India’s PayTM driving innovative commerce & payments looking to capture bigger share of this growing market

PayTM

PayTMEcommerce in India has seen a tremendous growth and traction in the last couple of years. The major growth can be seen from top ecommerce platforms Flipkart,Myntra,Jabong,Snapdeal and now Amazon reaching the billion dollar club. As a result the payment space is heating up and PayTM is spearheading this growth offering a range of solutions for mobile users to recharge prepaid connections, buy tickets and transfer money to friends and family. With 3.7 Million customers already in its kitty, PayTM now looks at introducing innovative payment solutions to its customers for an excellent user experience.

PayTM has launched a secured wallet a few months back which hopefully will reduce transaction failure rate by 20% and will enable faster checkout. The benefits of using a wallet today for consumers is that personal information is pre stored in advance to speed up checkout, text-message based transactions as well as making it possible to pay using a phone both while shopping online and at physical stores.

Payment failure is a big concern for every ecommerce venture today and most failures happen at the banks backend. With PayTM’s m-wallet consumer’s money is already stored bypassing the bank. It is a highly secured environment.

PayTM also has offers discounts, cash backs just like credit cards do. The scope today is huge considering India’s big and diverse market. PayTM can be used to pay bills and insurance premiums and perform other financial transactions directly from their mobile phones.

Through PayTm’s platform users can recharge/pay bills of their mobile phones, Direct to Home TV subscriptions, electricity bill payment, land line bill payment, gas bill payment & toll card recharge.

Another recent development is the launch of its bus booking service across India. With this service consumers can plan and book a bus ticket to any destination within India.

PayTM definitely looks on course to tap the huge growing payments and commerce market in India

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PayMate India Surpasses $500M in Annual Processing Run Rate

paymateMobile and e-payments company PayMate India Pvt. Ltd., has announced that it is now processing in excess of $500M in annualized payment processing run rate. This announcement follows PayMate being awarded the “Fastest Growing Solution” by Knowledgefaber Awards for Excellence in Payment Methods and Technologies, held last month in Bangalore.

Speaking on this, Mr. Ajay Adiseshann, Founder and Managing Director of PayMate said,“Achieving $500M in processing run rate is a major milestone for PayMate. It validates our business focus and comes at a time when we are experiencing tremendous growth. We now have our sights set on doubling this number in the coming months”.

PayMate offers a full suite of services and solutions for consumers to make payments and transfers, for businesses to accept payments and make business-to-business payments. PayMate solutions cater to both urban and rural users and aim to reduce friction in payments by keeping them simple and convenient, without compromising security or compliance.

According to the company, it has been experiencing double-digit, month-on-month, growth in its processing business. Its B2B e-payments business has been especially strong. PayMate has also been working closely with National Bank of Agriculture and Rural Development of India (NABARD), to promote greater and easy use of Kisan Credit Cards (KCC) by enabling mobile access of KCC. Now farmers can make payments using their mobile phones and rural merchants can accept payments using their mobile phones.

 

[Source: Business Wire India]

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Mahindra Comviva Announces The Global Launch Of Its mobiquity payPLUS Solution

mahindra-comvivaYesterday, Mahindra Comviva announced the  global launch of its payPLUS  solution, powered by its award-winning mobiquity platform. payPLUS is an integrated payment solution, that works as a one-stop-shop for all requirements of businesses and enables merchants – small and medium businesses and service professionals, to convert their mobile phone into a Point-of-Sale (POS) device and drive transaction volumes by accepting cards anywhere, anytime.

The payPLUS solution not only equips businesses with an app and a mini-card reader to accept secure card payments but also harnesses the power of cloud technology to extend a range of compelling services to support evolving business requirements.

With built-in cash register capabilities that can be customized as per the business needs, mobiquity payPLUS solution fulfills the need for a quick and reliable user interface that supports and simplifies POS, billing and reconciliation related activities.

Commenting on the global launch, Srinivas Nidugondi, Head of Mobile Financial Solutions at Mahindra Comviva said, “We are excited to launch payPLUS with a clear objective of helping merchants improve customer service and store productivity tremendously. We have built this solution for retail chains, insurance sector, supermarkets, restaurants and any business that has mobility as a driver for retail sales. With the growth of cashless transactions globally, this solution would contribute in accelerating the shift towards cashless economy.”

