Spice Money: Industry Monitoring 17 April 2019
- Priyanka Kanodia
- Apr 17, 2019
- 6 min read
Spice Money
Competitors
EBIXCASH rolls out the Big Forex Bonanza campaign
Publication- Brand Equity
Edition- Online
Date- 17 April, 2019
EBIXCASH World Money Limited, a subsidiary of Ebix, Inc on Tuesday announced that it has rolled out its Big Forex Bonanza campaign coinciding with the peak travel season that runs from April to June period. To be run till June 30, the campaign aims to capitalise on the foreign exchange demand of Indians travelling overseas and provide a broad array of benefits to customers. The offers can be availed by walking into any of the branches or ordering forex online. “With an increase in the number of Indians travelling to overseas travel destinations, the average spend on global travel is on the rise, the core promise of our Big Forex Bonanza campaign is to make the travel experience of our customers special and memorable through simplified forex solutions” stated T C Guruprasad, managing director, EBIXCASH World Money.
He also added “As one of the largest issuers of pre-paid cards in the country, we expect an upsurge on holiday foreign exchange demand, during this travel season. Hence our endeavor will be to provide 360-degree customer convenience through our branch network or doorstep delivery to the customer.”
The highlight of the Big Forex Bonanza campaign is a Mega Prize for 10 lucky travellers who will travel to a holiday to Zanzibar. The company has also announced a broad range of exciting rewards and offers comprising a daily prize of travel accessories worth Rs 10,000 and gift vouchers worth Rs15,000 on every forex transaction. The excitement is topped with a weekly smartphone prize for a lucky customer who loads/reloads his card. Also, there are specially discounted rates for airport taxi drops. EBIXCASH World Money has an extensive network spanning 150+branches, along with a presence in 29+ airports in India. It offers a wide range of travel services such as Currency Notes, Multi Currency Travel Cards, Remittance Services, Travelers Cheques and Travel Insurance. It also offers online sale & purchase of foreign exchange through its portal – www.buyforex.com.
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Bandhan Bank gets CCI approval for Gruh Finance merger
Publication- Livemint
Edition- Online
Date- 17 April, 2019
Bandhan Bank Ltd has received approval of the Competition Commission of India (CCI) for the proposed acquisition of Gruh Finance, the Kolkata-based bank said in a regulatory filing on Tuesday. Gruh Finance, the affordable housing finance arm of HDFC Ltd, was taken over by Bandhan Bank in a share-swap deal in January. The Reserve Bank of India approved the Bandhan-Gruh Finance merger in March. "The Competition Commission of India has by way of its letter dated April 15, 2019, intimated that CCI, at its meeting held on April 15, 2019, considered the proposed combination and approved the same," the bank said in a regulatory filing.
As part of the deal, Bandhan Bank has to transfer 14.9% stake to HDFC for merging Gruh Finance with itself. The Gruh Finance deal will reduce stake of Bandhan Financial Holdings Ltd in Bandhan Bank to about 61% from the current 82%. HDFC will hold about 15% stake in the merged entity from about 57% in Gruh Finance.
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Industry News
Global Mobile Wallet Market Trending Research 2019 – Alibaba Group, Apple, Citrus Payment Solutions, Google
Publication- Mick Times
Edition- Online
Date- 17 April, 2019
Global Mobile Wallet Market 2018 by Manufacturers, Countries, Type and Application, Forecast to 2023 passes on a structural overview of the global Mobile Wallet market including its definition, applications, and advancement. The report analyzes the historical data from 2013-2017 as well as the present performance of the market and forecast 2018-2023 to make predictions on the future status of the market on the basis of analysis. The report contains an introduction to new trends that can guide the businesses performing in the market to improve their strategies. It comprises the structured and systematic founded procedure of assessing and introducing the market mechanisms. Basically, its an intelligent research study of gathering and assessing the numerical data related to services and products
The report will give the answer to questions about the present performance of the market and the competitive scope, opportunity, challenges, cost and more. The market can be divided based on product types and it’s sub-type, key applications, and major regions. Then it discusses recent product innovations and provides a scenario of potential regional market shares. It aims to fulfill your targeted customer’s understanding, needs and wants as well as to explain how effectively a company can meet its requirements.
