Spice Money: Industry Monitoring 03 April 2019
- Priyanka Kanodia
- Apr 4, 2019
- 5 min read
Spice Money
Industry News
Indiabulls Consumer Finance invests Rs 46 cr in digital payments firm Transerv
Publication- ET Tech
Edition- Online
Date- 03 April, 2019
Indiabulls Consumer Finance invests Rs 46 cr in digital payments firm Transerv Indiabulls Consumer Finance which is a wholly-owned subsidiary of Indiabulls Ventures has invested Rs 46 crore to acquire 42% stake in digital payments and mobile wallet entity Transerv. Transerv offers mobile payments solutions under the brand name of Udio. In a notification to the stock exchanges on March 20, Indiabulls said that they had issued a share purchase agreement to acquire 42% in Transerv on a fully diluted basis in one or more tranches. In the reporting to the exchanges, Indiabulls said that the acquisition will help them offer payments and lending services to the customers of its consumer finance business and the acquisition was set to be completed by March 29.
Transerv which is a prepaid payments licence holder from the Reserve Bank of India offered a payment solution in partnership with banks for corporate and merchant entities. Started in 2010, Transerv was founded by Anish Williams and Sandeep Ghule and other senior banking executives who quit their jobs to plunge into the fintech startup world. While Williams himself was a top executive with Citibank, Ghule was with HSBC Bank. Further its entire leadership team comprised bankers with years of experience in credit and retail banking across top organisations.
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E-payments account for 25% of toll collection in India: NPCI
Publication- The Times of India
Edition- Online
Date- 03 April, 2019
National Payments Corporation of India (NPCI) on Tuesday said that e-toll collection via Fastags now accounts for 25% of total toll collected in India, and it hopes to increase this number to 50%. From average daily transactions of 30,000 in January 2017, NPCI said their system - National Electronic Toll Collection (NETC) - handles 8.62 lakh transactions daily. NPCI said it is working towards getting state and city toll plazas to accept Fastags, apart from the national highways toll network of 496 plus tolls points.
For NPCI, one of the challenges has been increasing user adoption of its RFID tags for toll payment. From a handful of banks, today 22 banks have issued 4.6 million Fastags.
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Mobile Payment Solution Startup Mswipe Raises $30M in Series E Round
Publication- Business World
Edition- Online
Date- 03 April, 2019
Mswipe Technologies Private Limited, India's largest independent merchant acquirer and Point of Sale (POS) network provider, announced today that it has raised $30 million in a series E round of funding. Currently, the company has well over 400,000 merchants on its platform. Apart from expanding its existing line of mPOS hardware terminals, the company has expanded its offering with smart POS terminals and UPI QR codes. A bulk of the Series E round of $30 million from existing investors Falcon Edge, B Capital, Epiq Capital and DSG Growth Partners will be deployed towards new initiatives. Matrix Partners India continues to stay invested in the company. Manish Patel, founder and CEO, Mswipe said, “2019 marks our move into the next orbit of growth. We expect to be serving well over a million merchants by this time next year, making us one of the largest and most capital efficient merchant acquirers in the country. Also, on the anvil are tech powered products that will add significant value to merchants including an app-based ecosystem to help our merchant partners beyond payments. We are big believers in offering merchants access to a merchant-friendly cost-effective open ecosystem.”
Mswipe will drive widespread adoption of Mswipe’s smartPOS - WisePOS PlusTM. The terminals run on the Android OS, enabling retailers to run multiple applications on them, including billing, inventory management and supply chain along with integrated payments. While the deployment of WisePOS has already begun, Mswipe will be offering applications from over 30 of India’s top software developers for small retailers, on the WisePOS platform.
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NPCI cuts UPI usage fees for transactions up to Rs 1,000 by 60%
Publication- Times Now News
Edition- Online
Date- 03 April, 2019
In order to promote wider adoption of Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) has slashed the usage fees for transactions up to Rs 1,000 by 60%. According to a report in the Economic Times, charges for UPI transactions up to Rs 1,000 have been cut to 10 paise from 25 paise earlier. However, the fee for transactions above Rs 1,000 has been retained at 50 paise. The payments body has also brought down charges on incentive payments to the same rate as normal transactions under a fixed price regime of 10 paise to encourage such promotions by banks and digital wallets. Banks or payment service providers (PSPs) pay a fee to NCPI when they provide cashbacks to users for using the UPI platform. This charge is called incentive payment.
According to the ET report, NPCI has also slashed charges on merchant transactions through UPI. In place of a transaction fee of 25 paise for transactions up to Rs 1,000 and 50 paise beyond that, NPCI has introduced a flat charge of 10 paise along with ad-valorem levy of 0.04% split between the acquiring bank and the issuing bank.
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Designing payments for Indian users
Publication- Factor Daily
Edition- Online
Date- 03 April, 2019
Let’s start with a simple question. What was the last meal that you had? How did you choose a dish instead of another?
If you are like me, you would have painfully scrolled through an endless list of restaurants and dishes on an app before finding the one for the day. If you were lucky, you’d have had your meal cooked by someone you love. Every day we make thousands of choices subconsciously. Some of them are active choices but most of them are implicit defaults.
Every choice that we make is influenced by someone who has made a conscious decision to communicate the options in a certain manner. Think about it.
Choice architect
A choice architect has the responsibility for organizing the environment in which people make decisions. In short, all designers are choice architects. The responsibility of a choice architect
Every choice architect has an immense responsibility because they influence decisions made by others. They are expected to create those choices that are in the interest of the end user. Every insignificant detail can have major impact on people’s behavior. A good rule to be able to do this job well is to assume that ‘everything matters’.
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NPCI Reduces UPI Transaction Charges For Increased Adoption
Publication- Factor Daily
Edition- Online
Date- 03 April, 2019
For small value transactions, the NPCI which operates the UPI framework has slashed usage fees such that its adoption increases among payment service providers (PSPs) and banks. Transactions that value up to Rs. 1000 will attract 10 paise as against earlier 25 paise, while for those valued higher of Rs. 1000, the charges gave been retained at 50 paise. NPCI Reduces UPI Transaction Charges For Increased Adoption The move is aimed at increasing the popularity of the UPI platform.
NPCI also charges incentive payments at the same rate as normal transactions are also brought under the ambit of 10 paise for promotions by PSPs and banks. Incentive payments are the charges PSPs and banks pay NPCI at the time of crediting cashbacks in the customer's bank account. Also, a cut has been made in respect of merchant transactions meted out via UPI. , NPCI has introduced a flat charge of 10 paise along with an ad-valorem levy of 0.04% split between the acquiring bank and the issuing bank, said the note that the retail payments body sent to service providers.
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