Key features of the payPLUS solution are:

  • Advance platform compared to a traditional POS, allowing customization or integration with merchant systems
  • Mobility – ability to accept credit/debit cards on the go for merchants
  • Built-in security to protect customers’ card information
  • Cost effective for the acquiring banks/ merchant aggregators
  • Great way to improve customer experience by complementing existing payment systems with-in stores.
  • Multiple complementary services to help merchants enhance their business performance
  • Customizable cash register capabilities to support POS, billing and reconciliation related activities
  • Merchant self-care and support options

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Mobile Commerce Transactions To exceed $3.2 trillion by 2017-Juniper Research

mobile-commerceAccording to a recent report by Juniper Research, the value of mobile commerce transactions conducted via mobile handsets and tablets will exceed $3.2 trillion by 2017, up from $1.5 trillion this year. The increasing popularity of mobile devices for bill payment is reflected in the fact that the mobile banking sector accounts for the lion’s share of transaction values over the next five years. However, to put global mCommerce into context, total financial transactions in the US alone exceeded $4,400 trillion in 2012.

The report – Mobile Commerce Markets: Sector-by-Sector Trend Analysis & Forecasts 2013-2017 – observed that a number of key industries – retail, airline, financial institutions – were emphasising the importance of the mobile channel as an engagement, delivery and payment mechanism. It cited the activities of Visa and MasterCard with regards to NFC certification and the airline industry’s wider eTicketing initiative as key developments in this regard.

Furthermore, it observed that the introduction of mobile wallet services was providing first time financial access in many emerging markets where the proportion of unbanked adults exceeded 50%. In the same markets, partnerships between OTT storefronts and network operators – enabling payment via carrier billing – were enabling greater access to the digital economy.

However, the report noted that a number of hurdles still needed to be overcome if mCommerce were to achieve its potential in the coming years. According to report author Dr Windsor Holden, “A significant minority of retailers have yet to optimise their sites for mobile. Unless retailers ensure a seamless, user-friendly mobile shopping experience, they will fall behind competitors who are already using mobile channels to enhance customer relationships.”

The report also pointed out that lengthy POS (Point Of Sale) infrastructure replacement lifecycles were hampering NFC deployments in both the retail and transport sectors, with players understandably reluctant to upgrade infrastructure without a demonstrable return on investment.

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Paytm Adopts IMPS For Merchant Payments

paytmOnline payment platform, Paytm.com has announced the adoption of Immediate Mobile Payments Service, IMPS for Merchant Payments. IMPS (Immediate Mobile Payment Service) is an instant, 24×7, electronic fund transfer service through mobile phones.

This new and easy payment option started by banks allows users to send money to another bank account or merchant using their mobile number. To make payments using IMPS, users will need an MMID, which is issued by the bank.

To use IMPS, users simply have to click on the IMPS tab on the site or mobile site, enter their MMID or the Mobile Money ID number, their mobile number and the One Time Password given to them by their bank. MMID can be obtained by applying to the bank. OTP is also given by the bank through various easy means of communication. Using IMPS, users can make payments for all services on Paytm – recharges, bill payments and tickets.

Currently, 57 banks are live with IMPS for their consumers, while 23 out of these are supporting it for merchant payments already.  The IMPS service is currently enabled for the Paytm website and mobile site. The mobile apps will soon have this feature enabled too.

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Over 950 mn Mobile Ticketing Users By 2018 – Juniper Research

juniperAccording to a new report- Mobile Ticketing Strategies: Air, Rail, Metro, Sports & Entertainment 2013-2018, by Juniper Research, over 950mn mobile phone users worldwide are expected to use their handsets for mobile ticketing by 2018, up from 458mn this year. Growth is expected to be driven primarily within key transport verticals, although latterly significant uptake is anticipated across sectors such as live entertainment events and cinema ticketing.

The report found that the airline industry was a particularly strong proponent of mobile ticketing, with adoption of mobile boarding passes rising sharply since the worldwide implementation of BCBPs (Barcoded Boarding Passes) in 2010.

The report revealed that while mobile has for some years been a key ticketing delivery channel across Scandinavian metros, deployments were increasing both elsewhere in Europe and in the US and were achieving strong levels of adoption. At Boston’s MBTA, which introduced mobile ticketing in late-2012, mobile accounted for 10% of ticket sales within seven weeks of launch.

The report also noted that in the short term, the outlook for NFC ticketing was less optimistic, with a lack of implementation standards a key barrier to interoperability.  Furthermore, transaction speed targets have yet to be achieved, providing a further obstacle to widespread deployments and increasing the probability that contactless cards, rather than NFC handsets, will be the primary delivery mechanism.

Commenting on the insghts, report author Dr Windsor Holden said, “We had already scaled back our forecasts for NFC Ticketing deployments in the wake of Apple’s decision not to include an NFC chipset in the iPhone 5. Given the outstanding technical issues and the continuing failure of NFC stakeholders to communicate the value proposition to transport operators, further downward revisions were required; we do not envisage anything other than ad hoc deployments in the immediate future.”

