Latest news with #digitalwallets
Coin Geek
22-05-2025
- Business
- Coin Geek
RBI scrutinizes select e-wallets after taxi app collapse
Getting your Trinity Audio player ready... The Reserve Bank of India (RBI) is reportedly reviewing certain digital wallets linked to electric vehicle (EV) services following the abrupt shutdown of BluSmart, the country's largest all-electric taxi platform. The collapse left thousands of users unable to retrieve money stored in the app's wallet, prompting concerns over the safety of funds in such closed-loop payment systems, according to a Bloomberg report. These wallets, which can only be used within a single platform, are common across India's expanding digital services sector, particularly in the EV space for tasks like booking rides or accessing charging stations. Unlike open-system wallets under the RBI's direct oversight, closed-loop wallets operate with fewer regulatory safeguards, making users vulnerable during business failures. According to the report, the RBI has begun informal discussions with EV charging operators and other app-based platforms to evaluate consumer protection measures. The central bank may soon convene a formal meeting with stakeholders to explore potential regulatory changes. One proposed measure includes requiring closed-loop wallet providers to place customer funds in escrow accounts—similar to requirements for payment aggregators—to ensure users can recover their money if a company ceases operations. The RBI is also considering applying elements of its Prepaid Payment Instruments (PPI) rules to large-scale closed wallets. A prepaid payment instrument (PPI) is a financial tool that enables users to load funds onto a card or digital wallet for future transactions. In India, PPIs encompass mobile wallets like Paytm, PhonePe, and MobiKwik, as well as payment gateways such as Razorpay. So far, the RBI has permitted PPI users to conduct Unified Payments Interface (UPI) transactions through third-party mobile apps, enhancing the scope of digital payment services in India. This means that users can transfer or receive funds through UPI in their PPI wallet using third-party apps, making it interoperable. BluSmart, once a major rival to Uber in India's ride-hailing market, halted new bookings despite operating the country's largest all-electric fleet of over 8,000 vehicles. Its suspension of services in Delhi, Mumbai, and Bengaluru sparked an online backlash. While some users reportedly said they received wallet refunds, others face a 90-day wait. The crisis deepened after Indian market regulator, the Securities and Exchange Board of India (Sebi), accused co-founders Anmol and Puneet Singh Jaggi of diverting loans meant for vehicle leasing to fund personal luxury purchases. BluSmart's reliance on corporate leasing—mainly through Gensol Engineering Limited, also run by the founders—has further raised concerns over financial mismanagement and transparency. While no formal regulatory action has been taken yet by the RBI, expanding oversight of app-specific wallets could significantly impact India's digital economy, where prepaid balances are widely used to promote customer loyalty and frequent usage. This is especially significant at a time when India, the fastest-growing large economy, expects its digital economy to grow almost twice as fast as the overall economy, contributing to nearly one-fifth of national income by 2030. This means that, in about five years, the share of the digital economy will become larger than that of agriculture or manufacturing in the country. Agriculture employs around 45% of India's workforce and contributes nearly 15% to its $3.5 trillion economy. In India, e-wallets—also known as digital wallets—are mobile applications or software tools that let users securely store their payment details for both online and offline transactions. Functioning like virtual versions of traditional wallets, these platforms allow for cashless payments, eliminating the need to carry physical currency or cards. The growing use of e-wallets in the world's most populous nation has played a key role in driving the shift toward a cashless economy, making transactions faster and more convenient for millions of users. PhonePe is a widely used digital payment platform in India, built on the Unified Payments Interface (UPI). It facilitates money transfers and bill payments and provides access to financial services like insurance and investment products. Google Pay (NASDAQ: GOOGL) has also emerged as a major player in India's digital payments space. It offers a smooth and secure interface for conducting UPI payments, whether online or at physical stores. Amazon Pay (NASDAQ: AMZN), integrated within the Amazon app, functions as a closed-loop wallet in India but is also accepted by several partner merchants, making it useful beyond Amazon's ecosystem. Other popular digital wallets in India include MobiKwik, Ola Money, and Airtel Money. These platforms enable quick payments, mobile recharges, and utility bill settlements. Watch: RockWallet is the go-to app for everyone title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
