Tag: NPCI

Cashfree Payments partners with EasyTransfer to make international university fee payments easier for Indian students
Business

Cashfree Payments partners with NPCI for tokenization of RuPay cards

Jun 2, 2022 by Agency 0 Comments #Cashfree Payments, #NPCI, #RuPay cards, #tokenization

Cashfree Payments, a leading payments and API banking solutions company, today announced that it has partnered with National Payments Corporation of India (NPCI) to provide tokenization solutions on RuPay cards for its merchants. Cashfree Payments’ tokenization solution ‘Token Vault’ helps merchants to provide their customers the option to save cards on the merchant website or app and process card payments securely while being RBI compliant. With this partnership, Cashfree Payments becomes a certified and compliant payment tokenization service provider across key card networks like RuPay, Mastercard, and Visa.

Token Vault supports all major card types: credit cards, debit cards, prepaid cards, and corporate cards. Businesses can integrate Token Vault API with their platform with a single integration. Once integrated, Cashfree Payments takes care of both saved card function & processing payments.

Akash Sinha, CEO & Co-Founder, Cashfree Payments said, “We are glad to partner with NPCI to enable tokenization for RuPay cards and empower our merchants with a secure and compliance-friendly payments inflow system. At Cashfree Payments, it is our focus to build innovative and effective solutions, to help provide a simpler, safe and seamless experience to our merchants. Our business, products, vision and mission support a digital and an inclusive Indian economy.”

GaurishKorgaonkar, Head- Fintech Solutions, NPCI said, “This partnership with Cashfree payments to provide tokenization solutions on RuPay cards will enable cardholders to enjoy a seamless payment experience backed by best-in-class security. We believe that this is yet another step towards further strengthening the overall digital payments environment with increased safety and security. We are confident that this initiative will help various merchants in the digital ecosystem meet the RBI deadline.”

As per RBI guidelines, with effect from 1st July 2022, neither businesses nor payment aggregators can save customer card details on their platforms. The card details can only be saved by the card networks or issuing banks. Card tokenization is the process of replacing sensitive card information like card number, and card expiry with a cryptographically generated random string, referred to as the card token. Once a card is tokenized, the generated card token can be used for processing payments as a substitute to card details, thus eliminating risk of loss of sensitive card information while making card payments.

Cashfree Payments’ was among the first few players in the industry to go live with its tokenization solution in December 2021.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.

Snapdeal
Business World

Snapdeal partners with NPCI to enable doorstep QR Code payments

Dec 18, 2020 by Neel Achary 0 Comments #Chief of Marketing, #Kunal Kalawatia, #NPCI, #Rajnish Wahi, #Senior Vice President, #Snapdeal

Snapdeal, India’s leading value-focused online marketplace, has partnered with National Payments Corporation of India (NPCI) to allow buyers to make QR-based digital payments at the time of accepting delivery of their orders.

This facility is aimed especially at new or first-time users who are not comfortable in pre-paying for the goods at the time of purchase.

The customer will be offered the “QR-code payment option” at their doorstep as part of the delivery process. Using links on their delivery app, the delivery executive will generate a UPI-linked QR code for the order amount. The customer will be able to scan the code with any UPI-linked payment app on their phone and pay for their purchase. The customer will be able to confirm the name of the payee and the amount before approving the payment.

The facility will work with all UPI-payment options, including Bhim, Google Pay, Whatsapp Pay, PhonePe, Paytm and UPI apps from leading private & public sector banks like HDFC, SBI, ICICI and others.

Given Snapdeal’s strong connect with buyers in non-metro cities, this integration is also aimed at increasing the usage and adoption of UPI-based payments in smaller cities. Apart from the main private & public-sector banks, Snapdeal buyers who bank with cooperative banks (scheduled cooperative banks, district cooperative banks, state cooperative banks, urban cooperative banks) and regional rural banks (RRBs) will also be able to pay via this feature.

This partnership plays upon the complementary strengths of both Snapdeal & NPCI, with a very strong alignment towards a common target audience. For UPI, this presents an opportunity to increase usage in a meaningful way, by offering hassle-free payment across a variety of merchants.

According to Rajnish Wahi, Senior Vice President, Snapdeal, “We are always looking out for additional ways to make the online experience better and more convenient for our customers, especially for those who are starting their online journeys. This integration with NPCI allows our users to time the payment to their comfort levels and also enables our delivery partners to reduce handling of cash. We also believe that this will expand the adoption of UPI in smaller cities and towns in India.”

Kunal Kalawatia, Chief of Marketing, NPCI said, “We are pleased to be associated with Snapdeal and offer convenient as well as comfortable doorstep payment experience to customers through UPI. We believe this initiative will boost UPI transactions among numerous buyers and provide extra confidence to them to perform digital transactions even though they chose COD as an option. With UPI, it’s a constant endeavor of NPCI to bring together Indian customers on the UPI journey and offer them smart, secured and hassle-free payments solutions. We are also hopeful with strategic initiatives like these, India is soon going to achieve the goal of a digital society”.

The digital pay-on-delivery option reduces time spent at doorstep for delivery. The move also helps reduce the amount of cash handled by delivery executives and courier companies, as the amount flows directly from the customer’s bank account to the designated account of the marketplace.

This partnership will enable UPI users to make digital payment at the time of the delivery of their Snapdeal order.

