Thursday, November 21

Tag: payments

Impact of Digital Wallets on the Travel Experience
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Blog, Lifestyle, Payments, Travel

Impact of Digital Wallets on the Travel Experience

Digital wallets are reshaping the travel landscape, providing a seamless and secure payment method that enhances the customer experience. As the travel industry adapts to modern consumer preferences, the integration of digital wallets is becoming increasingly essential. The Evolution of Payment Methods in Travel Historically, travelers relied on cash and traditional credit cards for transactions. However, the rise of digital wallets represents a significant shift in this paradigm. According to a report by PYMNTS.com, 74% of travelers now view digital wallets as essential gear for their vacations, with this trend particularly pronounced among affluent and millennial travelers. This demographic shift indicates a growing preference for seamless, cashless payment solutions. What is Digital ...
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Outdated Payment Systems Are Hurting Travel Companies’ Bottom Line
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Payments, BFSI, Fintech, Global BFSI

Outdated Payment Systems Are Hurting Travel Companies’ Bottom Line

A new report by Airwallex and Skift Research reveals that a whopping 66% of travel companies worldwide are struggling with shrinking profit margins due to outdated payment systems. This isn't just a minor inconvenience; the study found that 90% of these companies are prioritizing upgrades to their payment and financial operations systems within the next year. The report, based on a survey of 473 travel executives from seven global markets, highlights the challenges of managing cross-border payments. 70% of travel companies find it increasingly difficult to navigate the diverse range of new payment methods emerging in different markets. The survey also uncovered the financial struggles faced by the travel sector, including: Managing local payment systems: Companies struggle to h...
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Paytm Doubles Down on Payments and Distribution: A Return to Core Strengths
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Payments, Fintech, Startups

Paytm Doubles Down on Payments and Distribution: A Return to Core Strengths

Paytm, the Indian fintech giant, is making a strategic shift, returning to its core strengths: payments and distribution. The company, which had ventured into various businesses like financial services, e-commerce, and grocery delivery, is now prioritizing its original offerings. This move comes after facing challenges in these newer ventures and a need to streamline operations. Back to Basics: A Strategic Shift Paytm's decision to refocus on its core competencies is a strategic move aimed at achieving greater efficiency and market share. This shift reflects the company's commitment to building a sustainable and profitable business. Here's a breakdown of Paytm's new strategy: Payments: Paytm's payments platform remains a key driver of revenue, encompassing mobile wallets, UPI pay...
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Financial Viability of UPI Services: Seeking Regulatory Solutions
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Blog, Payments, Review

Financial Viability of UPI Services: Seeking Regulatory Solutions

The impact of charging for UPI transactions in India is a topic of significant interest. Let’s explore this based on recent articles and reports: Unified Payment Interface (UPI) Revolution: The Unified Payment Interface (UPI), launched by the National Payments Corporation of India (NPCI) in 2016, has revolutionized digital payments in India. UPI enables citizens to transfer money from one bank account to another instantly. India leads globally in terms of real-time payment transactions, with 48.6 billion transactions processed in 2021. Since its inception in April 2016, UPI has saved the Indian economy approximately $67 billion. Notably, UPI transactions have seen tremendous growth, with 9.41 billion transactions, worth INR 14.89 lakh crore ($181 billion), processed in May 2023 alon...
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Reserve Bank of India’s (RBI) Payments Vision 2025 document: Key Points
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BFSI, Blog, Goverment Notice/Circulars, Review

Reserve Bank of India’s (RBI) Payments Vision 2025 document: Key Points

The Payments Vision 2025, published by the Reserve Bank of India (RBI), outlines the strategic direction for India's payment systems until December 2025. It aims to enhance payment systems, address challenges in cross-border payments, and promote cost, speed, access, and transparency. The document emphasizes the importance of safe, secure, reliable, accessible, affordable, and efficient payment systems for economic development and financial inclusion. Key Highlights of Payments Vision 2025: Importance of Payment Systems: The document recognizes the crucial role of payment systems in economic development and financial inclusion. It highlights the need for safe, secure, and efficient payment options to support India's growth. Advancements in Digital Payments: The document acknowledg...
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Types of Cross-Border Payment
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Payments, Blog

