NEW DELHI:  Shiprocket, India’s 4th largest eCommerce enablement platform, today announced the launch of Engage 360 World’s First Data-Powered Marketing Automation Platform. To empower over 1.5 lakh merchants across India, Engage 360 offers an unprecedented level of marketing automation and intelligence, helping merchants drive growth, increase customer loyalty, and optimize marketing spend. The launch is in line with Shiprocket’s mission of enabling business growth for MSMEs by providing them with the right tech stack solution.

Marketing automation has become a cornerstone of modern marketing strategies. Salesforce reports that a staggering 67% of marketing leaders leverage these platforms to enhance customer experiences. Shiprocket Engage 360 aligns perfectly with this trend by offering a suite of tools designed to deliver unparalleled personalization and customer engagement. With features like anonymous user identification, Shiprocket’s extensive network enables businesses to tailor marketing efforts without compromising privacy. AI-powered smart segments allow for precise targeting based on customer behavior, while RTO prediction helps optimize delivery strategies and reduce costs. For instance- Shiprocket Engage 360’s RTO suite powered by WhatsApp can reduce RTO rates by up to 40% and merchants using it have reported a 10x return on investment. 

Moreover, Shiprocket Engage 360’s omni-channel capabilities, including WhatsApp, SMS, Email, and RCS, ensure that businesses can reach customers across their preferred channels, providing a unified and seamless experience. By leveraging these intelligent segments and AI-powered content, merchants are not only improving engagement but are also seeing a direct contribution to their top line, with sales increases as high as 15%. As part of our ongoing commitment to innovation, we are sunsetting Wigzo to consolidate more features and enhance the Shiprocket Engage 360 platform, ensuring it remains at the forefront of marketing automation and customer engagement.

Saahil Goel, MD & CEO, Shiprocket said, “With the launch of Shiprocket Engage 360, we are taking a giant leap forward in enabling eCommerce merchants to not only survive but thrive in the digital age by delivering personalized customer experiences at scale by harnessing the power of data-driven marketing. Shiprocket Engage360 is not just a platform; it’s a game-changer that leverages data to drive real results. With the Indian eCommerce industry moving towards growing into a $300 billion industry by 2030, marketing automation is going to play an important role in bolstering this growth. By combining advanced data analytics with comprehensive marketing tools, we’re helping merchants compete in today’s fast-paced landscape. Our commitment to ensuring that every merchant, regardless of size, can achieve sustainable growth and unparalleled success remains as strong as ever.” 

“With Shiprocket Engage 360, we are redefining the future of eCommerce marketing,” said Praful Poddar, Chief Product Officer at Shiprocket. “By harnessing the power of data and automation, we are empowering merchants to make informed decisions, deliver personalized experiences, and ultimately achieve greater success. In today’s digital landscape, data is the new oil, and Shiprocket Engage 360 is the refinery that turns that data into tangible business growth. ”

While platforms like Contlo and WebEngage specialize in marketing solutions, and others such as KwikChat, AI Sensi, BusinessOnBot, BikAI, Pragma, Bitespeed, and Limechat focus on WhatsApp marketing; Shiprocket Engage 360 brings out the best of both worlds and stands out as a comprehensive suite of Omnichannel Marketing solutions for eCommerce. These platforms, combined with Shiprocket Engage 360, create a robust ecosystem that addresses the diverse needs of eCommerce businesses. By providing a unified platform with advanced features like anonymous user identification, smart segmentation, and omni-channel marketing capabilities, Shiprocket is setting a new benchmark for the industry. Shiprocket Engage 360 empowers merchants to unlock the full potential of their businesses and achieve sustainable growth.

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However, the rise in digital payments has also led to a rise in online fraud. In the past three years alone, online scams have caused a collective loss of Rs. 1.25 lakh crore. In response, the Reserve Bank of India (RBI) has established various committees focused on protecting individuals and businesses, and the financial sector is increasingly turning to cutting-edge technology to tackle these threats.

Technology plays a crucial role in safeguarding businesses from online fraud while enabling them to benefit from the country’s growing digital economy.