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Worldwide Mobile Payment Transaction Values To Reach $235.4 billion in 2013

gartnerAccording to a recent report by Gartner, worldwide mobile payment transaction values will reach $235.4 billion in 2013, a 44 percent increase from 2012 values of $163.1 billion. The number of mobile payment users worldwide will reach 245.2 million in 2013, up from 200.8 million in 2012.

Sandy Shen, research director at Gartner said,”We expect global mobile transaction volume and value to average 35 percent annual growth between 2012 and 2017, and we are forecasting a market worth $721 billion with more than 450 million users by 2017.”

The report found that Near Field Communications’ (NFC’s) transaction value has been reduced by more 40 percent throughout the forecast period due to disappointing adoption of NFC technology in all markets in 2012 and the fact that some high-profile services, such as Google Wallet and Isis, are struggling to gain traction. Gartner forecasts that NFC will account for only about 2 percent of total transaction value in 2013 and 5 percent of the total transaction value in 2017, although growth is expected to increase somewhat from 2016 when the penetration of NFC mobile phones and contactless readers increases.

As per the report money transfers and merchandise purchases will account for about 71 percent and 21 percent of total transaction value in 2013, respectively, making them by far the largest contributors. People are spending less via mobile devices than via online e-commerce services and at retail outlets. Merchandise purchases account for about 23 percent of the total value forecast for 2017.

The report found that money transfer value continues to increase because users are transacting much more frequently (although at lower values) due to the wider availability of services and to transaction costs that are lower than those of traditional bank services. This makes money transfer a leading use case, one that Gartner forecasts to account for almost 69 percent of the total value in 2017.

Bill payment value is expected to grow 44 percent in 2013 and have consistent growth through the forecast period. This is due to higher value per transaction figures as more consumers in developed markets perform bill payments via mobile banking services along with consumers in emerging markets who are transacting at higher values originally forecast. Bill payments will account for about 5 percent of the total value forecast for 2017.

According to the report the transaction value in Asia/Pacific’s transaction is expected to grow 38 percent in 2013 to reach $74 billion. Deployments in developed markets such as South Korea and Singapore and in developing markets such as India are expected drive healthy growth in this region. As a result, in 2016, Asia/Pacific will overtake Africa to become the largest region by transaction value, reaching $165 billion. Africa’s transaction value is forecast to reach $160 billion in 2016. While Africa will still experience strong growth through the forecast period, companies are still searching for the most suitable business model for mobile money in their local markets.

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Digital Payment Advisors Will Transform the Payment Landscape – Gartner

gartnerA recent research by Gartner has revealed that the development of digital payment advisor (DPA) applications residing on customer smartphones and mobile devices has the potential to fundamentally change the way many customers approach their choice of payment solution for higher-value purchase transactions. The report found that eventually, the impact of DPAs may stretch far beyond the immediate constraints of the payment market.

Commenting on the insights, Alistair Newton, research vice president at Gartner said,”By encouraging the use of alternate currencies — loyalty points and social currencies — for purchases of day-to-day products and services, DPAs may start to alter the very subtle psychological balance in place when customers make purchases using cash and payment cards. Spending hard-earned money can feel very different to consumers, compared with spending loyalty points that may have been allocated freely by retailers or airlines. Such shifts will bring significant changes to the entire retail purchase experience and the associated payment value chain.”

According to the report, the use of DPAs will also be one of the key indicators of the shift in power from banks and payment card issuers to their customers. Their use will bring greater transparency to the payment markets and drive significant change in the way consumers select their payment providers, especially for higher-value transactions, where the cost or benefits to the consumer may vary significantly depending on what payment solution the customer chooses to use. They will also start to impact the actual form of currency used to settle many payments.

Gartner does not, however, foresee customers using DPAs for every single payment application. Many of these applications will offer actionable and useful advice as to when their use will benefit the customers, meaning that DPAs will initially be used mainly for higher-value transactions. It’s unlikely that most customers will be willing to pay sustainable fees for such a service. As a result, to become economically sustainable, DPA applications will change quickly.

The use of smartphones to analyze and integrate historical transactional data with real-time location and contextual data places the power of informed decision making in the hands of customers. According to the report, by offering the customer a clear indicator of the most cost-effective — or profitable, when aspects such as potential loyalty rewards or “cash back” options are factored in — payment application to use for a particular transaction, digital payment advisors can cut through many of the marketing and pricing issues that plague today’s payment market.

