Home Tags Posts tagged with "Transactions"
Tag:

Transactions

Online Marketing

Flipkart Big 10 Sale: E-Commerce Titan Expects Five-Fold Increase in Transactions

by Loknath Das
written by Loknath Das

Flipkart Big 10 Sale: E-Commerce Titan Expects Five-Fold Increase in Transactions

During the Flipkart Big 10 Sale, the e-commerce major expects to see a five-fold growth in transactions on its platform during. The upcoming Flipkart sale, which is different from the flagship The Big Billion Days sale, will be held between May 14 and 18, and marks completion of 10 years of Flipkart’s operations.

Flipkart Director Smrithi Ravichandran told PTI, “We have been preparing for months for this sale. It is a big event for us. During the sale, we expect about 5X of the usual number of transactions we see on our platform on any given day.”

She added that the company has also expanded its back-end operations for logistics and last-mile delivery to ensure smooth operations during the sale days. Flipkart doesn’t disclose number of transactions on its platform.

The Flipkart sale will see offers on products across categories like fashion, smartphones, electronics, smart televisions and home decor.

“We have expanded warehousing capacity. We have also added mom and pop stores as partners to ensure smooth last mile delivery,” she said.
Interestingly, Flipkart’s sale comes just after US-based rival Amazon’s sale, something Ravichandran said was just coincidence. The Amazon sale started on May 11 and will last till May 14.

Both companies are aggressively investing into the Indian market, expanding their infrastructure and platform to bring more sellers and shoppers on board.

In April, Flipkart received a funding of $1.4 billion from eBay, Microsoft, and Tencent, while Amazon has also pledged investments worth $5 billion into the Indian market.

According to a Google-AT Kearney report, the number of online shoppers in India is estimated to grow 3.5 times to touch 175 million by 2020, from 50 million in 2015.

Also, e-tailing is expected to drive 25 percent of the total organised retail sales of $240 billion in India by 2020, as per the report.

 

 
[“source-ndtv”]

0 comment
0 FacebookTwitterPinterestEmail
Internet

Budget 2017: Payments Industry Hails Proposal to Cap Cash Transactions and More

by Rajdeep
written by Rajdeep

Budget 2017: Payments Industry Hails Proposal to Cap Cash Transactions and More

The payments industry has hailed Budget proposals to cap cash transactions at Rs. 3 lakh and reduce the levies on digital payment equipment, saying the moves will fasten the less-cash drive.

“We welcome various measures to promote digital economy announced in the new Budget,” ItzCash head and Chairman of the industry lobby Payments Council of India said in a statement.

The industry is particularly enthused by the removal of import duty for point of sales (PoS) machines – which will be doubled in 20 lakh by June – and removing service charges on rail bookings on the country’s largest e-commerce site IRCTC.

The National Payments Corporation also welcomed the moves and affirmed its support to achieve the targets. “NPCI will continue to innovate and introduce new payments mechanism to support the ecosystem,” said Managing Director and Chief Executive A P Hota .

He said the Corporation will support the mission of achieving 2,500 crore digital transactions for 2017-18 through UPI, USSD *99#, IMPS, Aadhaar Pay, RuPay cards and other upcoming products.

Other proposals on the payments front introduced by the finance minister include creating a Payment Regulatory Board within RBI, replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems in the RBI.

It can be noted that following the November 8 decision to scrap high value banknotes, greater pressure has come on the digital alternatives of payments to perform.

Finance Minister Arun Jaitley’s other proposals include launch two new schemes to promote the usage of the BHIM App including referral bonus and cashback for merchants.

The minister also banned cash withdrawals over Rs. 3 lakh from April with a view to move to a less-cash economy.

Atom Technologies’ Dewang Neralla said tax breaks on PoS devices and other devices will ensure affordability and help foster better penetration for digital payments.

The industry lobby said there is a need to look at other issues including bringing parity between physical cash and digital payment transactions, along ‘interoperability’ and access to a unified payment infrastructure with absorption of merchant discount rates by the government.

[Source:- gadgets.ndtv]

0 comment
0 FacebookTwitterPinterestEmail
Internet

Digital Transactions Not a Short-Term Substitute for Cash, Says PM Modi

by Rajdeep
written by Rajdeep

Digital Transactions Not a Short-Term Substitute for Cash, Says PM Modi

On the eve of the expiry of the deadline to deposit demonetised currency in banks, Prime Minister Narendra Modi urged citizens not to regard digital transactions as a short-term substitute for cash payments.

“Digital transactions should not be viewed as a short-term substitute for cash payments,” PM Modi told India Today magazine in an interview.

“Digital transactions facilitate formal accounting and sizing of the economy,” he said.

“They also deliver greater tax compliance,” he added.

On November 8, PM Modi announced that Rs. 1,000 and Rs. 500 notes were no longer legal tender, saying the move was to combat corruption, counterfeit currency and terror financing.

Complementing the demonetisation process, the government announced a series of measures to promote digital payments to move towards an economy making less cash transactions.
“Digital payment is a way of cleaning the economy in the long run,” the Prime Minister said.

[Source:- gadgets.ndtv]

0 comment
0 FacebookTwitterPinterestEmail
Internet

Rs. 500, 1000 Notes Banned: Snapdeal Offers 10 Percent Instant Discount on All Card Transactions

by Rajdeep
written by Rajdeep

Rs. 500, 1000 Notes Banned: Snapdeal Offers 10 Percent Instant Discount on All Card Transactions

In a bid to promote cashless transactions post Prime Minister Modi’s announcement of demonetising Rs. 500 and Rs. 1,000 notes, Snapdeal is offering 10 percent ‘Instant Discount’ on all Credit and Debit cards on its Web and mobile sites, valid till November 10. The offer is available on most products, expect for a few smartphones.

Snapdeal has provided steps to avail the discount on its website. After selecting the mode of payment ie. Debit/ Credit Card in the ‘Make Payment’ section, the 10 percent discount offer will be displayed under ‘Bank Offers’. Selecting the offer and hitting ‘Apply’ will effectively slash 10 percent off your product. However, Snapdeal mentions that the maximum discount applicable is Rs.500. So products worth more than Rs. 5,000 or more will receive a maximum of Rs. 500 off.

Apart from this, Snapdeal earlier announced new payment option called Wallet on Delivery. Through this, buyers will be able to make cashless purchases through Snapdeal-owned FreeCharge wallet.

Paytm, one of the most successful digital payment companies in India, is happily on board with the government’s new announcement. The platform has seen over 400 percent growth in traffic since the announcement took place, the company said in an emailed statement on Wednesday. Following Snapdeal’s ‘Wallet on Delivery’ service, Paytm also announced it was working on a similar service, called ‘Paytm on Delivery’.

Since the new announcement, major e-commerce sites like Amazon have suspended ‘Cash on Delivery (CoD)’. Flipkart and Snapdeal have limited CoD to items priced above Rs. 2,000.

Snapdeal’s 10 percent ‘Instant Discount’ offer is valid only on Thursday. The offer is also valid on EMI purchases made through Debit or Credit cards.

[Source:- gadgets.ndtv]

0 comment
0 FacebookTwitterPinterestEmail
error: Content is protected !!