BUSINESS
Paytm new UPI user onboarding to begin in a couple of months, say bankers
Paytm’s UPI market share has dropped by three percent in the last couple of months from around 12 percent in January to nine percent in March. The delay in onboarding new customers is due to the RBI regulation that restricts new customers until migration of existing customers to new handles is complete.
BUSINESS
Meetup at Lonavala: RBI holds discussions with banks and fintechs on ways to popularise CBDC
The meeting happens against the backdrop of declining usage of CBDC at the wholesale level and retail level. Despite a push from some banks and the regulator and interoperability with UPI, CBDC has been losing popularity
BUSINESS
Flipkart’s UPI off to a flying start in March
Flipkart has around 500 million users and the company does around five million orders in a day. If a third of these orders start using Flipkart’s UPI, it is likely to do 50 million transactions in a month.
BUSINESS
Sachin Bansal's Navi starts offering cashbacks for UPI payments as it looks to expand financial services
Navi's market share is a drop in the ocean compared to market leader PhonePe's 50%. Incidentally, Flipkart, which was cofounded by Bansal, and from which PhonePe was spun off in 2020, waded into the UPI business last month
BUSINESS
Without Payments Bank, Paytm's UPI market share drops to 9%, lowest in four years
NPCI started sharing UPI apps transaction volume and value from April 2020 and this is Paytm's lowest market share. The mobile payment app hit by the regulator's action has also seen its transaction value market share drop to 6.7 percent.
BUSINESS
MC Exclusive: Navi open to external investment for acquisitions, cash cushion for uncertain times: Sachin Bansal
Bansal says Navi is preparing for an IPO in 24 months. The previous attempt was abandoned due to market volatility arising due to macro conditions
BUSINESS
GenAI improving high-technology access for more people and companies: Flipkart and Navi founder Sachin Bansal
While anyone could use AI models and get decent results, Bansal feels that only technology experts could get excellent results out of the LLM models
BUSINESS
Premium for good governance will be very high, many took it for granted: Sachin Bansal
According to Bansal, governance has to be put in place deliberately and should not be just because you happen to work with founders who are doing the right thing themselves. He added that it should not taken for granted
BUSINESS
Parked banking dreams for now; focus is on stabilising lending business: Navi founder Sachin Bansal
In a freewheeling interview with Moneycontrol, the Flipkart founder said the recent actions by the RBI on fintechs is a sign that the ecosystem is maturing, with the regulator’s understanding becoming deeper.
BUSINESS
Paytm likely to onboard HDFC Bank as the third merchant acquiring partner this week
Yes Bank and Axis Bank are already live partners for the merchant migration business. Meanwhile SBI and HDFC will likely go live on the TPAP platform this week for Paytm’s consumer UPI business
BUSINESS
Yes Bank, Axis Bank go live on Paytm's UPI platform
The RBI's deadline for Paytm Payments Bank Limited to stop all banking operations runs out today. PPBL was acting as the backend bank powering Paytm's UPI payments until now
BUSINESS
OneCard's access to customer data likely forced some banks to stop issuing co-branded credit cards
The pause is most likely temporary and once OneCard starts accessing customer data in encrypted form, the banks will start issuing the cards again
BUSINESS
SBI partners with Paytm as the fourth bank for its UPI business
Moneycontrol reported that Paytm had partnered with Axis Bank, Yes Bank and HDFC Bank for TPAP partnerships earlier.
BUSINESS
Paytm in talks with Axis, Canara, Yes and Kotak to migrate merchant accounts from payments bank
The discussions have not concluded yet. More than one bank will likely migrate the merchant accounts as the policymakers wish to avoid any concentration risk though commercials will take precedence over everything
BUSINESS
RBI's card network portability circular is open to different interpretations, may require more clarification
The interpretation in itself would make a world of difference in terms of cost, obligations and even customer convenience and continuity. However, this could also mean that the guidelines are not followed in letter and spirit
BUSINESS
Smaller UPI apps seek NPCI support to challenge dominance of PhonePe, Google Pay
NPCI is planning to hold monthly meetings till December and possibly beyond that to address the lopsided UPI market share, where the top three players control around 95 percent of the total transaction volume and value
BUSINESS
Payments bank controversy hits Paytm’s UPI market share, drops to 11% in February
From March 15, Paytm will have to function as a third-party application provider just like rivals PhonePe and Google Pay and not as a payments bank app. The transition will likely see a further drop in market share
BUSINESS
Why Paytm is likely to require Paytm Payments Bank's services even after March 15
Despite the announcement from Paytm on cutting all ties with its associate company PPBL, the fintech firm is still dependent on the payments bank in multiple ways
BUSINESS
Paytm Payments Bank board rejig unlikely to sway RBI, say bankers
Paytm’s efforts to mollify the regulator is being seen as an attempt to buy time beyond the March 15 deadline. Migration of merchants is taking more time than expected, with several banks worried about redoing KYC of crores of subscribers
BUSINESS
Merchant loyalty to Paytm intact despite the payments bank setback, says Datum survey
According to a large survey of 2,000 people done by Datum Intelligence, 80 percent of the merchants said that they are either staying or waiting for more information before shifting. Only 13 percent planned to shift to competitors
BUSINESS
After Axis Bank, HDFC and Yes Bank submit TPAP application for Paytm UPI business
On February 23, RBI said that customers and merchants having ‘@paytm’ handles are to be migrated seamlessly from PPBL to a set of newly identified banks to avoid any disruption
BUSINESS
Despite RBI’s tightening of unsecured loan norms, Navi scaling up well, says Sachin Bansal
Navi Finserv’s third non-convertible debentures opens on February 26 with an issue size of Rs 600 crore. The fintech’s two previous NCDs had raised close to around Rs 1,000 crore
TECHNOLOGY
Paytm, Axis Bank to submit TPAP application for UPI business with NPCI this week
Paytm is also in discussions with several other banks, including Yes Bank, HDFC Bank, ICICI Bank, and Canara Bank; however, none of the discussions have concluded yet.
BUSINESS
What the RBI FAQs mean for Paytm and its users: Said and Unsaid
It is effectively curtains for Paytm Payments Bank per the RBI FAQs but there is some good news for One97 Communications. Read on
