All posts tagged: digital payments

Paytm CEO Vijay Shekhar Sharma Declares End of Cash Burn Ahead of Firm’s Plans to Turn Cash Flow Positive

Paytm said on Wednesday that going ahead there will be no more cash burn in the business and that the SoftBank-backed digital payments firm was far ahead on re-setting its ambition on controlling spends. “It has got decided last month that it (cash burn) would no more be continuing. As far as Paytm is concerned, we have publicly declared that we are far ahead of our ambitions — far meaning the border of magnitude ahead — in terms of re-setting our cash burns” founder Vijay Shekhar Sharma said at newspaper Business Standard’s annual banking event. In November, Paytm said it would become free cash flow positive in the next 12-18 months. Paytm had net cash, cash equivalents and investable balance of Rs. 9,182 crore at the end of September, according to its latest quarterly earnings report. CLSA had also upgraded Paytm last month saying that cash burn could end in another four to six quarters. Formally known as One97 Communications, Paytm listed last year after a mega USD 2.5 billion (roughly Rs 20,000 crore) initial public …

Google Pay Will Now Warn Users About Fraudulent, Suspicious Transactions: Details

Google Pay has announced the introduction of new fraud detection techniques to make digital payments more secure for users in India. The tech giant announced the new security features for its UPI-based payment app at its Google for India event on Monday. This will alert users of any suspicious activities on their accounts by using multi-layered warnings. It has also introduced several other useful features aimed at users in the country, including a major update to the Files by Google app that will let users access their Digilocker documents securely on Android devices. The feature was explained by Google in a blog post after the live event. The company says that it is using machine learning to detect fraudulent transactions on Google Pay. The company says that the app will use advanced methods to analyze the aggregate transaction patterns of millions of users and flag fraudulent activities or suspicious payment requests. It will flash a warning to notify users in their most preferred language. In some cases, the app will also vibrate to get users’ …

UPI, Digital Transactions: Government Extends Deadline to Implement 30 Percent Cap

The National Payments Corporation of India (NPCI) on Friday extended the deadline for third party UPI players to meet its 30 percent volume cap in digital payment transactions by two years to end-December 2024. The decision may provide a relief to third party app providers (TPAP) like Google Pay and Walmart‘s PhonePe which have a majority share in UPI-based transactions. NPCI runs the Unified Payments Interface (UPI) used for real-time payments between peers or at merchants’ end while making purchases. In November 2020, NPCI had announced to limit a single third party app to handle only 30 percent of overall UPI transaction volumes. The cap was to come in force from January 1, 2021. However, the TPAPs (live on November 5, 2020) which were exceeding the cap were given a period of two years to comply with the norms in a phased manner. “Taking into account the present usage and future potential of UPI, and other relevant factors, the timelines for compliance of existing TPAPs who are exceeding the volume cap, is extended by two …