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Need to make additional GST payment? Here’s how to go about it
Publication- The Economic Times
Edition- Online
Date- 17 April, 2019
During the course of filing GST Return, a taxpayer may discover additional taxliabilities that he or she may need to pay. GST tax portal has the provision that allows you to do so. “There is a section in the GST portal that talks about user services. There you need to choose DRC 03 and then opt for annual returns. You can use this to make any additional tax deposits, but need to ensure you have sufficient funds in your electronic cash ledger while using this form to make any additional tax payments,” says Deloitte India, Senior Director, Saloni Roy.
A shortfall can be on account of tax not being paid or short paid. It can also be on account of tax erroneously refunded or input tax credit wrongly availed or utilized. Payment using DRC 03 can either be voluntarily by the taxpayer when he or she discovers the shortfall, or it can be when the taxman issues a show cause notice (SCN). In the case of a an SCN, a taxpayer who has been issued notice in form DRC-01 or DRC-02 can make payment and intimate it to proper officer in form DRC-03 within 30 days from the date of issuance of such notice. However, in the case of voluntary payments, such time limits do not apply. Is there any interest on these payments? “On any delayed payment there is an interest liability. This interest can be deposited at the time of making the additional tax payment,” says Roy.
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ET Money app gets UPI integration
Publication- The Times of India
Edition- Online
Date- 17 April, 2019
Domestic financial services app ET Money has announced that it has integrated Unified Payment Interface (UPI) as a payment method on its platform as it looks to double its monthly user base by the end of the year. The company says that the integration of UPI will simplify the mutual fund payment experience for millions of ET Money users. Users making payments on the ET Money app will now be shown the UPI option on the payment page. They can select from a list of UPI-enabled apps installed on their phone including Google Pay, BHIM UPI and PhonePe among others. Once they enter their valid UPI ID and tap on ‘Make Payment’, they’ll have to authorise the payment from the respective UPI-enabled app. The transaction would then be processed instantly. In addition to this new payment feature, the platform will continue to support payments through Netbanking and Debit Card.
“Our integration with UPI will make it faster and more convenient for a wider section of Indians to invest & secure their lives. This is a part of our larger objective of introducing digital-first financial services offerings to more than 10 million users by the end of this year," said Mukesh P Kalra, founder & CEO of ET Money. ET Money recently crossed the landmark of Rs 2,000 crore of money invested in mutual funds through its platform. It is also adding more than Rs 150 crore in new investment transaction value every month from investors across 1,200 cities. The company aims to grow to Rs 5,000 crore in mutual fund transactions in the next 12-18 months, reaffirming its position as India’s largest digital-first financial services platform.
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UK’s Corporate Traveller Partners with BitPay to Accept Payment in Bitcoin
Publication- crypto
Edition- Online
Date- 17 April, 2019
Corporate Traveller, UK’s biggest travel management company becomes to first organisation in tourism sector from the country to offer SME’s with option to make payment via Cryptocurrency. The company is the leading specialist in UK’s tourism sector providing business travel management services for small and medium enterprise companies via its offices located in 20 different locations across the country. The company has been successful in its operations for last two decades offering service via both online and offline platform. Given the backing from its parent company Flight Centre Travel Group, which is worth several billion dollars in the global market, the company has a huge negotiation strength which facilitates it to provide its clients with high competitive deals in market.
Owing to their nature of pricing air tickets and hotel rates highly in discount when compared to other similar service providers in the market it has retained huge client base and success in its business offers for several years with #1 position for a while now. The latest move by the company now is to partner with BitPay to facilitate providing payment solution via cryptocurrencies such as Bitcoin & Bitcoin Cash. Speaking about the partnership, Andy Hegley, General Manager of UK division stated that the company has seen increasing demand from clients for option to pay in Bitcoin for their business travel bookings and given their motto to deliver a unique customer service experience not found elsewhere, they have partnered with BitPay to manage their payment process. The exact words were
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