Google Gets into Digital Payments Fray in India

Google is expected to launch a mobile payments app in India next week. Google Tez, which means “fast” in Hindi will reportedly support Android Pay as well as the government-backed Unified Payments Interface and other consumer payment services including Paytm and MobiKwik.

India Payments Roundup: Paytm, Amazon and Flipkart

The battle for e-commerce and payments domination is on in India. Paytm, an e-payment/e-commerce brand and payments bank, is bringing the QR code scanning habit to the Indian masses, while rival Flipkart has raised $2.5 billion from Japan’s SoftBank and Amazon has launched its digital wallet.

Indian Domestic Networks Report Positive Growth

The National Payments Corporation of India is reporting positive momentum for transactions across its domestic payment networks for the fiscal first quarter of 2018. Its goal is to hit 11 billion transactions by the end of the fiscal year. 

U.S.-Based Ebix Buys Majority Stake in India’s ItzCash

Indian payment solutions provider and Pay Award-winning ItzCash Card Ltd. has a new main backer. U.S.-based Ebix, which sells on-demand software and e-commerce services, has taken an 80 percent stake in the company for $120 million.

Going Digital: E-Gift Cards Post Triple-Digit Growth

Consumers in India are increasingly turning to physical and digital gift cards. A new study showed that providers issued some 50 million gift cards over the past year, up from 20 million from the previous 12 months, an increase of 150 percent.

India Developing Insurance Framework for M-Wallets

Amid India’s recent boom in m-wallet transaction volume following a government discontinuation of two popular currency notes, the government now is considering developing an insurance framework for mobile wallet and electronic transactions. Government officials from the IT Ministry already have begun discussions with m-wallet providers and insurance companies on how to insure money in the wallet apps, according to The Financial Express.