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Publication- Financial Director
Edition- Online
Date- 12 July, 2019
Fintech firm PayNearby acquires We Care to enter insurance broking sector
Hyperlocal fintech company, PayNearby has announced its entry into the insurance broking sector following the acquisition of We Care Insurance Broking Services Pvt Ltd for an undisclosed amount. The acquisition was made soon after PayNearby was granted insurance broking licence. It focuses on Aadhaar-based banking services, domestic remittances and bill and card payments. The company is to launch a new product InsureNearby and will sue its.
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Industry News
Vedanta, YES Bank, MonetaGo use blockchain to digitally issue CP first time in Asia
Publication- Livemint
Edition- Online
Date- 12 July, 2019
Financial technology solutions provider MonetaGo said on Thursday it had digitally issued a commercial paper (CP) for the first time in Asia using blockchain technology. It had tied-up with YES Bank and issuer Vedanta, a natural resources conglomerate, for the same.
India’s highly-regulated commercial paper (CP) market involves huge amount of paperwork to be prepared by the issuer for every transaction. The transaction was delivered using Corda Enterprise technology from R3, along with a robust set of standardized workflows to deliver a solution that will rapidly scale across markets and geographies, MonetaGo said in a statement.
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Payment service providers fear shutdown, ask govt to pay MDR
Publication- The Indian Express
Edition- Online
Date- 12 July, 2019
Non-bank payment service providers (PSPs) have asked the government to bear the cost of digital payment as they are staring at a shutdown in the wake of the Budget proposal of zero MDR (merchant discount rate). The Finance Bill stated that in Payment and Settlement Systems Act, an additional section will be inserted with effect from November 1, which will read: “Notwithstanding anything contained in this Act, no bank or system provider shall impose any charge upon anyone, either directly or indirectly, for using the electronic modes of payment prescribed under Section 269SU of Income-tax Act, 1961.” MDR is a fee charged from a merchant by a bank for accepting payments from customers through credit and debit cards in their establishments.
Loney Antony, vice- chairman, Hitachi Payments said, “non-bank payment service providers (PSPs) like aggregators/ processors are a significant part of the ecosystem. If there is no commercial model, they will be forced to shut down. Banks may have multiple ways to recover money from the merchants, but non-bank players do not have any other avenue than the MDR. These PSPs are employing at least over a several lakh jobs, and in the absence of revenue, there will be survival issues and the industry will eventually collapse.”
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