Spice Money: Industry Monitoring 06 March 2019
- Priyanka Kanodia
- Mar 6, 2019
- 3 min read
Spice Money
Industry News
Reshaping India’s Payment Landscape – Cash and Digital
Publication- Times Now News
Edition- Online
Date- 06 March, 2019
India, many concur, is a country of paradoxes. This holds true even when one looks at the financial sector. While young millennials are fast adopting online payment options, at one end of the spectrum, an enormous section of India’s population doesn’t operate a bank account. In this scenario, many were sceptical of India’s ability to open up to the process of greater digitalisation of the economy, but times are changing. There is evidently a transformation in the way people transact and access money, not just in urban India but in rural pockets as well.
So, what’s really changing and how is this being brought about? Two factors - the first is government’s single-minded focus and unwavering will to ensure social transformation at the grassroots. Post demonetisation, and the government’s decisive push towards digital transactions, there has been a noticeable shift in the adoption of cashless transactions.
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PayMate gets Visa to expand regional B2B payments solution platform in 92 countries
Publication- Zee Business
Edition- Online
Date- 06 March, 2019
Visa — the global leader in digital payments — and PayMate, a leader in India’s Business-to-Business (B2B) payments landscape, announced an expanded collaboration to provide Visa’s issuing financial institution clients in the Central and Eastern Europe, Middle East and Africa (CEMEA) region with access to PayMate’s proprietary payment platform for their corporate customers’ payments needs. Commenting on the development Rakesh Khanna, Vice President, Head of Visa Business Solutions, CEMEA Visa adds, “Visa has a significant focus on digitization of B2B payments and we are teaming up with companies like PayMate to help simplify payables and receivables processes for businesses of all sizes.
Our initial foray with PayMate in India resulted in a large number of Enterprises and SMBs making payments using Visa commercial cards across industry verticals, contributing to significant B2B payment volume growth in the country. We are keen to extend this alliance to enable our financial institution clients in CEMEA to streamline the B2B payments process for their corporate customers. At the same time, we are introducing secure, fast and efficient digital payments to the sellers to help optimize their cash flows.”
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Blu Smart Mobility likely to ink pact with JioMoney for data services
Publication- Afaqs
Edition- Online
Date- 06 March, 2019
Gurugram-based electric transport start-up Blu Smart Mobility is in talks with JioMoney, the digital wallet of the RIL group, and Reliance Jio, for data services across its offerings. Backed by Gensol, one of the largest solar energy service players, Blu Smart launched operations earlier this year, with a fleet of 100 Mahindra eVeritos. It is in talks with Coke to offer its seamless transportation solutions. The company also has a partnership with PayTM for online cashless payments in the National Capital Region (NCR) market. Through a tie-up with Jio, it wants to provide content, entertainment, and WiFi to its clients.
"Jio and PayTM are promoting a cashless economy and we share the same vision with them. All of Blu Smart's 100 cars in the NCR are powered by PayTM cashless payment services," said Punit Goyal, co-founder, Blu Smart. Goyal said they were accelerating the adoption of shared mobility, electric sustainable mobility, seamless cashless payments, and high customer engagement by providing on-demand content and WiFi services in cars.
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