Spice Money: Industry Monitoring 14 May 2019
- Priyanka Kanodia
- May 20, 2019
- 2 min read
Spice Money
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JP Morgan invests in Global PayEx to improve B2B payments
Publication- Livemint
Edition- Online
Date- 14 May, 2019
Global PayEx on Monday announced strategic investment by banking and financial services provider JP Morgan that will help the latter's clients experience clearer electronic invoice presentation and quicker reconciliation. Global PayEx is a provider of electronic invoice presentment and payment (EIPP) and B2B payments space. It offers a cloud based platform, Freepay, to facilitate electronic sharing of invoices, handling of payments and management of transaction information between business to business (B2B) buyers and sellers, a release said.
"This investment is a great example of our commitment to address our clients' specific concerns in the B2B payments space, which continues to grow at an exponential pace," head of wholesale payments for Asia Pacific, JP Morgan, Sridhar Kanthadai said. The platform is fully-automated and self-servicing that saves cost and time. Its real-time feature and sophisticated analytics function provide full visibility of the payment status and insights on the receivables collection to the corporates, which can help optimize working capital, the release added.
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Govt mulls making UPI-based QR codes mandatory for shops
Publication- Business Today
Edition- Online
Date- 14 May, 2019
Digital payments in India, already witnessing unprecedented activity since Prime Minister Narendra Modi's demonetization announcement in 2016, is likely to take a great leap forward post the general elections. The government is now looking to make a quick response (QR) code-based payment method using the Unified Payments Interface (UPI) mandatory for all shops and establishments beyond a certain threshold, The Times of India reported. The move had been approved by the GST Council before the Lok Sabha polls juggernaut started rolling and details of the payment mechanism are currently being worked out at the finance ministry.
The National Payments Corporation of India (NPCI), an umbrella organization for all retail payments in India with 56 member banks, has reportedly been roped in to roll it out nationally. UPI is a real-time payments system that enables digital transactions between banks without the need to input NFSC code and other bank account details. All users need to do is make sure is that their mobile number is linked to their bank account(s). Sources in the know told the daily that the idea is to introduce the payment mechanism for B2C transactions and bring about behavioural change, adding that consumers opting for this method of payment will be eligible for GST benefits along with establishments. In the medium to long-term, QR codes may also be introduced on invoices.
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