FF News
15-05-2025
- Automotive
- FF News
Paythru and Adyen Partner to Make EV Charging Payments Easy for All
EV payment specialist Paythru has partnered with global fintech leader Adyen to co-develop a next-generation, omni-channel payments platform for EV charging. The collaboration aims to address the problem of inconsistent EV charging payments – where EV drivers face different payment methods at different charge points – which frustrates drivers and hampers EV uptake. Adyen's innovative acquiring platform supports a wide variety of payment methods, from credit cards and digital wallets (such as Apple Pay and Google Pay) to bank transfers, and many local payment methods, whether online, in-person, or in-app. It is used by household names from Uber to Spotify. The partnership will integrate Adyen's platform with Paythru's software and expertise in EV-specific payments. The resulting EV payments platform will allow drivers to pay with their preferred payment method, which can be easily processed and allocated to the charge point operator. The platform will also incorporate a range of digital features to make the user experience easier, such as emailed digital receipts. It will be purpose-built to integrate into EV charging software, including compatibility with emerging standards. 'To encourage faster vehicle adoption, drivers expect an easy charging experience,' said Nicole Olbe, Managing Director UK&I, Adyen. 'This doesn't just mean widely available infrastructure, but ease of payment too. Drivers should be able to charge their vehicles without navigating lots of apps or unclear pricing.' 'It's why we're collaborating with Paythru to deliver a global omni-channel payment solution that provides seamless, reliable, and transparent payment experiences worldwide. Aligning the ecosystem around open and accessible payment standards is more than just a matter of convenience; it is essential for building trust and accelerating the EV transition.' Key features of the new EV charging payment platform will include: Support for over 100 global payment methods across 100+ countries, including mobile wallets and fleet cards Plug & Charge readiness (ISO 15118), ensuring compatibility with energy optimisation and bi-directional charging Transparent pricing, digital receipts, and real-time data integration White-label front ends for charge point operators and fleet managers Keith Brown, Managing Director of Paythru, commented, 'At Paythru, we believe that the EV charging experience should revolve around the driver, not the hardware. That starts with getting payments right. Our partnership with Adyen allows us to deliver on that promise, combining deep sector knowledge with a world-class payments infrastructure to provide a solution that's globally scalable and built with the end-user in mind.' This partnership underpins Paythru's strategic shift from being a leading EV payment provider to a full-service EV commerce platform. 'Fragmented systems, incompatible apps, and opaque pricing are holding back EV adoption,' Brown concludes. ' With this collaboration, Paythru and Adyen will set a new standard for the EV charging experience, rooted in accessibility, trust, and simplicity. Together, we're removing the friction that slows down adoption and building the trusted, interoperable foundation the EV industry needs to thrive.' Companies In This Post Adyen Paythru
Bloomberg
14-05-2025
- Business
- Bloomberg
India's RBI Reviews Some E-Wallets After Taxi App Goes Bust
Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. India 's central bank is scrutinizing some digital wallets associated with electric-vehicle players after the sudden collapse of the country's largest all-EV taxi service left users unable to access money tied to their accounts, people familiar with the matter said.
