Latest News | Business Briefs PayPal Introduces Digital Foreign Inward Remittance Advice

New Delhi, May 12 (PTI) Digital payments major PayPal on Wednesday said it has introduced an automated process to obtain the monthly Foreign Inward Remittance Advice (FIRA), a move aimed at helping Indian MSME (Micro, Small & Medium Enterprises) exporters to grow their business internationally.

At a zero-cost, PayPal merchants will now be able to download their monthly digital FIRA issued by the bank by logging into their PayPal account.

The fully automated process will not require sellers to place manual and individual requests, thereby reducing the time taken to file the paperwork, a statement said.

Foreign Inward Remittance Advice (FIRA) is a document that acts as a proof for all inward remittances and payments received from abroad. This is issued by banks in India and is required by exporters of all sizes, individual or a business, such as a limited company, partnership firm, sole proprietorship firm etc. It is a proof of receipt of export proceeds in foreign currency received from outside the country.

**** Malaysian sports retailer Al-Ikhsan partners with Pine Labs for seamless in-store payment experiences

*Merchant commerce platform Pine Labs on Wednesday said it has deployed its point of sale (PoS) solutions across 136 stores of Al-Ikhsan, the biggest sports retailer in Malaysia.

The fully integrated tech stack of payments, wallets, gift cards, and Buy Now Pay Later (BNPL) by Pine Labs will be used by Al-Ikhsan, a statement said.

Al-Ikhsan is the exclusive retail partner for Liverpool Football Club (LFC) in Malaysia.

The coming together of the two entities will provide affordable instalment purchase options to sports enthusiasts in Malaysia and enable a seamless in-store payment experience as well, the statement said.

"With deployment of more than 180 Pine Labs PoS terminals across their 136 stores in Malaysia, their customers now have another reason to rejoice as they get a plethora of payment options to choose from and the ability to convert a purchase into no-cost instalment purchase in a few taps of our PoS device," Sharad Gulhar, Head - Merchants and Brands Business Asia Pacific at Pine Labs, said.

**** Poco extends warranty period on smartphones *Smartphone brand Poco on Wednesday said it will offer two months of additional warranty to customers in view of the COVID-19 pandemic.

"If your warranty is expiring in May or June this year, then we have already extended the warranty of your products by two months," it said in a statement.

Additionally, the company has decided to pause new launches till the situation around the pandemic improves.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)