BUSINESS
UPI merchant payments rise 5 times in less than 3 years, value grows more than 3-fold
Merchant payments constituted around 62 percent of the overall UPI payments, it was only 40 percent in January 2022, indicating the shift in UPI usage from person-to-person to merchants
BUSINESS
Is NPCI playing fair? Concerns grow over BHIM’s advantage in UPI market
BHIM has plans to aggressively acquire merchants and has spoken to Razorpay to launch UPI Plug-in, which will help merchants get their own UPI address
BUSINESS
PhonePe founders together drew Rs 5 crore salary in FY24, value of ESOPs drops 75%
In FY24, the payments firm revenue increased 73 percent to Rs 5,064 crore
BUSINESS
Navi failed to keep its promises to RBI, forcing regulatory action
RBI has said remedial actions will see the restrictions lifted, but it remains to be seen how soon this can be done. The companies need to fix multiple issues
BUSINESS
Groww paid Rs 1,340 cr in domicile taxes in FY 24, doubles consolidated revenue to Rs 3,145 cr
The one-time domicile tax of Rs 1,340 crore resulted in Groww posting a Rs 805 crore net loss at the consolidated level
BUSINESS
Flipkart Group's super.money rises through UPI ranks, grows 10x in 2 months
Super.money is betting on selling credit products on UPI. The wait list for its Rupay credit card has crossed a million, founder and CEO Prakash Sikaria has said
BUSINESS
We don’t believe in aggressive monetisation, says Google Pay’s Sharath Bulusu
While Google Pay started merchant monetisation in 2019, it has not been as aggressive with acquiring merchants compared to Paytm or PhonePe, thanks to its customer focus
BUSINESS
Google Pay enters secured loans segment, partners with Muthoot
The company has also partnered with Aditya Birla Finance Limited, as it plans to double down on credit in India
BUSINESS
How Cred makes money
More than 90% of Cred’s revenue comes from payments, lending and insurance. However, as the company monetises more of its user base and cross-sells more products, this could change gradually
BUSINESS
PB Fintech healthcare foray via separate entity, company will act as minority investor: Group CEO Yashish Dahiya
Dahiya said the new entity plans to acquire 6-8 hospitals in the NCR region. While it’s still too early to discuss specifics, he sought to clarify to prevent any misinformation that could lead to financial losses for investors
BUSINESS
Zerodha's profit grows 62% to Rs 4,700 crore in FY24, revenue up 21% to Rs 8,320 crore
The profit figure is one of the highest for tech startups, mostly attributed to the growing interest in F&O trading
BUSINESS
SRO-FT seeks to be in touch with regulators to avoid business disruptions: FACE chief Saxena
When fintechs need clarification regarding the guidelines or regulations for the segment they operate in, SRO can use the dialogue channel with RBI for clarifications on a regular and recurring basis
BUSINESS
Axis Bank close to surpassing Yes Bank as largest UPI payment service provider
Yes Bank has been the most favoured banker for fintechs and has been the largest payment service provider bank in the UPI ecosystem since 2020
BUSINESS
Sachin Bansal’s Navi overtakes Amazon Pay to emerge as fifth largest UPI player
The NBFC, whose main line of business is lending, has grown its volume 30 times in six months — from three million UPI transactions in March to 89 million in August
BUSINESS
Karnataka online trading frauds: Losses skyrocket from Rs 23 crore in 2022 to Rs 903 crore by mid-2024
Most victims from Karnataka are educated professionals, particularly techies from Bengaluru, who were duped after being enticed by fraudsters with promises of high returns or IPO allocation. And this has been a trend across the country when it comes to fake broking apps.
BUSINESS
NPCI revenue grows 42% in FY24, profit rises 37% to cross Rs 1,100 crore
NPCI is a not-for-profit organisation and deploys all of its surplus to bolster the digital payments infrastructure in the country. The company is owned by a consortium of banks
BUSINESS
Dhan displaces Paytm Money to enter the list of top 10 stock broking platforms
Angel One looks on track to take over Zerodha as the second largest stock broking firm over next three months. Groww remains the leader, closing in on 1.2 crore users
BUSINESS
GST on card payments below Rs 2,000 to push small merchants more towards UPI
Payment Aggregators do not see any big impact, though the possible retrospective application is a cause of concern as their margins tend to be 0.04-0.05 percent and this could hurt their profitability
BUSINESS
'If it ain't broke, don't fix it': Banks rue RBI's direction on OTP alternative for digital payments
This is the second time in six months that the RBI has encouraged banks to adopt a second-factor authentication different from the popular OTP method that banks and fintechs have been using for the last many years
BUSINESS
PhonePe diversification strategy pays off, high revenue growth likely to sustain
Consistent and sustainable profits at the payments division will probably help the company list publicly within a couple of financial years
BUSINESS
A win-win for Paytm-Zomato shareholders? The deal holds promise for both NCR firms
While Paytm is looking for a turnaround story with the additional cash balance, Goyal needs to prove his believers right once again with what seems like a costly acquisition.
BUSINESS
Newer UPI apps not looking at 400 mn users, but rather deeper engagement with core 30-40 mn users: Prakash Sikaria of super.money
The app is part of Flipkart Group’s ambition to focus on various credit opportunities on top of UPI platform
BUSINESS
Hoping that regulator won't come to your sector is like living in fool's paradise: PhonePe's Sameer Nigam
The regulators are not getting enough credit for innovations in payments while also ensuring that the market and consumers are protected
BUSINESS
A year since launch, PhonePe's Share.Market sees rapid customer adoption, but replicating payments success is not easy
Share.Market added more than 50,000 new active investors in July. Only five other companies managed to acquire more new investors namely Groww, Zerodha, Angel One, Upstox and Dhan
