Speed Is Paramount in Payments: How Adyen Integrated with the Bank of England in Record Time Read the full blog:  https://lnkd.in/dNzkXEyH #Fintech #Finance #FinancialIT #Payments #Integration #payments #moneyflow

As the new year begins, the global demand for faster, streamlined transactions continues to fuel the expansion of real-time payments worldwide. #payments #realtimepayments https://lnkd.in/gsAmBzgi

💼FM Sitharaman to Reassure Fintechs Amid Paytm Payments Bank Crisis. 🔍Summary: - Finance Minister Nirmala Sitharaman is set to meet heads of fintech startups on February 26 to reassure them that the fintech sector remains a government priority. - The meeting, attended by an RBI deputy governor and officials from the Ministry of Finance, Ministry of Information Technology, and DPIIT, aims to address concerns within the fintech ecosystem following the RBI's restrictions on Paytm Payments Bank. - The government seeks to convey that regulatory actions against Paytm are specific to the company's non-compliances and not indicative of a shift in priorities for the entire fintech sector. 💡Key Points: - The RBI imposed restrictions on Paytm Payments Bank on January 31, prohibiting it from undertaking deposits, credit transactions, top-ups, and various banking services after February 29 due to non-compliance issues. - The meeting with fintech heads is intended to understand their concerns and provide reassurance amid uncertainties arising from regulatory actions. - The government aims to signal that the RBI's action against Paytm is specific to the company's actions and compliance issues, emphasizing the continued importance of the fintech sector. - Several entrepreneurs, including leaders from CapitalMind, Innov8, Bharat Matrimony, PB Fintech, and MakeMyTrip, wrote to the Prime Minister, Finance Minister, and RBI governor, urging a review and reconsideration of the regulatory directive. - RBI Governor Shaktikanta Das mentioned that there was "hardly any room" to review the action against Paytm, but the deadline for business restrictions was extended to March 15 from February 29. 🚀Implications: - The government's engagement with fintech leaders demonstrates an effort to address concerns and maintain confidence in the fintech ecosystem despite regulatory actions against a specific company. - Reassurance from the Finance Minister signifies a commitment to the overall growth and stability of the fintech sector, assuring stakeholders that regulatory actions are context-specific. - Fintech leaders' dialogue with the government suggests a collaborative approach, seeking to understand regulatory perspectives and express concerns for a constructive resolution. - The outcome of the meeting may influence perceptions within the fintech ecosystem and impact future regulatory interactions, emphasizing the importance of transparent communication between authorities and industry stakeholders. #Fintech #Paytm #Regulation #FinanceMinister #StartUpNews #BusinessNews #MicroShots #NewsUpdates