Akash Sinha, CEO & Co-Founder, of Cashfree Payments, said, “In today’s digital landscape, prioritizing safety and security against fraudulent transactions is crucial for businesses to avoid financial losses and protect their reputation. Leveraging technology-driven innovations that use AI and ML algorithms can significantly enhance defenses against fraud. These advanced solutions are transforming the security framework for online transactions in India, providing merchants with unmatched protection and peace of mind.”

Today, secure payment solutions are required to protect businesses from fraud-related losses and build trust with customers.

“Many businesses either overlook the importance of fraud and risk detection tools or use ones that can’t stop fraudulent transactions in real time. Additionally, creating effective fraud solutions often requires special certifications. However, it’s crucial to recognize that when customers feel secure about their transactions, they’re more likely to make repeat purchases and recommend the business to others, which drives growth.”, Akash added.

Payment solutions that are technology-driven have complete risk management capabilities.  Data security measures like encryption and tokenization ensure that all customer data is protected, reducing the chances of data breaches. Furthermore, robust risk management systems can assist companies in meeting regulatory obligations, thereby reducing additional risks.

Sinha further said, “At Cashfree Payments, we have built ‘RiskShield’ through extensive research to provide businesses with a comprehensive risk management solution to combat cybercrime. Designed to address issues such as high chargebacks and fraud, RiskShield is effective across various sectors including financial services, e-commerce, and travel. Utilizing advanced AI and ML algorithms, RiskShield helps businesses reduce fraudulent activities by up to 40%.”

In the modern business world, companies can only succeed if they begin to invest in sophisticated fraud detection systems, secure payment gateway technologies, and extensive customer verification procedures.

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• This all-in-one solution will allow users to accept Bharat QR, UPI, Tap & Pay, and Tap+ Pin payments
  
• The Tap+ Pin capability will power payments of more than ₹5000
  
• Merchants will receive sound and visual transaction alerts in 7+ languages

MUMBAI: Axis Bank, one of the largest private sector banks in India, today announced the launch of NFC Soundbox in collaboration with Mastercard. An industry-first proposition for the merchant community, the new soundbox will act as an all-in-one solution allowing the users to accept Bharat QR, UPI, Tap & Pay and Tap + Pin payments.

With this launch, Axis Bank will be the first bank in India to introduce a Soundbox that can accept Tap + Pin payments, enabling merchants to accept transactions greater than ₹5000 via card instruments. The device will be powered with a dual confirmation feature, providing audio cues through its speaker and visual feedback on the screen in more than seven languages, ensuring a smooth and reassuring transaction experience for both merchants and consumers.

The new Soundbox will be powered with 4G + Wifi capability which provides superior connectivity and seamless processing of transactions. It will be capable of supporting deep integration with third-party applications as well. With Dynamic QR, the amount is automatically populated when the consumer scans the code.

Axis Bank and Mastercard’s collaboration on the NFC Soundbox will help drive card payment acceptance among small merchants. The Soundbox’s innovative and cost-effective proposition along with a seamless transaction experience will help drive quick and secure contactless card payments, leading to cardholder delight.

The new device will also be available on all leading payment networks, such as Visa, RuPay, and American Express.

Speaking at the launch event, Sanjeev Moghe, President & Head- Cards & Payments, Axis Bank, said, “The Bank has always been at the forefront of innovation by introducing various form factors and digitizing the onboarding journey of merchants. This expansion will ensure that our capability stack offers state-of-the-art payment solutions while prioritising a faster and secure payment ecosystem. Through this initiative, we strive to deliver the best possible solutions to both the merchants and their customers by offering multiple modes of payments via different channels. This device aligns with the Bank’s asset lite strategy to provide products/solutions of superior quality at an affordable price. The NFC Soundbox will help the Bank further penetrate the small merchant segments with cost-effective and simple payment solutions that are secure and compliant with PCI standards.”

Commenting on the collaboration, Gautam Aggarwal, Division President, South Asia at Mastercard, said, “What is taking place in India is a playbook for the rest of the world in terms of innovation in digital payments at population scale. The launch of NFC Soundbox is another example of a form factor which provides consumers with access to quick and highly secure card transactions. At the same time, small merchants will be able to use a cost-effective all-encompassing payment solution. Mastercard is delighted to collaborate with Axis bank to power the launch of this unique device furthering digital payments acceptance among India’s small merchants and MSMEs.”

