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Jio Pay or Pay Jio. I’m certain you are Familiar with this annoying sound…… “ Received Paytm Payment of Rupees…” This soundbox payment system is available across the length and breadth of India, in every kirana store , shopping mall , bhelwala and Mumbai vadapav Wala as well. It is Reckoned as a “payments and audio verification device”. Existing Rulers of domain : Dominated by Paytm and then by miles behind is PhonePe. Is this service free ? No way…. Commercials or Fees charged : The soundbox is a steady revenue generating proposition. (I) You pay to buy this device at the time of procuring it and (Ii) there is a fixed monthly rental for the services it provides. Doubling up as POS or point of sales device in case of QR code based transactions, soundboxes are proving to be a lucrative source of income for fintechs. But wait : New Entrant on the anvil : “Jio Pay” is all set to venture into the very same payments and soundbox segment across retail merchants in the next 6-8 months. If this happens, it can shake things up for existing giants in the digital payments space, such as Paytm, PhonePe, and Google Pay. It's worth mentioning that the company has already started the trial phase for Jio UPI Soundbox, indicating its readiness to enter retail spaces soon. Jio's entry into the UPI payment segment is timely, especially considering recent challenges faced by its competitors, like the temporary suspension of Paytm Payment Bank. The Juice is in the data : For merchants, the value of a soundbox extends beyond the auditory alerts it provides. it offers invaluable insights into merchant behaviours, facilitating the offering of loans based on this data. So, will Google pay, Paytm, PhonePe soundbox loose their wallet share since the HotStepper Jio Pay is just around the corner. Buying JFS makes sense : Yay / Nay ?

In the fiscal year 2023-24 (FY24), the deployment of new Point of Sale (PoS) systems experienced its most sluggish growth since the tumultuous days of demonetisation, according to data released by the Reserve Bank of India 👇 The exception to this trend was seen in 2021-22 when the profound impact of COVID-19 and ensuing lockdowns dealt a severe blow to offline commerce. Between March 2023 and 2024, the deployment of new PoS terminals surged by 14%, a stark contrast to the robust rates of 28% and 29% witnessed in the preceding two years, bringing the total count to 8.9 Mn. In contrast,over the past two years, the adoption of QR codes for UPI payments via platforms such as PhonePe, Google Pay, and Paytm has doubled. #pointofsale #upipayments #RBI

Did you know that in 2023, Mobile Commerce made up 60% of global e-commerce sales, with 53% of consumers preferring mobile phones over other devices like laptops, desktops, and tablets? Here are the 3 key pillars supporting the foundation of Mobile Commerce: • Mobile Shopping, which allows customers to purchase products using a mobile device, through an application or a web browser. E.g.- Amazon, Flipkart • Mobile Banking, which allows customers to use mobile devices to access banking services offered by a bank and make financial transactions. E.g.- Axis Mobile, YONO SBI   • Mobile Payments, which replaces physical money with a secure and contactless mode of payment, where transactions are made using a digital wallet. E.g.- Google Pay, PayPal, Apple Pay    Here are a few companies that benefited from incorporating Mobile Commerce into their business: 1. Dominos, a leading pizza chain, has become one of the top players in the mobile commerce landscape, by introducing a Pie Pass technology which allows customers who order online and pay over a mobile device to skip the line when they collect their order. 2. Although the State Bank of India, which is India’s largest bank, has 22,400 branches across the country, 85% of its banking transactions are performed through YONO, its mobile app launched in 2017.   Mobile Commerce will allow you to improve customer experiences, reach a wider audience, derive detailed customer insights, and ultimately increase conversions and sales. Follow ILLUIT for more insights. #mobilecommerce #mcommerce #ecommerce #mobileshopping #mobilebanking #mobilepayments #businessinsights