Mr. Newton added,”Banks and financial services companies cannot ignore the advent of digital payment advisors. They must adapt their strategies to recognize the impact that the open availability of such information and advice will have on the payment market. Equally, retailers need to monitor the impact of DPAs on the purchase value chain that their customers will engage in.”

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Upcoming Event: Mobile E-Commerce Strategy 2013 Asia Pacific Conference – July 9 – 10 Singapore

WirelessDuniya.com is pleased to be the Event Partner for Mobile E-Commerce Strategy 2013 Asia Pacific Conference  to be held on July 9 – 10 in Traders Hotel, Singapore. 

MECOMM2013

Develop and fine-tune
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Merchants
& Retailers

(SGD 995 – Please register early and book your seat before 10 June 2013)

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ABOUT
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Mobile E-Commerce Strategy 2013
Asia Pacific Conference
  (9-10
July 2013 | Singapore) will gather the rising
giants of online e-commerce and m-commerce as they share insights on
taking
their online e-commerce business to the next level of advancement. The
speakers
panel will be covering technology integration, go-to-market strategies
and many
exciting and innovative approaches to reach millions more customers and
increase online spend for your products and services.

This
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e-commerce
and what you should know in order to successfully
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market
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CASE STUDIES by successful online commerce
merchants and retailers

(various products from travel
to hospitality to fashion and electronics)

Will provide the
answers to the following key areas

  • How do we see our business in
    terms of market size going from e-commerce to m-commerce? Is m-commerce
    expected to exceed online purchases in future?
  • Who are
    our customers? And how many can be tapped into via the mobile channel?
  • What is our mobile strategy?
  • The way we view the value of
    content, use of augmented reality in our channels, and how we wield data
    intelligence as way forward to increasing sales?
  • What is our approach in
    reaching multi-device consumers?
  • Making senses of this
    T-commerce & M-commerce boom and how we are tapping into this
  • Key trends and developments as
    we see it

 

EXCITING TOPICS AND ISSUES in sessions:

  • Hottest mobile commerce trends
    to watch
  • How is mobile e-commerce
    integrated into the overall mobile/omni-strategy channel marketing mix?
  •  How best to deliver experience
    over the mobile e-commerce channel and integrating that with the overall
    shopping experience?
  •  How to optimize the usage of
    mobile app and mobile web interface, UI/UX design, mobile app marketing and
    how to maximize sales through mobile?
  • Connecting the dots between
    interest-based media, m-Commerce, and impulse Purchase…what are the new
    lifestyle commerce factors affecting the mobile user purchase path?
  • How do you optimize the
    shopping experiences for shoppers on mobile?

 

 

Meet Heads
of Digital Marketing, Heads of e-Commerce and m-Commerce, Mobile
Payments,
Mobile Apps, representing Brands, Retailers, professionals of
e-Commerce,
m-Commerce, mobile marketing, social commerce, consumer intelligence
and data
analytics, SEO/SEM managers….

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Event Partners:

 

 

 

 

 

Wireless Duniya

About Payments

Mind Commerce

Mobile Alliance

Maverick China

Mobi Thinking
 

Organized by:

 

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MediaBuzz

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CCAvenue Launches S.N.I.P- India's first Social Network In-stream Payment Collection Service

ccavenueLeading payment gateway provider CCAvenue has introduced CCAvenue S.N.I.P. (Social Network In-Stream Payments) Collection Service, which harnesses the power of social media to increase the business potential of its merchants. CCAvenue S.N.I.P. enables businesses to sell and collect payments in-stream and real-time on social networks like Facebook, Twitter, Pinterest, Tumblr, Instagram, Whatsapp, Google+ and many more. When customers click the CCAvenue S.N.I.P.  link on the page, they are immediately redirected to the CCAvenue mobile-friendly payment page where the transaction is completed.

Commenting on the launch, Mr. Mohan Nair, Chief Marketing Officer of Avenues India, said, “With CCAvenue S.N.I.P., there aren’t any shopping carts or lengthy forms to fill. There aren’t any tedious processes for checking out either. You just snip right through the entire process instantly!! Get on-board the Social Network, widen your customer net and enhance opportunities for your business!”

Merchants can manage their S.N.I.P. campaign directly from their CCAvenue M.A.R.S. Account. They can CREATE the campaign, PUBLISH it on social media and COLLECT payments instantly.

CCAvenue S.N.I.P. also generates a mobile-friendly QR code that can be printed in all offline media like newspapers, magazines and posters. Customers simply need to click and capture the code on their mobile phones and proceed to the CCAvenue mobile-friendly payment page.

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