Axis Bank is the largest player in the merchant-acquiring business pan India, with POS terminal market share of 19.8% as of March’24. With an installed base of 17.60L terminals spread across the country, it serves all categories of merchants from the metro cities, urban and rural areas. The Bank has gained an incremental market share of 28% in the last 12 months period (April’23-March’24).

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PUNE: Simpl, India’s foremost Checkout Network, today announced its plan to onboard over 4,000 merchants including Direct-to-Customer (D2C) from Maharashtra on its full-stack Checkout Network over the next 2-3 years. This strategic move intends to empower thousands of merchants in the state’s rapidly expanding start-up ecosystem by increasing online conversions and reducing returns. 

Maharashtra, known for harboring some of the fastest-growing D2C brands, offers a conducive ecosystem for innovation and entrepreneurship, with various initiatives empowering emerging enterprises. Simpl aims to bolster these merchants through its cutting-edge Checkout Network, featuring the industry-first 1-tap payment solution, thereby empowering them across the state. Several enterprise and D2C merchants from the state such as Nursery Live, India’s largest gardening platform, Aadya, a handmade silver antique jewelry maker and Fabbeau, a vegan skincare brand rely on Simpl’s Checkout Network to improve their customer experience, and hence the company aims to expand its presence in Maharashtra over the years. These merchants would be across segments including apparel and footwear, grocery and gourmet, personal care, and healthcare among others.

Commenting on the development, Nitya Sharma, Founder & CEO, of Simpl, said, “With a nuanced understanding of the D2C space, our mission is to alleviate the challenges in the industry with innovative solutions. Through our state-of-the-art Checkout Network and revolutionary 1-tap pay, we aim to improve conversions and reduce cash-on-delivery and returns for merchants while offering convenience and trust for millions of customers. We are committed to extending our platform and support to the thriving merchant community in Maharashtra – a state known for its vibrant entrepreneurial culture. In this endeavor, we aim to empower over 4,000 start-ups over the next 2-3 years with our cutting-edge technological solutions in creating a shared value for the customers and the local economy”. 

This development was shared on the sidelines of Simpl’s first ever D2C Unlocked in Pune today, its flagship community-led founders event which saw a confluence of dozens of D2C merchants from Pune who engaged in discussions around building and scaling brands through knowledge sharing and collaboration. The event witnessed participation with city-based founders including Nandu Singh, Founder of Nursery Live, Anushka Iyer, Founder of Wiggles, an omnichannel pet care brand, and Sayalee Marathe, Founder of Aadyaa, a handmade silver jewelry brand.

With over 26,000 merchants including enterprise and D2C and more than 10 million users across the country connected to Simpl’s network, the platform is the preferred choice for merchants and customers alike looking to improve conversions and have a seamless checkout experience online.

The D2C sector in India has experienced remarkable growth, with consumers increasingly turning to online shopping platforms and the influence of social media. According to a report by Mordo Intelligence, the D2C industry is projected to grow at a CAGR of 34.5 percent between 2022 and 2027. Simpl aims to spearhead this transformation and emerge as a leading enabler of change, empowering D2C merchants in Pune and driving their success.

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INDIA: PhonePe, today announced that its Payment Gateway enables small and medium businesses to save up to INR 8 lakhs. While most payment gateways charge a standard transaction fee of 2%, the PhonePe Payment Gateway has a special offer for new merchants to onboard for free, with no hidden charges, setup fees, or annual maintenance fees. For example, if businesses with a monthly sales volume of INR 1 crore choose the PhonePe Payment Gateway for free, they could potentially save around INR 2 lakhs per month. With this limited-period offer from PhonePe Payment Gateway, businesses across India that join the platform can save up to INR 8 lakhs. This straightforward and transparent pricing helps merchants enhance their payment experience seamlessly, allowing them to invest the savings from onboarding costs into growing their businesses. 

PhonePe is already a market leader in UPI with over 50% market share by value. The company’s ability to handle large-scale transactions and the strong consumer trust in the platform have translated into PhonePe launching its Payment Gateway business to provide the best-in-class payment experience to consumers and merchants alike. The ease of use to enhance merchant experience which includes effortless integration, digital self-onboarding, and a seamless checkout experience for customers is making the PhonePe Payment Gateway a preferred choice among businesses and MSMEs across the country.