Coin Geek
12-05-2025
- Business
- Coin Geek
Digital wallet popularity in cross-border transfers explodes
Getting your Trinity Audio player ready... Digital wallets are the most popular platform for cross-border transactions, accounting for twice as many respondents as the next best option, a new report has revealed. A survey conducted by PYMNTS and TerraPay found that consumers are 2.5 times more likely to select digital wallets as their top choice for cross-border transactions than money transfer services and bank accounts, respectively. Overall, 4 in 10 consumers prefer digital wallets, with the U.S. leading at 44%. Of the surveyed nations, Singapore was the outlier, with 37% selecting bank accounts while 27% chose digital wallets. Source: PYMNTS Cross-border payments are a gigantic industry. One report found that, in 2024, non-wholesale payments hit $40 trillion, with B2B payments accounting for the lion's share. Consumer-to-consumer payments hit $2 trillion and are expected to grow by 58% by 2032 to hit $3.1 trillion. However, the market still suffers from slow, costly and inaccessible channels, especially for consumers in developing nations. While consumers lamented all these hurdles, speed was the most oft-cited challenge. This has pushed more consumers to explore digital wallets, which are faster than traditional channels. 16% of respondents cited 'payments are faster' as the main reason they chose digital wallets, with ease of use, reliability and wide acceptance each getting 10%. This need for speed is a universal demand, including in the blockchain world. Networks like BTC and Ethereum, still trapped in the pre-adoption era where a handful of transactions per second were good enough, have been a primary hindrance to mainstream blockchain adoption. BSV, on the other hand, continues to scale, and with the Teranode upgrade, the network will meet the ever-rising demands in payments, artificial intelligence (AI), social media and beyond. The report further highlighted the ongoing battle between traditional finance and fintechs in cross-border payments. It found that in the U.S., only 49% of banks allow consumers to send and receive cross-border payments via digital wallets. However, 98% enable bank account transfers. It's similar in the U.K., where only 58% of the banks support digital wallet transfers while 92% support same-day ACH. The most cited challenge by banks was that digital wallets are 'too complicated to use,' with high costs and poor security as the other common challenges. Watch: RockWallet is the go-to app for everyone title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Coin Geek
09-05-2025
- Business
- Coin Geek
Pakistan eyes expansion of digital wallet coverage
Getting your Trinity Audio player ready... A digital wallet project that the Pakistani government initiated two months ago has been a massive success, closing the gender gap and reaching citizens with disability, the country's prime minister says. PM Shehbaz Sharif commissioned the distribution of the Ramazan Relief Package in early April, partly via digital wallets for the first time. The Rs 20 billion ($71 million) initiative was overseen by the IT & Telecommunications Ministry and sought to make welfare and aid distribution 'efficient, transparent, and respectful.' It aligned with the Digital Nation Pakistan Bill, which was passed by parliament in January and seeks to transition Pakistan into a digitally empowered nation. Speaking at a recent event, Sharif lauded the success of digital wallets in boosting efficiency and transparency in fund transfers. 'Through digital wallets, 79% of the funds in the relief program were transferred seamlessly and transparently,' the PM stated. Starting 2026, all welfare distribution will be done via digital means, he added. According to local outlets, over 900,000 Pakistanis received aid through their newly created digital wallets and conducted nearly 2 million transactions. Significantly, a sizable portion of the users were women, which the PM says plays a role in reducing the gender gap in the program. Over 2,500 disabled people also used the digital wallets, further underscoring the initiative's importance in promoting diversity and inclusion. 'This is more than a one-time relief package. It's about fostering long-term digital habits that empower individuals and integrate them into the formal economy,' commented IT Minister Shaza Fatima Khawaja. Pakistan is undergoing a digital payment transformation. In the last three months of 2024, retail digital payments grew 12%, according to data from the central bank. Pakistanis made over three billion transactions worth Rs154 trillion ($554 billion). This growth is attracting global giants. In March, Google Wallet (NASDAQ: GOOGL) announced its entry into the Pakistani market, partnering with half a dozen local banks to allow cardholders to make payments via the app. 'The launch of Google Wallet is a solid testament to Pakistan's rising digital payments adoption and will serve as a signal to other global payment solutions about the market's potential,' commented Mutaher Khan, whose Data Darbar provides market intelligence in the country. However, the market still faces significant challenges. One of these is the country's massive undocumented economy, which the government reckons is as big as the formal economy. Operators in this cash-based market operate beyond the scope of the government and pay no taxes; this makes digital payments a direct threat as they would expose the market. Watch: RockWallet is the go-to app for everyone title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