"Google announced on February 22 that it is rolling out SoundPods, a speaker device that helps merchants track QR code payments with audio alerts, to millions of small merchants across India in the coming months. This announcement comes at a time when rival Paytm is facing an existential crisis after the Reserve Bank of India (RBI) restricted Paytm Payments Bank from offering almost all major banking services in the country from March 15, 2024." "Google said this rollout comes after conducting a limited pilot of its SoundPod device last year, Participating merchants have shared positive feedback, saying that it reduces checkout time, it noted. With this launch, Google will be the latest company to launch such a speaker device after rivals Paytm, PhonePe and BharatPe that have launched similar devices in the past. Paytm was the first to take a shot at solving this problem by launching its Soundbox in 2020, during the first wave of the Covid-19 pandemic. In recent years, these devices have become a meaningful alternative revenue stream for fintech companies, while also helping with merchant retention. Google said that merchants can make use of the audio notification service by signing up for a subscription through the Google Pay for Business app. One can choose either a daily or a yearly plan and then turn on the daily settlement option to access this service. In the daily plan, merchants will have to pay a one-time fee of Rs 499, after which Rs 5 per day will be deducted for 25 days in a month from their settlement account. In the yearly plan, Rs 1,499 rupees will be deducted from the merchant's settlement account. Merchants will be able to access the audio alerts service in six Indian languages including Hindi, Kannada, Tamil, Bengali, Marathi, and Gujarati, besides English. In a bid to incentivise the usage of its own QR codes, Google said that merchants who are availing audio notification services can get a guaranteed cashback of Rs 125 after they accept 400 or more transactions in a month through GPay QR codes." "Meanwhile, Google said it is winding down the standalone Google Pay app in the United States, less than two years after launching Google Wallet, a digital wallet that gives users quick access to payment cards, loyalty cards, passes, tickets, keys, or IDs among others." Full report: https://lnkd.in/ePpv-Rch

India to see retail digital payments to double to USD 7 bn by 2030: Report #Digital #Currency #UPI #Payments Amazon Pay India Kearney

#Flipkart #AxisBank #CreditCard, one of the country's most popular Co-branded cards, is on a #Cancellation drive! Curious about the reason behind this drive? The Bank is citing instances of non-personal usage of the card as the primary reason. Historically, the bank has reached out to customers suspected of misusing the card, requesting necessary documentation. Failure to provide these documents has led to the initiation of cancellations What constitutes non-personal usage? Typically, the bank's #risk assessment engine identifies accounts that deviate from typical spending patterns. This could include repetitive purchases of high-value items or spending significant amounts surpassing the user's income. Similarly, consistent payments of large utility bills or abnormal fuel purchases may raise red flags, depending on the card one holds! What #rewards does the credit card offer? As a co-branded credit card, it provides a flat 5% cashback on all purchases made on Flipkart. Additionally, users can earn 4% cashback on select merchants and 1.5% on most other categories. Cashback is automatically credited to the statement Modus Operandi? Some users purchase regularly high-value items say, iPhones worth Rs 1 lakh from Flipkart, earning Rs 5000 as cashback, only to resell the item for Rs 97k, thus pocketing Rs 2000 in the transaction. Another group of users use their cards to provide liquidity to local #merchants, earning 1.5% cashback and extra interest from the merchant. Merchants are happy to bear the MDR since liquidity is more important to them! Managing rewards expenditure: Rewards come at a cost to the bank, and when this cost escalates abnormally, banks typically have two options: either #devalue the card, affecting all customers, or identify and eliminate abusive users. The card has undergone a round of devaluation earlier, but the core value proposition was not lost. It's good to see that with the bank choosing to weed out the #abusers, with this genuine customers can expect no further rounds of devaluation! Do you have this card? How has been your experience? On a personal note, there was a time when this used to be my primary CC, thanks to the simple rewards structure and statement credit of cashback with no caveats! And if you are looking for any help with #personalfinance #taxes #investments #CreditCards optimization, don't hesitate to send me a direct message (DM)! #Money #Savings #CCMisuse