Types of Cross-Border Payment

Cross-border payments are an integral part of the global economy, facilitating international trade, remittances, and financial transactions. As businesses and individuals engage in economic activities across borders, understanding the different types of cross-border payments becomes essential. In this article, we delve into the various methods and instruments used for cross-border payments, highlighting their characteristics and significance. Types of Cross-Border Payments- Classification based on Business types: B2B (Business-to-Business): These involve payments between businesses across borders. Examples include paying suppliers, settling invoices, and conducting international trade. B2P (Business-to-Person): These are payments made by businesses to individuals abroad. Use...
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The Promising Future of Cross-Border Payments: 7 Key Advancements
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Blog, CBDC, Fintech, Payments

The Promising Future of Cross-Border Payments: 7 Key Advancements

In an increasingly interconnected world, cross-border payments play a vital role in facilitating international trade, remittances, and global economic transactions. The ability to transfer funds swiftly, securely, and cost-effectively across borders is crucial for businesses, individuals, and economies at large. However, cross-border payments have historically been associated with various challenges, including high costs, delays, and inefficiencies. In recent years, technological advancements and evolving regulatory frameworks have paved the way for transformative changes in the cross-border payment landscape. This article explores the advancements, challenges, and potential future developments in cross-border payments. Cross-border payments refer to financial transactions that involve ...
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T2P Partners with Wise Platform to Enable Global Money Transfers for DeepPocket Users in Thailand
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Fintech, Global BFSI, Payments

T2P Partners with Wise Platform to Enable Global Money Transfers for DeepPocket Users in Thailand

Thailand's financial technology landscape continues to witness significant advancements. In a recent development, T2P Co., Ltd., a prominent payment solution provider in Thailand, has announced a strategic partnership with Wise Platform. This collaboration marks a significant milestone for T2P, making it the first fintech company in Thailand to offer international money transfers without exchange rate mark-ups or hidden fees through its popular e-wallet app, DeepPocket. Enhanced Global Money Transfer Options By leveraging the infrastructure provided by Wise Platform, DeepPocket users can now conveniently transfer funds to 16 different currencies, including USD, GBP, EUR, and AUD. The collaboration aims to provide users with swift and transparent cross-border money transfer services. Sea...
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Worldline ePayments India Receives RBI Authorization as Online Payment Aggregator
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BFSI, Fintech, Goverment Notice/Circulars, Payments

Worldline ePayments India Receives RBI Authorization as Online Payment Aggregator

Global payment services leader Worldline ePayments India has achieved a significant milestone by securing authorization from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator (PA) under the Payment and Settlement Systems Act, 2007. This development underscores the company’s commitment to the Indian market and its focus on compliance within the well-regulated payments landscape. Also Read: Decoding RBI’s Draft Guidelines for Payment Aggregators The Authorization Journey for Worldline In-Principle Approval: Worldline ePayments India received in-principle authorization from the RBI to act as a PA in 2022. This initial approval paved the way for the company to play a crucial role in facilitating digital payments across various sectors. Payment Aggregator Role...
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Wise Faces Licensing Hurdles: Discontinues E-Wallet Services in Indonesia
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Fintech, Global BFSI, Payments, Regtech

Wise Faces Licensing Hurdles: Discontinues E-Wallet Services in Indonesia

In a recent development, Wise, the popular online money transfer service, has announced its decision to discontinue e-wallet services for its users in Indonesia due to licensing Challenges. Effective from May 23, 2024, Wise users in Indonesia will no longer be able to store funds within the app's e-wallet. This decision comes as a result of regulatory requirements, as Wise currently lacks the necessary license to operate as an electronic money provider in Indonesia, as mandated by Bank Indonesia's regulation. Background: Wise's Entry to Indonesian Market Wise entered the Indonesian market in 2020 and has been backed by its local entity, PT Wise Payments Indonesia, which is licensed by Bank Indonesia as a Fund Transfer Provider. While Wise has been successful in providing core remittance ...
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