MoneyGram International celebrated a grant to the Agastya International Foundation through the MoneyGram Foundation at an event at Raje Shivaji School in Dharavi, Mumbai. Agastya International Foundation’s mission of “a creative India” is achieved by sparking creativity among millions of disadvantaged children and their teachers. The Mobile Science Labs aid in making learning fun and awakening intellectual curiosity. Each lab funded by the MoneyGram Foundation will travel to 30 schools in the states of Uttar Pradesh, Maharashtra and Bihar, teaching children using hands-on science models in physics, chemistry, biology and mathematics. The MoneyGram Foundation, launched in 2012, was established with the mission to help children around the world gain access to educational facilities and learning resources.
Fime, is helping Indian banks to reduce time to market for EMV readers and chip enabled debit/credit cards when seeking the MasterCard Terminal Integration Process (M-TIP) service by streamlining its processes and offering. The MasterCard chip testing processes are mandated to qualify that banks and financial institutions align to its requirements before chip products are deployed in the market. FIME, an independent service provider accredited to provide formal approval for MasterCard M/Chip™ services, has refined its offering to ensure the M-TIP service can be delivered quickly and efficiently to acquiring organisations in India. FIME’s SAVVI analysis test tool, along with test cards qualified by MasterCard, enables acquirers to debug and test the compliance of a contact, contactless and mobile payment acceptance terminal in preparation of formal MasterCard approval prior to market implementation.
Xoom digital money transfer provider partnered with Punjab National Bank (PNB), to roll out instant bank deposit services to bank accounts in India using the revolutionary IMPS (Immediate Payment Service) platform. IMPS is a unique remittance processing platform for account-to-account remittance offered by the National Payment Corporation of India (NPCI). Xoom’s technology and IMPS’ technology will let Xoom customers send money from the United States instantly to many prominent banks in India via the IMPS system in the coming weeks. Currently, IMPS has 63 banks as part of its ecosystem. Xoom offers deposits to bank accounts in India including NRE and NRO accounts.
mopay announced its entry into the Indian market with an HTML5 in-app billing solution. The company brings its latest technology to the Indian market where staggering growth rates indicate that the number of Internet-enabled mobile devices will have exceeded the US by the end of 2014. mopay is launching the HTML5-for-mobile version of its award -winning direct carrier billing platform on all large Indian carriers to give its subscribers of mobile Internet devices the same frictionless payment experience as in Europe and the United States. Indian carriers, such as Airtel, Vodafone and Reliance, have recently invested billions in US dollars to upgrade their network infrastructure and allow users in mainly urban areas to use mobile Internet services.
GoDaddy announced Suvidhaa, a Suvidhaa Infoserve Pvt. Ltd. (SIPL) franchise, has purchased Suvidhaa.com as a key part of its global expansion. The payment company allows customers to pay cash for necessary bills and services such as travel, utilities and entertainment at convenient locations including grocery stores, pharmacies and cyber cafes. More than 18 million customers have used Suvidhaa to pay bills at these locations often without even realizing it was Suvidhaa that made it possible. The company’s objective is to empower consumers to pay bills and manage transactions online. With its well-established market presence in India, the top-level domain Suvidhaa.com and GoDaddy’s commitment to quick and collaborative customer care is helping to facilitate the company’s international expansion. After experiencing GoDaddy’s remarkable support, customer care and efficient premium domain purchasing process, SIPL has registered 80 other domains with GoDaddy.
hyperWALLET launched payment services to India, providing corporations with a fast, low-cost method of making payments via direct-to-bank money transfers in local currency. hyperWALLET has facilitated corporations to make fully-compliant, low-cost electronic payments to Indian bank accounts in INR currency, typically within 1-2 business days.With the addition of payments to India, hyperWALLET continues to enhance their global payment platform and expand their global payments footprint. hyperWALLET’s payment platform enables companies and individuals to receive and manage their funds using a variety of options including online e-wallets, bank deposit, prepaid cards, cash pickup, via mobile phone and more.
Xoom Corporation today announced a partnership with HDFC Bank Limited (HDB), by offering instant deposits to INR denominated HDFC Bank accounts in India. This breakthrough service allows Xoom customers to instantly deposit money directly into their recipients’ HDFC Bank accounts in India. The instant service is available 24 hours a day, seven days a week, 365 days a year–even on banking holidays.
ReD global fraud prevention and Alpha Payments Cloud payments solution partnered to support acquirers and merchants as they drive secure cross-border ecommerce growth. The partnership will make ReD’s highly regarded, real-time fraud prevention service, ReD Shield®, available to Alpha Payments Cloud clients across North America, Europe, Asia Pacific and Latin America, via the APC Product Hub.
Mahindra Comviva announced the launch of its mobiquity® Wallet, a cutting-edge digital wallet platform. This is amongst the first of its kind fully integrated digital wallet platform that supports NFC, QR codes and Bluetooth Low Energy (BLE). It will offer security, ease of use and rich features to the customers of banks, telecom operators and retailers across the globe. The platform will bring in agility to develop an ecosystem and increase revenues from existing customers and simultaneously boost customer acquisitions.
ICICI Bank launched its combo prepaid card in association with the Uttar Pradesh State Road Transport Corporation (UPSRTC). The card was launched and co-branded by UPSRTC, offering dual benefits of a travel card as well as a shopping card on a single card. This first-of-its-kind pre-paid card offers users the convenience of not having to pay cash for buying tickets for every trip undertaken on a UPSRTC bus or buying paper passes for monthly or quarterly season tickets. In addition to this, customers can use this same card to shop online as well as at stores. This features Ease of travel on UPSRTC buses, wider acceptability at all VISA POS retail shops, malls and websites for cash-less shopping, no requirement of minimum balance on the shopping card, no need to open a bank account to avail shopping card benefits and secured use.
National Payments Corporation of India (NPCI) appointed advanced secure-chip testing provider Fime to deliver its RuPay certification program. NPCI will utilise FIME’s expertise in setting up EMV-based certification board for its card payment scheme, RuPay. FIME will define the certification specification, laboratory setup, test plan specification, test tools and operate the certification board for RuPay. FIME will also be involved in setting up the certification process including the associated administrative and business operations. This will ensure all payment cards and POS terminals deployed under the brand align to the requirements of RuPay specifications and ensure necessary infrastructural alignment of acquirers and issuers with the payment system.
MasterCard’s Asia-Pacific-Middle East-Africa region (APMEA) is expanding rapidly with gross dollar volume rising more than 21% year-on-year and the number of cards issued growing nearly 15% year-on-year in 2013. Quarterly gross dollar volume runs about $300 billion and the number of cards issued is over 400 million. MasterCard will release fourth quarter and annual results on January 31 before the market opens.