India Payments News

Recent industry report about India Payments company news, including latest market trends and industry updates in 2024. This sector news is compiled by Mordor Intelligence™ India Payments Market industry experts.

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

India Payments News

  • December 2021 - Indipaisa, a member of the Nexxo Network, an international network of Fintech companies operating in the Middle East, Asia, and Europe, announced to launch of a set of innovative Financial Technology (Fintech) solutions targeting India's flourishing 63 million Small and Mid-sized Enterprise (SME) sector. Indipaisa, in partnership with NSDL Payments Bank, announced the introduction of multiple financial products and services customized from the ground up to match the specific needs of Indian SME owners and operators.
  • February 2022 - Razorpay, based out of India, has announced its first international expansion into South-East Asia with the acquisition of a majority stake in Curlec, a Malaysian fintech firm, for an undisclosed amount. Curlec is a Kuala Lumpur-based company building solutions for recurring payments for modern businesses of all sizes. This marks Razorpay's fourth acquisition overall and its first in international waters.
  • April 2022 - India Post Payments Bank launched Fincluvation, a platform to promote innovative solutions in collaboration with fintech startups to accelerate financial inclusion among the underserved and unserved population. India Post will invite startups to co-create solutions on the platform. The government will offer up to INR 3 crore to support the entire journey from the proof-of-concept stage to the final product.
  • May 2022 - Fintech startup Slice announced the launch of UPI payments for its users as it seeks to become a payment-first product company from a credit-only product company. The UPI payments feature will be available to its waiting list of 10 million customers who have not been able to get access to credit yet and its existing millions of customers.
download-icon Get full market coverage in this industry
Download Sample
  • February 2023 - The representatives of the EU SME Centre signed a Memorandum of Understanding (MoU) with the Associação de Jovens Empresários Portugal-China (AJEPC). The new partnership agreement signed with a Portugal-based business support organization would enhance the outreach capacity and value-added activities provided to European SMEs looking to do business in China.
  • December 2022: Continente has a total of 77 stores in the Lisbon district and is currently planning to open shops in 3 new locations of Continente Modelo Estoril, in Cascais, Continente Bom Dia Av. de Paris, in Lisbon. Continente Bom Dia Vialonga, in Vila Franca de Xira, to strengthen its brand's position in the region and to create 160 new jobs.
  • October 2023 - Square Capital LLC announced the debut of Tap to Pay on iPhone in Australia, where Square would make the technology available to its sellers. Tap to Pay on iPhone is available in the Square Point of Sale, Square for Retail, and Square Appointments iOS apps. It allows vendors of all sizes to accept contactless payments directly from their iPhones, with no additional hardware required or expense.
  • July 2023 - Grow Finance announced that the company partnered with Pismo to issue new Mastercard credit cards for small businesses in Australia. This new offer gives business owners better cash flow, management, and capital to help them improve their businesses.
  • April 2023 - Stripe announced the launch of unified commerce solutions for Australia. Through this, businesses of all sizes can accept in-person payments using the Stripe Terminal SDK and Tap to Pay on Android or Stripe Readers to unify online and in-person commerce with a single integration.
  • September 2023: Ericsson announced the company’s strategy to create a global network platform business with network APIs. A commercial partnership has been formed between Ericsson and Deutsche Telekom to provide developers and enterprises with communication and network APIs. The central part of the Ericsson enterprise strategy is to build a Global Platform for exposing advanced 5G capabilities, e.g., quality on demand, speed, latency, and location via simple use of Network APIs. This will make it easier for developers and businesses to integrate network features in their applications, accelerating the digitization of enterprises and creating new opportunities for operators to derive revenue from these investments.
  • March 2023: Amazon Business announced the launch of 3-Way Match on the Amazon Business mobile app to help customers improve their innovative business-buying strategies and automate reporting. With the new 3-Way Match app, mobile devices can be used by account administrators and authorized buyers to check the barcode on packages when they are delivered so that an item is marked as received without delay. With this new feature, a simple and quick way to close purchase orders anywhere anytime is available for nearly 1 million active Amazon Business mobile app users in the U.S. at no additional cost.
  • October 2023: The State Bank of India (SBI) has introduced a 'Mobile Handheld Device' to offer banking services to its financially inclusive customers. This step aims to improve accessibility and convenience for customers in availing banking services and providing bank kiosks at customershome. This device will significantly enhance banking accessibility by bringing kiosk banking directly to the customer's doorstep. It will provide greater flexibility to customer service point (CSP) agents, allowing them to reach out to customers wherever they may be. This initiative will particularly benefit customers who face difficulty accessing CSP outlets.
