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Shift towards UPI for small payments have also led to the decline of credit cards use at offline outlets
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At the group level, which includes its international businesses and subsidiaries, Pine Labs saw consolidated revenue rise by 9.8 percent to Rs 1,743 crore in FY24, with majority business coming from India entity.
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The pick up in growth will not only give a fillip to its plans for a public listing but also comes as a relief, after the high drama that roiled the startup in the last year.
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As of September 2023, Paytm has a merchant base of around 3.8 crore and merchant paying subscription for devices has reached 92 Lakh an increase of 44 Lakh YoY and 14 Lakh QoQ.
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As faster, more convenient, and cheaper payment methods gain popularity, India-specific innovations such as stripped down POS devices will help digitise merchant payments in smaller towns and cities.
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While Cashfree is asking for $1.2 billion, the suitors are seeing only $600 million value at the top end for the company, sources have told Moneycontrol
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In its fifth acquisition in less than four years, Razorpay picks up an 80 percent stake in Ezetap Solutions Pte Ltd, the parent entity of Ezetap Solutions Pvt Ltd, which will see it go up against Pine Labs, MSwipe and BharatPe among others
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The growth in profit and revenue was driven by a 72 percent YoY growth in Transaction Processed Values (TPV) to Rs 87,218 crore in the quarter.
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Innoviti will use the funds to expand the company’s mid-market product lines in electronics, fashion, and grocery as well as build products on its UPI payment channels, the startup said
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Besides, 1,14,05,116 digital devices, including inter-operable QR code-based payments such as UPI QR, Bharat QR, were deployed under the scheme.
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The banking regulator has prescribed a penalty of Rs 100 per day to be paid by the bank for delay beyond the timeframe set for auto reversal of such transactions.
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The company will likely introduce both traditional PoS terminals, which work on GPS or landline, and mobile PoS terminals, which are operated through smartphones
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As per the RBI guidelines, the withdrawal limit from PoS machines at retail outlets in Tier 1 and 2 cities per card per day is Rs 1,000 and Rs 2,000 for smaller towns.
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As per the IRDAI guidelines, life insurers can sell pure term insurance products, immediate annuity products and non-linked non-participating endowment products through the point of sale persons.
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After mobile wallets and point of sale machines, Paytm has set up QR codes at places of worship.
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Elcina Electronic Industries Association of India said the exemption should be only for short-period to meet immediate needs to address shortages of such machines. In the long-term can, exemption to such machines can be detrimental for local manufacturing.
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PoS devices and sealed secondary cell/batteries containing alkaline or other non-acid electrolytes for use in portable applications have to be mandatorily registered with BIS.
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This is to help the small merchants overcome the apprehensions towards joining this journey by installation of Point of Sale (PoS) terminals in their shops.
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Govt mulling the creation of a special corpus to fund PoS-based and digital payment systems in rural and remote areas; announcement in Budget 2017-18 likely
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Cashless payments can be carried out beyond an area of 1.2 metre, on either sides of the dipensing machine, and at a height of 45 cm from the ground, the official said.
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The debit and credit cards transactions at PoSes were worth Rs 352.4 billion in value terms in November and Rs 181.3 billion till December 13, compared to Rs 511.2 billion in October.
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The government is working with
banks and international companies to ramp up point-of-sale
(PoS) machines for cash transactions, Union Minister Piyush
Goyal said today.
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Speaking to CNBC-TV18, Manish Mandhana, Managing Director of the company said sales had dropped in November, but have recovered this month. Second half of the year is expected to be better with festivals and wedding season.
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In order to promote digital transactions across the country, government has asked banks to install 10 lakh additional point of sale (PoS) terminals within four months.
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Nucleus Software launched the world's first offline digital cash solutions - PaySe - this year and MD & CEO Vishnu R Dusad says this system will connect rural areas for e-payments.
