wordpress blog stats
Connect with us

Hi, what are you looking for?

Instamojo to have UPI payments with ICICI Bank tie up

Consumer-to-consumer payments company Instamojo has partnered with ICICI Bank to enable payments via the Unified Payments Interface (UPI). Banks are tying up with payment intermediary companies in an effort to build up a merchant base for the UPI. With this tie up, Instamojo will have UPI as a payment option along with credit and debit cards, netbanking and wallets. CEO Sampad Swain told MediaNama that they have a revenue sharing agreement with the bank for every UPI transaction through their merchant base, but declined to give specifics. Note that banks are allowed to charge a higher fee for UPI transactions carried out by merchants as compared to for P2P payments. The company charges a flat 2% and Rs 3 on every transaction. Instamojo has more than 150,000 individuals and micro SMEs on its platform and treats all of them as merchants. Note that the UPI also allows for pull-based transactions which can simplify a lot subscription payments. In May last year, Instamojo launched Instapay, a payment method that lets users collect payments using their usernames. The UPI would simplify this further as customers can pay for subscriptions by entering their mPIN to authenticate the transaction rather than go through an OTP as it is in the case of card transactions. Push for P2M payments by the NPCI: In an earlier event this month, Dilip Asbe, COO of the NPCI, had said that it is more concerned with person-to-merchant (P2M) payments via the UPI to drive usage. “P2P transactions are not that frequent from…

Please subscribe/login to read the full story.
Written By

Free Reads

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

News

The newly launched partially open-sourced LLM Grok-1 can be commercially used but not trademarked.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