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
BUSINESS
Sachin Bansal’s Navi doubles UPI transactions in July, posts 22x growth in 4 months
While the rewards seem to be coming down, Navi has managed to post blistering growth and is set to be the fifth-largest UPI app if it keeps the momentum going
BUSINESS
Number of customers is a vanity metric, but it shows the impact you create: Groww's Lalit Keshre on beating Zerodha
According to the company, whatever information and access was available to a high net worth individual earlier, is available to everyone today, which helped it grow
BUSINESS
Regular engagement with RBI crucial to prevent business shutdowns, panellists say at Moneycontrol Startup Conclave
RBI could engage with startups before issuing one-line circulars that could destroy businesses, says Siddarth Pai, founding partner of 3one4 Capital
BUSINESS
We are close to profitability at the consolidated level in FY24: PhonePe’s Sameer Nigam
PhonePe’s various businesses like Pincode, Indus, lending, and insurance are now structured as subsidiaries and the group will see near profitability at the group level for the last financial year, Nigam said.
BUSINESS
Groww's Lalit Keshre supports SEBI's efforts to regulate F&O trading
"The primary purpose of regulators is to protect the investors. We share that goal. The idea is to reduce risk and help in long-term growth,” Keshre said.
BUSINESS
MC Exclusive | NPCI talks to startups on biometric authentication for UPI payments
Last week, RBI proposed banks to explore alternative payment authentication other than OTP for card transactions. The regulator prefers biometrics over other means as of now to reduce financial frauds
BUSINESS
Major banks yet again push for MDR to large merchants on UPI, but Centre may not budge
With the growth of UPI, the subsidy bill of banks and payment companies continue to grow as the government subsidies cover only one-fourth of the UPI-related expenses
BUSINESS
Axis Bank credit card bill payment goes live on BBPS, close to 90% on board now
Yes Bank is expected to go live within a week to ten days on BBPS, leaving RBL as the largest one yet even to begin the process of integration
BUSINESS
Cred's Kunal Shah doubles down on affluent users, launches unified financial data platform
Focussing on the most affluent customers, Cred recently launched a luxury rewards programme called “Only Fridays”, where the company offers premium headsets and speakers, luxury watches, Playstation, designer clothing and accessories
BUSINESS
MC Exclusive | NPCI likely to fix 1.2% interchange for pre-sanctioned Credit Line (CL) on UPI, issue circular next week
While there could be different credit line products, interchange could be a flat rate to avoid operational complexities. The credit line will not be available for person-to-person money transfers
BUSINESS
Sachin Bansal’s Navi continues to grow at a brisk pace even as UPI transactions decline in June
Paytm hung on to its 8 percent market share in June, a far cry from the 12 percent it had before the regulatory action on its associate firm, Paytm Payments Bank in January this year
BUSINESS
Swiggy launches UPI service via plugin to reduce dependence on payment apps
Currently, the real-time payment system is undergoing a pilot program and is accessible to a select group of users.