The PhonePe Payment Gateway is reliable and ensures 100% uptime for merchants and comes with industry-best success rates. It proactively detects downtimes and ensures stable success rates of transactions with real-time instrument health-tracking capability.  The PhonePe Payment Gateway is also preferred by merchants as it comes with a hassle-free, no-code setup for effortless integration across all platforms. PhonePe helps its merchant partners and businesses to accept online payments across Android, iOS, mobile web, and desktop.

Talking about the true potential of PhonePe Payment Gateway, Suman Patra, Co-Founder, FlowerAura & Bakingo says, “As an e-commerce business, it is important to have a reliable payment gateway partner and we are happy to have PhonePe Payment Gateway as our growth partner because of their legacy and experience. PhonePe has helped us improve the customer experience, reduce drop-offs, and increase the overall success rate of payments. PhonePe’s smooth onboarding process and excellent merchant support have been key factors in our decision to continue working with them.”

Nishchay AG, Co-Founder & CEO at Jar shares his experience of working with PhonePe Payment Gateway’s best-in-class payment experience, “When we started Jar, we were clear from day one that we wanted PhonePe as our payment partner because of its reach and responsiveness. PhonePe’s massive distribution network makes it a lot easier for us because users are already UPI-ready. The Payment Gateway team at PhonePe has been very collaborative throughout and has been working together to continuously improve the overall systems, which has resulted in higher success rates for us.”

The PhonePe Payment Gateway is in compliance with RBI Laws to securely store customers’ tokenized cards in the PhonePe Card Vault after taking consumer consent.

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MUMBAI: After the Reserve Bank of India’s (RBI) latest move in the digital payments space to link RuPay credit cards to UPI, National Payments Corporation of India (NPCI) and India’s leading payment aggregators have joined forces to support credit transactions on Unified Payments Interface (UPI).

NPCI has enabled key aggregators like BharatPe, Cashfree Payments, Google Pay, Razorpay, Paytm, PayU, and Pine Labs in order to enable merchant transactions through RuPay credit cards on UPI in the Indian market.

Earlier, UPI customers were able to make transactions only through their bank accounts, overdraft accounts, and prepaid accounts. Now, the linking of RuPay credit cards to UPI will ensure that customers will no longer have to carry their credit cards with them at all times for payments.

Approximately 250 million Indians use UPI for their day-to-day transactions and close to 50 million users have one or more credit cards. RBI’s move is set to combine the convenience of both by offering customers an instant payment experience of UPI with the benefits of short-term credit and rewards offered by credit cards.

The linkage of credit cards with UPI will also lead to a rise in acceptability as UPI provides customers with more points of acceptance through the vast network of asset-light UPI QR codes. It is also beneficial to merchants, especially those in semi-urban areas, as card point-of-sale terminals are not widely available.

Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI said, “India is one of the select few nations that has been successful in premiering innovation through targeted regulations. And after the RBI’s decision to start linking RuPay credit cards to UPI, we immediately started enabling leading payment aggregators to boost merchant acceptance and customer awareness in a bid to attract early and widespread adoption. The support of all partners has been instrumental in helping us achieve this. Going ahead, we aim to explore more relevant avenues in order to promote the adoption of digital payments via credit cards on UPI for smoother, more reliable, and more secure credit-based transactions in the pursuit of our objective to underwrite every eligible Indian.”

Over the last few years, UPI has become one of the most inclusive modes of payment in India with over 250 million unique users and five crore merchants on the platform. It is capable of facilitating inter-bank transactions using a smartphone and is utilized for real-time payment processing. In January alone, UPI processed 8038.59 million transactions amounting to 1,299,058.78 crores.

According to the RBI Payments Vision for 2025, it is expected that credit-based payment transactions are expected to grow by 16% year-on-year for the next four years. With India rapidly adopting digital payments for day-to-day transactions, the credit card-UPI linkage announcement will provide access to a hassle-free and smooth payment experience for individuals and merchants alike heading into the future.

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