BENGALURU: The country's second largest internet payments<\/a> processor Citrus Pay<\/a> has decided to waive all fees on online payments made to government bodies for the next 18 months - a move which will put pressure on banks to follow suit by cutting their charges. 班加罗尔:中国第二大的互联网支付处理器柑橘支付已经决定放弃所有费用在线支付未来18个月的政府机构——此举将施压银行效仿削减他们的指控。
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This comes a day after the RBI<\/a> floated a concept note proposing banks have a lower charge structure for transfers to government bodies to promote card usage.
\n
\nAlthough the government and the RBI have been pushing for electronic transfers, government entities have been loath to accept such payments as they stand to lose 2% transaction charges.
\n
\nAs a result, the consumer has ended up paying for these charges in the form of a surcharge or convenience fee for transactions on government sites such as IRCTC.
\n
\nThe government has proposed doing away with this surcharge. The RBI followed up by suggesting that banks impose a lower fee on government transactions.
\n
\nThe 2% charge is shared between the bank that facilitates the online payment and Citrus, which conducts about Rs 200 crore worth transactions with government institutions every month.
\n
\nAccording to Amrish Rau, MD, Citrus Pay, their waiver should reduce the surcharge burden for the consumers and act as a catalyst for banks to drop any interchange charges on payments to government merchants.
\n
\nBanks charge an intercharge fee while handing a credit or debit card transaction, which ends up being part of the 2% surcharge that is ultimately borne by consumers.
\n
\n\"This is a strong enough hint for banks to drop any interchange charges with regards to government merchants.
\n
\nIn our portfolio, the government merchant payments have been increasing at 70% year-on-year and the focus is to grow the pie further even if we are discounting the commission for some time. This should see the volume of the business doubling up,\" Rau told TOI.
\n
\nLast month, the Union Cabinet released short- to medium-term guidelines to promote electronic payments that need to be implemented in two years. Citrus works with government merchants such as IRCTC, Delhi Metro, Delhi Jal Board and multiple state municipal bodies, among others.
\n
\nIn India, e-commerce and mobile commerce have been driving debit card usage. In the payments business, Citrus has two sides of operations.
\n
\nThe four-year-old Mumbai-based company acts as a payment gateway which contributes over 90% of its revenue. It also has a wallet with around 15 million users.
\n
\nIn October last year, Citrus Pay raised about $25 million from Ascent Capital, Sequoia Capital, eContext Asia and Beenos Asia.
\n
\nThe payments segment has attracted domestic and global investors with players like Paytm and MobiKwik raising funds last year to scale up their business with higher number of merchants.
\n
Online marketplace Snapdeal<\/a> acquired Freecharge in one of the biggest internet mergers last year while India's largest online marketplace Flipkart<\/a> activated its own wallet for its users last week.
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\n\n<\/p><\/body>","next_sibling":[{"msid":51344294,"title":"India among nations most vulnerable to cyberattacks","entity_type":"ARTICLE","link":"\/news\/india-among-nations-most-vulnerable-to-cyberattacks\/51344294","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":51345552,"entity_type":"ARTICLE","title":"Internet payments processor Citrus Pay to waive charges on government bills","synopsis":"Internet payments processor Citrus Pay has decided to waive all fees on online payments made to govt bodies for next 18 months - a move which will put pressure on banks to follow suit.","titleseo":"telecomnews\/internet-payments-processor-citrus-pay-to-waive-charges-on-government-bills","status":"ACTIVE","authors":[{"author_name":"Digbijay Mishra","author_link":"\/author\/479221599\/digbijay-mishra","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479221599.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":false,"msid":479221599,"author_name":"Digbijay Mishra","author_seo_name":"Digbijay-Mishra","designation":"Correspondent","agency":false}}],"Alttitle":{"minfo":""},"artag":"TNN","artdate":"2016-03-10 18:24:06","lastupd":"2016-03-10 18:24:28","breadcrumbTags":["policy","RBI","payments","Flipkart","SnapDeal","CITRUS PAY"],"secinfo":{"seolocation":"telecomnews\/internet-payments-processor-citrus-pay-to-waive-charges-on-government-bills"}}" data-authors="[" digbijay mishra"]" data-category-name="" data-category_id="" data-date="2016-03-10" data-index="article_1">
这一天之后印度储备银行提出一个概念注意提出银行收取较低结构转移到政府机构促进卡使用。
尽管政府和印度央行一直在推动电子转移、政府机构一直不愿接受这样的支付,因为他们会失去2%的交易费用。
结果,消费者最终支付这些费用的形式附加费或便利交易费用IRCTC等政府网站。
政府已提议废除这个附加费。RBI随访表明银行对政府事务费用较低。
2%的电荷之间共享促进网上支付和柑橘的银行,进行价值约200卢比交易与政府机构每月。
根据Amrish劳,MD,柑橘,豁免的附加费负担应该减少消费者和作为催化剂银行放弃任何交换费用支付给政府招商。
银行收取intercharge费而将信用卡或借记卡交易,最终被部分2%的附加费,最终是由消费者承担。
“这是一个足够强大的提示银行放弃任何交换关于政府招商。
在我们的投资组合中,政府商人支付已经同比增加70%,重点是进一步增长派即使我们打折委员会有一段时间了。这要看业务的数量翻了一番,”劳告诉钢铁洪流。
上个月,联邦内阁短中期发布指导方针,促进电子支付需要在两年内实现。柑橘与IRCTC等政府招商工作,德里地铁德里日航板和多个国家市政机构,等等。
在印度,电子商务和移动商务驾驶借记卡使用。支付业务,柑橘双方的操作。
四岁的孟买公司充当支付网关的贡献超过90%的收入。它还有一个钱包大约有1500万用户。
去年10月,柑橘支付从提升筹集了约2500万美元的资本,红杉资本,这种亚洲和亚洲Beenos。
支付部分吸引了国内和全球投资者和球员像Paytm MobiKwik去年筹集资金与更多的商家扩大他们的业务。
在线市场Snapdeal获得Freecharge去年最大的一个互联网并购,而印度最大的在线市场Flipkart公司上周为其用户激活自己的钱包。
BENGALURU: The country's second largest internet payments<\/a> processor Citrus Pay<\/a> has decided to waive all fees on online payments made to government bodies for the next 18 months - a move which will put pressure on banks to follow suit by cutting their charges.
