Spice Money: Industry Monitoring 09 to 11 March 2019
- Priyanka Kanodia
- Mar 18, 2019
- 3 min read
Spice Money
Industry News
In the age of cashless shopping and digital payments, Philadelphia mandates stores to accept cash payments
Publication- Times Now News
Edition- Online
Date- 09 March, 2019
In the age of cashless shopping and digital payments, Philadelphia mayor Jim Kenney thinks otherwise. The mayor has signed a new bill requiring stores to accept cash. The bill, effective from July 1, represents the first time a major US city is introducing a law mandating businesses to accept cash, Mashable reported. The bill seeks to address the concerns around discrimination and privacy. Philadelphia city councilman William Greenlee, who introduced the bill, said that most of the people who don't have credit tend to be lower income, minority or immigrants, and it is a form of discrimination by businesses against them when not accepting cash.
On one hand, digital payment is a convenient method to pay for goods and services. On the other hand, there is an ever growing threat to security with the mounting data breaches and targeted ads leading to mindless purchases.
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Post Visa tie-up, B2B payment platform PayMate eyes up to 30% revenue from Europe, Middle East, Africa
Publication- The Financial Express
Edition- Online
Date- 10 March, 2019
Business-to-business (B2B) digital payments company PayMate is expecting 25-30 per cent of its revenue to come from Central and Eastern Europe, Middle East and Africa (CEMEA) region in coming 24-36 months following company’s last week tie-up with global digital payments major Visa. The partnership will strengthen PayMate’s growth against other players in the B2B online payments market including Y Combinator and Tiger Global backed Razorpay, PayUbiz, Infibeam’s CCAvenue, Instamojo etc. The association with Visa has expanded PayMate’s footprint outside India to offer services to enterprise and SMEs based in 92 countries of the CEMEA region.
PayMate will offer its proprietary payment platform to the payment needs of Visa’s corporate customers, Ajay Adiseshann, Founder & CEO, PayMate told Financial Express Online. The company’s cloud-based platform digitizes the procurement-to-payment cycle for businesses and helps them transition from existing payment forms cash and checks to digital payments. The platform automates management of vendor payments, customer payments, and invoicing. “Currently we process $5 billion worth transactions on our platform annually. The commercial payments opportunity in CEMEA region is of $8.7 trillion. We expect the region to contribute 25-30 per cent of our business over the next 24-36 months,” said Adiseshann.
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Retail payments through Aadhaar-linked BHIM mobile app see declining trend
Publication- Business Standard
Edition- Online
Date- 11 March, 2019
Retail payments through the Aadhaar-linked Bharat Interface for Money (BHIM) mobile app are declining more than two years after the government announced it.
According to the data from National Payments Corporation of India (NPCI), retail payments on the NPCI platform using BHIM, based on the Unified Payments Interface (UPI), declined from a peak of 18.27 million transactions, valued at Rs 82.06 billion in October 2018, to nearly 12.83 million transactions, valued at Rs 56.24 billion in February 2019. Thus, in five months, the decline in terms of the number of transactions was ...
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'Introduce incentives to widen digital payments in India'
Publication- Money Control
Edition- Online
Date- 11 March, 2019
India has made significant progress on its journey towards a less cash society. Though demonetization gave digital payments a sharp impetus, the secular growth is creditable. At just over 10 percent of PCE (Personal Consumption Expenditure) being transacted digitally, the journey, however, has just begun. The Reserve Bank of India (RBI) has played a key catalyst role in the digital payment narrative, with its articulated focus on the five Cs as elaborated in its Vision 2018—Coverage, Convenience, Confidence, Convergence and Cost.
To its credit, the RBI has walked the talk, in particular, with initiatives such as interoperability of PPI guidelines, the transition of India’s massive card base to secure EMV chip-based cards and guidelines for tokenization to name a few. Setting up of the Nandan Nilekani committee to recommend steps on Deepening of Digital Payments further highlights the RBI’s intent to accelerate the pace of digital penetration across India. So as the RBI committee continues to solicit industry views, here are some suggestions to widen the net for digital payments in India.
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