Newcomer into the payment methods mix, Buy Now, Pay by the Middle of the Next Month🧐 eBay is introducing a new payment method in collaboration with Riverty, first available for shoppers in Germany, before rolling this out more widely in early 2025. The method is called ''monthly invoice" and is essentially a way for shoppers to defer payments for their purchase. All purchases made during a given month are compiled into one invoice and the shoppers have until the middle of the next month to pay the invoice. The eBay marketplace already accepts various payment methods i.e. cards, ApplePay, GooglePay, PayPal, Venmo etc. The new payment method addition is in effect a form of credit or micro-loan extended to the shoppers as they have a short-term window to buy items without paying upfront. Instead, the payment is deferred until a designated due date. The typical BNPL models (such as Klarna or Afterpay) allow shoppers to split payments over several instalments, often spread across a few weeks or months, usually with zero or low-interest costs. This new payment approach on eBay does not actually impact how sellers receive their payments. Sellers will continue to get paid according to the same payout schedules they are accustomed to, with no changes to the timing or process of receiving their funds. The market perception of BNPL services had been quite balanced. On one hand, they've gained popularity for offering convenient and flexible payment options without upfront payments. On the other hand, there has been increasing scrutiny from regulators and consumer advocates due to concerns about rising debt levels, lack of regulation, and potential financial distress to consumers who overspend. The global BNPL market was valued at $30.38 billion in 2023 and is projected to grow to $167.58 billion by 2032 (Financial Times). (💡https://lnkd.in/dzY-49fu) 👉🏽#Paymentexperts, any perspectives to share on #bnpl or #apms🎤? --- 𝑾𝒐𝒏𝒅𝒆𝒓 𝒘𝒉𝒐 𝒘𝒆 𝒂𝒓𝒆? 𝘞𝘦 𝘢𝘳𝘦 𝘢 𝘵𝘦𝘢𝘮 𝘰𝘧 𝘗𝘢𝘺𝘮𝘦𝘯𝘵𝘴 𝘚𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘴𝘵𝘴 𝘣𝘭𝘦𝘯𝘥𝘪𝘯𝘨 𝘰𝘶𝘳 𝘪𝘯𝘥𝘶𝘴𝘵𝘳𝘺 𝘦𝘹𝘱𝘦𝘳𝘵𝘪𝘴𝘦 𝘸𝘪𝘵𝘩 𝘢 𝘤𝘳𝘦𝘢𝘵𝘪𝘷𝘦 𝘢𝘱𝘱𝘳𝘰𝘢𝘤𝘩 𝘵𝘰 𝘢𝘴𝘴𝘪𝘴𝘵 𝘰𝘶𝘳 𝘤𝘭𝘪𝘦𝘯𝘵𝘴 𝘵𝘩𝘳𝘰𝘶𝘨𝘩 𝘊𝘰𝘯𝘴𝘶𝘭𝘵𝘪𝘯𝘨, 𝘚𝘵𝘳𝘢𝘵𝘦𝘨𝘺, 𝘙𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘢𝘯𝘥 𝘛𝘩𝘰𝘶𝘨𝘩𝘵 𝘓𝘦𝘢𝘥𝘦𝘳𝘴𝘩𝘪𝘱 𝘱𝘳𝘰𝘫𝘦𝘤𝘵𝘴. ⏭ Follow Paypr.work [ˈpeɪpəwəːk] ⏭ Visit https://www.paypr.work/ ⏭ Sign up to learn more: https://lnkd.in/dVXjGkzB #paymentinfographics #payprwork

India’s retail digital payments can double to $7 billion by 2030: Amazon Pay and Kerney report Full Article Link >>> https://lnkd.in/gdzfa8in Welcome To Latest IND >> Fastest World News Jul 14, 2024 05:22 PM IST Retail digital payments in India are expected to double to $7 trillion by 2030, primarily driven by Unified Payments Interface (UPI) adoption and usage. India’s everyday retail digital payments may double to $7 trillion by 2030, compared to the present levels, […] . . Latest IND . . . . #trendingnews #newstrending #trendingtopicnews #lifestyle #business #news #healthylifestyle #smallbusiness #supportsmallbusiness #lifestyleblogger #luxurylifestyle #businessowner #businesswoman #smallbusinessowner #businessnews

Paytm #PoS Terminals Switching to RBL Bank Big changes are coming to Paytm's point-of-sale (PoS) terminals!* These are the machines you use to swipe your debit or credit card at stores. Soon, they'll be working with RBL Bank behind the scenes for processing payments. Here's the breakdown: Paytm stays in charge: Even though RBL #Bank is involved, you'll still see the familiar Paytm brand at stores. One 97 Communications (Paytm's parent company) will continue managing the terminals. RBL Bank steps in: #Transactions made through these terminals will now be routed through RBL Bank's network for processing. Think of it like using a different highway to get your payment information to your bank. Final stop: Axis Bank: Although RBL Bank handles the initial processing, the money will ultimately flow through Axis Bank, where Paytm holds its main #accounts. This ensures merchants receive their #payments smoothly. Overall, this move suggests a potential #partnership between Paytm and RBL Bank for future payment processing. While there might be some technical changes behind the scenes, the experience for shoppers at stores should remain the same. #fintech #paytm #fintechnews #collaboration