\n
This comes a day after the RBI<\/a> floated a concept note proposing banks have a lower charge structure for transfers to government bodies to promote card usage.
\n
\nAlthough the government and the RBI have been pushing for electronic transfers, government entities have been loath to accept such payments as they stand to lose 2% transaction charges.
\n
\nAs a result, the consumer has ended up paying for these charges in the form of a surcharge or convenience fee for transactions on government sites such as IRCTC.
\n
\nThe government has proposed doing away with this surcharge. The RBI followed up by suggesting that banks impose a lower fee on government transactions.
\n
\nThe 2% charge is shared between the bank that facilitates the online payment and Citrus, which conducts about Rs 200 crore worth transactions with government institutions every month.
\n
\nAccording to Amrish Rau, MD, Citrus Pay, their waiver should reduce the surcharge burden for the consumers and act as a catalyst for banks to drop any interchange charges on payments to government merchants.
\n
\nBanks charge an intercharge fee while handing a credit or debit card transaction, which ends up being part of the 2% surcharge that is ultimately borne by consumers.
\n
\n\"This is a strong enough hint for banks to drop any interchange charges with regards to government merchants.
\n
\nIn our portfolio, the government merchant payments have been increasing at 70% year-on-year and the focus is to grow the pie further even if we are discounting the commission for some time. This should see the volume of the business doubling up,\" Rau told TOI.
\n
\nLast month, the Union Cabinet released short- to medium-term guidelines to promote electronic payments that need to be implemented in two years. Citrus works with government merchants such as IRCTC, Delhi Metro, Delhi Jal Board and multiple state municipal bodies, among others.
\n
\nIn India, e-commerce and mobile commerce have been driving debit card usage. In the payments business, Citrus has two sides of operations.
\n
\nThe four-year-old Mumbai-based company acts as a payment gateway which contributes over 90% of its revenue. It also has a wallet with around 15 million users.
\n
\nIn October last year, Citrus Pay raised about $25 million from Ascent Capital, Sequoia Capital, eContext Asia and Beenos Asia.
\n
\nThe payments segment has attracted domestic and global investors with players like Paytm and MobiKwik raising funds last year to scale up their business with higher number of merchants.
\n
Online marketplace Snapdeal<\/a> acquired Freecharge in one of the biggest internet mergers last year while India's largest online marketplace Flipkart<\/a> activated its own wallet for its users last week.
\n
\n\n<\/p><\/body>","next_sibling":[{"msid":51344294,"title":"India among nations most vulnerable to cyberattacks","entity_type":"ARTICLE","link":"\/news\/india-among-nations-most-vulnerable-to-cyberattacks\/51344294","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":51345552,"entity_type":"ARTICLE","title":"Internet payments processor Citrus Pay to waive charges on government bills","synopsis":"Internet payments processor Citrus Pay has decided to waive all fees on online payments made to govt bodies for next 18 months - a move which will put pressure on banks to follow suit.","titleseo":"telecomnews\/internet-payments-processor-citrus-pay-to-waive-charges-on-government-bills","status":"ACTIVE","authors":[{"author_name":"Digbijay Mishra","author_link":"\/author\/479221599\/digbijay-mishra","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479221599.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":false,"msid":479221599,"author_name":"Digbijay Mishra","author_seo_name":"Digbijay-Mishra","designation":"Correspondent","agency":false}}],"Alttitle":{"minfo":""},"artag":"TNN","artdate":"2016-03-10 18:24:06","lastupd":"2016-03-10 18:24:28","breadcrumbTags":["policy","RBI","payments","Flipkart","SnapDeal","CITRUS PAY"],"secinfo":{"seolocation":"telecomnews\/internet-payments-processor-citrus-pay-to-waive-charges-on-government-bills"}}" data-news_link="//www.iser-br.com/news/internet-payments-processor-citrus-pay-to-waive-charges-on-government-bills/51345552">
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