  • August 2023: Northwest Bank region management has announced their plans to build a new digital banking kiosk at 1081 Million Dollar Highway in front of Burke's Ace Hardware in St. Marys. This convenient kiosk will provide customers with two efficient banking options: a 24/7 drive-up ATM for easy access to account withdrawals, fund transfers, deposits, and more, and an advanced video teller machine (VTM) for live interactions with a teller. This will allow customers to comfortably address any inquiries or carry out routine transactions such as check cashing or loan payments.
  • January 2023: Samsung unveiled plans to expand the availability of the Samsung Wallet app to eight additional countries, with Singapore being among them. This versatile wallet application was introduced as a unified platform, offering users a secure storage solution for their digital keys, boarding passes, identification cards, and various other documents on their mobile devices.
  • July 2022: Google Wallet was introduced as a standalone app for users in Singapore, providing a complementary experience to Google Pay. This digital wallet, designed for Android and Wear OS, aimed to streamline the process of saving and accessing essential items, including vaccine cards, event tickets, boarding passes, and loyalty cards.
  • May 2023: Maybank launched its cross-border QR payment service for Maybank customers traveling to Singapore, Indonesia, and Thailand, as they can now make cashless and instant payment transactions via the MAE app. Similarly, incoming tourists from these countries can make cashless payments with Maybank QRPay merchants in Malaysia. The new offering will enable Malaysians visiting the respective countries to enjoy a cheaper, faster, and more convenient payment option through the MAE app.
  • January 2023: Xoom, PayPal's international money transfer service, has announced that it has launched a new cross-border money transfer product, debit card deposit, enabling Xoom customers, and the new feature will offer remittance receivers easy, secure, and real-time access to funds, which are sent directly to a recipient's eligible Visa debit card.
  • March 2023 - ImaliPay, a global FinTech-as-a-Service provider, has partnered with Renda, a third-party e-commerce fulfillment solution. Through this agreement, they seek to help companies across Africa by simplifying and optimizing the order fulfillment process for enterprise and medium-sized firms. It will begin with Nigeria.
  • July 2023, a prominent international provider of technology-driven services, Lytus Technologies Holdings PTV. Ltd., announced opening its payments gateway to Indian customers. Lytus Technologies entered the Indian market with its telecast, multicast, and internet services. The company purchased a 51% share in Sri Sai Cable and Internet Private Limited in Telangana, India. The company's entry into the market will be further strengthened by opening the payment gateway, which is part of a strategic plan to increase its presence in India by providing a range of services to Indian customers.
  • January 2023: Razorpay, India's Full-Stack Payments and Banking Platform for Businesses, announced the platform's readiness to support Credit Card Transactions on Unified Payments Interface in an industry-first move aimed at further strengthening digital payments and increasing credit penetration in India. With this launch, Razorpay becomes India's first PG to support Credit Cards via UPI. Customers of HDFC Bank, Punjab National Bank, Union Bank, and Indian Bank would be among the first to benefit from this innovation.
  • September 2022: Square, Inc. (now known as Block, Inc.) introduced millions of vendors across the United States to its Tap to Pay feature on iPhone. The feature, available within the Square Point of Sale iOS app, allowed merchants of all sizes to accept contactless payments directly from their iPhones, with no additional hardware requirement and at no additional costs to the seller.
  • January 2022: Visa introduced a new cloud-based payment platform that sought to transform any device into a cloud-connected payment terminal. The platform, known as Visa Acceptance Cloud (VAC), allowed acquirers, payment service providers, Point of Sale (PoS) manufacturers, and Internet of Things (IoT) players to transition payment processing software from being embedded in each hardware device to being universally accessible in the cloud.
  • May 2022-Merkle, the premier data-driven, technology-enabled customer experience management (CXM) company for Dentsu, opens in Bulgaria, further establishing the nation as a major e-commerce hub in the region. The change is a part of Dentsu's network's broader restructuring, which strives to streamline and integrate its brand portfolio. To better serve three key business lines, it is intended to combine more than 160 brands into six leading brands.
  • January 2022 - The Dutch trading platform group OLX announced it would work with Romanian technology startup Innoship to improve the order processing process in Romania, Bulgaria, and Portugal. With Innoship, OLX will benefit from the rapid onboarding of courier services in each market and real-time visibility throughout the delivery process. In addition, this partnership provides centralized dashboards to monitor and report on multiple performance indicators, providing instant access to various pickup and drop-off locations previously unavailable to OLX users.

Payment Industry in India Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)