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Having initially dismissed reports of the leak of 100 million customer files on the dark web, Indian payments processor MobiKwick has brought in external investigators to conduct a forensic data security audit. 
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Facebook and Google are teaming up with Indian firms Infibeam and Reliance Industries on an application to set up a national digital payment network in the South Asian country, according to the Economic Times.
Vineet Anand's insight:
India's central bank invited companies as alternative to NPCI - Google, FB, Amazon among the players partnering with established companies locally.
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Alongside the new Redmi Go, Xiaomi officially introduced its Mi Pay payment service to the Indian market. Back in 2016, Xioami launched Mi Pay i
Vineet Anand's insight:
Xiaomi launches MiPay in India and is storing data in local data center per regulatory requirements! Offer P2P to users and bank accounts.Â
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Digital payments company reports Rs 260-cr revenue for FY18 from Rs 21 crore last year
Vineet Anand's insight:
Paypal's investment in India paying off rewards with a 12fold increase in revenues. PP invested $125 million in Pinelabs to gain access to its 300k POS locations and other products. Its domestic operations with 600 staff will help it compete for remittance corridor into India more effectively!Â
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Reserve Bank of India (RBI) has recruited the Infosys chairman Nandan Nilekani to head up an advisory panel on the development of digital payments.
Vineet Anand's insight:
India central bank establishes panel to drive up digital payments financial inclusion and beefing up the security & safety!
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PayPal's shopping spree continues as the US behemoth makes its third investment in a fortnight, joining with Singapore's Temasek to pay $125 millio
Vineet Anand's insight:
Paypal's early summer shopping spree continues with an investment into Pine Labs along with Temasek for $125 million. As cashless payments make greater inroads within the merchant centric ecosystem, Pine Labs is well placed to gain further traction.
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Alphabet Inc's Google (GOOGL.O) plans to introduce a localised digital payment service in India as early as next week, technology website TechCrunch reported, citing a report from news site The Ken.
Vineet Anand's insight:
Tez - Gogle payments launched in India and will include UPI, MobiKwik and Paytm
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A government sponsored quick response(QR)code-based payment service, IndiaQR, has launched today in India, heralding the next major step in it
Vineet Anand's insight:
IndiaQR, a service developed my MasterCard, Visa and RuPay launched in India as part of governments drive for uptick in cashless transactions.
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India is set for a digital payments revolution, with the value of transactions set to hit US$500 billion by 2020, ten times its current level
Vineet Anand's insight:
520 million smartphone users in India by 2020 will aid in growth of digital payments. Report outlines 1/2 of internet users will make digital payments - all this fueled by relaxation of regulatory environment for financial service providers, and unified payments interface. These factors will move the digital payments from current $50 billion to $500 billion by 2020!
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It’s been a week into the New Year 2016 ushered with committed resolutions, excitement, and dreams to accomplish for the next 51 weeks. A rocky start on some fronts with China stock market loosing 7%
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Finextra: India has joined the UN-based Better Than Cash Alliance as it bids to accelerate the country's migration to electronic payments as part of a more general strategy to boost financial inclusion.
Vineet Anand's insight:
Post recent issuance of Payment Bank licenses, joining the better than cash alliance reflects India's high commitment and drive to bring financial inclusion and access of banking services to unbanked while driving greater push towards electronic transactions!
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Finextra: In a move designed to boost financial inclusion, the Reserve Bank of India has given "in-principle" approval to 11 applicants - including telcos, tech firms and the country's postal service - seeking to set up so-called payments banks.
Vineet Anand's insight:
Nearly 1 in 4 receive Payment bank license from RBI. Notable approved applications include Paytm, Vodaphone m-Pesa, Bharti Airtel, and Tech Mahindra! Full license allocation will require meeting regulations within 18 months. License holders will be able to issue debit and ATM cards, take deposits of ~$1600 and process online transactions. A big step in driving financial inclusion.
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Finextra: The Indian Government has put forward proposals to reduce the tax burden on electronic payments in an effort to reduce the use of cash and bring more people into the formal economy.
Vineet Anand's insight:
Tax rebates for using electronic payments in India! A big move to discourage cash... the bigger news is the 'uniform interchange rates' ... unlikely RBI will follow EU interchange rates, but does indicate pressure now on banks of find ways of halting or reducing reward / loyalty programs as we are seeing in EU. Look forward to the new policy.
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From
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A potential $500 million joint investment by Alibaba Group Holding Ltd. and Foxconn Technology Group could value Indian electronic-commerce startup Snapdeal.com at $5 billion.
Vineet Anand's insight:
$500 million investment with Snapdeal will raise valuation to $5 billion! Investment comes post recent investment with One97 communications for online payments provider.
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According to data that YourStory compiled in the first quarter of 2015, Indian startups have raised $1.7 billion from investors.
Vineet Anand's insight:
Nearly 60% of $1.7 billion raised is for Payments, eCommerce, Consumer Web! Paytm received the largest chunk of investments with $575M from Alibaba. Late last year FlipCard and Amazon made significant investments.
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Millions of Indians are getting online for the first time thanks to ultracheap smartphones, and it is translating into surging profits for the country’s biggest cellphone-service providers.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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Payments Ecosystem
The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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Some PR drama will unfurl post previous rebuking of researcher findings. Impact assessment will unleash details requiring potential brand image restoration.Â