Snapdeal has a wide array of digital payments available on the platform. This includes credit and debit cards, EMI, net banking, e-gift cards, e-wallets etc. The ecommerce firm also has a large and exciting line-up of payment offers since the beginning of the festive season this year.

icici bank app
Business World

ICICI Bank launches ‘iMobile Pay’; India’s first app that offers payments and banking services for all

Dec 7, 2020 by Neel Achary 0 Comments #ICICI Bank, #iMobile Pay, #MD & CEO, #Mr. Dilip Asbe, #NPCI

ICICI Bank today announced that it has transformed its state-of-the-art mobile banking app, iMobile, into an app that offers payments and banking services to customers of any bank. Called ‘iMobile Pay’, the app offers a unique combination of facilities of a payment app– such as enabling customers to pay to any UPI (Unified Payments Interface) ID or merchants, pay bills and do online recharges among others– with instant banking services namely savings account, investments, loans, credit cards, gift cards, travel cards and much more. The users of ‘iMobile Pay’ can also transfer money to any bank account, a payment app, and digital wallet.

Another prominent feature of ‘iMobile Pay’ is ‘pay to contacts’ which enables users to automatically see the UPI IDs of their phone book contacts, registered on the ICICI Bank UPI ID network, of any payment app, and digital wallet. This unique functionality provides users a significant convenience of inter-operability, as they no longer have to remember the UPI IDs and can easily transfer money across payment app and digital wallet.

The first-of-its-kind facility in India, ‘iMobile Pay’ extends the ambit of mobile banking apps which are hitherto restricted to only the customers of the respective banks. At the same time, ‘iMobile Pay’ eliminates the need to maintain multiple apps—be payments or banking—as it empowers customers to undertake all transactions. In the process, it also offers compelling reasons for users to link their multiple bank accounts to this app.

To get started on ‘iMobile Pay’, customers of any bank in the country can download the app, instantly link their bank accounts, and generate a UPI ID (which is simply their mobile number e.g. xxxxxx1234.imb@icici) to avail all the facilities.

Speaking on the initiative, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank has always been at the forefront of introducing pioneering innovations. These innovations have played a key role in transforming the way digital India banks. In line with this rich tradition, we introduced the country’s first mobile banking app, iMobile, in 2008.

In the recent past, we have captured two user insights while interacting with them. One, many of them, who are not our customers, are keen to use iMobile. Two, customers are tired of using multiple apps for different purposes and they really want to know if an app can take care of all banking and payments requirements. Armed with these insights, we are delighted to extend the ambit of our mobile banking app. Now on, customers of any bank can experience the ease, speed, and safety of our mobile banking app. They can link all their bank accounts to this app. It means they can continue to bank with any bank and still use ‘iMobile Pay’ for all their digital transactions. Also, they can undertake all transactions, which they were so far doing through a gamut of payments app, through this app.

We believe that users will like this innovation as it offers them the unique benefit of payment apps and banking apps in one single place. “

Mr. Dilip Asbe, MD & CEO, NPCI said, “We are delighted to facilitate ICICI Bank in transforming its mobile banking app empowered with UPI and interoperable with all other UPI-based payment apps. This is yet another initiative that will inspire the ecosystem to integrate interoperability on digital platforms. UPI is known to provide seamless, secure, and convenient payment experience to its users and it is our belief that the large-scale adoption of UPI will strengthen the ecosystem and help in achieving the common goal of less-cash society.”

Over the years, marquee research agencies have adjudged iMobile as one of the best banking apps in the world for its large array of services, user-friendly functionalities, and intuitive design. For example, iMobile has been rated among top-ranking apps for the past five consecutive years by Forrester, a reputed global research firm.

The key features of ‘iMobile Pay’ are:

  • Open for all: ‘iMobile Pay’ enables customers of all banks to download this app and experience quick transactions backed by best-in-class security features
  • Acts like a payments app: It allows customers to scan a QR code of any payments app and send money to any UPI ID, bank account, self. It helps the users to transfer the money instantly to anyone free-of-cost. Further, users can pay using the app at a host of establishments including petrol pumps, grocery stores, restaurants, pharmacies, hospitals, multiplexes, and much more. Further, they can transfer money to any bank account, a payment app, or digital wallet. As an industry-first, users can simply use the ‘Pay to contact’ feature without remembering the UPI IDs of friends. Using the feature, users can send or receive money to/from their phone contacts registered on any other popular payment app and digital wallet with an ICICI Bank UPI ID. The feature, relying on inter-operability, automatically displays up to three UPI IDs available for a contact to which one can pay.
  • Offers banking services: It also acts as a gateway for the customers to begin a new relationship with ICICI Bank. It allows them to open an ICICI Bank savings account digitally and instantaneously, apply for a credit card at zero joining fee, and get an instant approval for home/personal/car loans.
  • Enables users to link multiple bank accounts: Users can transact using any of these linked accounts with a single UPI ID which is generated at the time of linking the first account.
  • Lot more to be added soon: The list of forthcoming exciting features include users can pay utility bills, recharge mobile phones, check CIBIL score, book travel tickets, buy travel and gift cards, invest in an FD, RD, mutual funds, and insurances. They will also get a feature of spends tracker, that will provide an overview of spends, with all transactions are bucketed into specific categories, to help them track their balances.

Here are the simple steps to start using the app:

1. Download: Download the app, ‘iMobile Pay’, from Google Play Store, open it and set up a four-digit log-in PIN. Users also have the option of logging in using their fingerprint. Please note that it will soon be available for iOS devices.

2. Link account/s: On the welcome screen, tap on ‘link account’ and enter the required details to link the savings account of any bank. Users can also link multiple bank accounts.

3. Generate UPI ID: Upon successful linking of the account/s, a UPI ID will be generated, which can be used to start making transactions. The UPI ID generated will remain the same for all the linked bank accounts. Users can simply select the account of their choice, while making a transaction.