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.
TECHNOLOGY
SEBI's uniform charge structure: Top discount brokers might see up to 20% decline in FY25 topline
Sebi’s true-to-label fee structure for brokers makes the playing field even for smaller players or startups that are launching broking services now as scale in itself will not add to the meaty topline of larger companies like Zerodha, Groww and Angel One
BUSINESS
Discount brokers' topline might be hit badly if Sebi restricts F&O trading
While the number of F&O traders is between 10-20 percent of the overall active client base, they generate between 60-70 percent of the revenue for most of the large brokers.
BUSINESS
Regulatory concerns, bank charges force many fintechs to pause rent payments via credit cards
There has been no official communication from RBI to any of the ecosystem partners. However, the regulator’s concerns stem from a product being used for unintended purposes
BUSINESS
It's business as usual for banks, Cred, though BBPS deadline for credit card bill payments nears
Cred likely to see minimal disruption as the fintech also has the option of credit card bill payment through NEFT and IMPS apart from BBPS for enabled banks
BUSINESS
Paytm sees green shoots of recovery, but not out of the blues yet
With curtains on its popular mobile wallet product, Paytm’s gross merchandise value will be mostly dependent on UPI, which seems to be recovering in May, earlier than expected
BUSINESS
Sachin Bansal’s Navi UPI grows 10X in two months
Navi started offering rewards and cashbacks for unified payments interface (UPI) users on its platform in April. While this has succeeded, now the company has a bigger challenge of maintaining the momentum
TECHNOLOGY
Groww's active user base crosses 1 crore milestone in May
Rival Zerodha has 75 lakh active users, Angel One 64.86 lakh and Upstox 25.91 lakh
BUSINESS
Cred’s new-user growth stagnates, increased UPI payment a silver lining
UPI payments are growing at a much faster clip than credit card payments, even among affluent customers. Targeting this segment seems to be working for Cred, as even without many customer additions, the company’s UPI share has grown well.
BUSINESS
Vijay Shekhar Sharma dials former executives to rebuild Paytm
Besides former names like Renu Satti and Kiran Vasireddy, Paytm is engaging with senior bankers to lead its high-growth lending vertical. Per sources, the company has approached IndusInd Bank’s Sai Giridhar for a potential partnership
TECHNOLOGY
Digital payments not subject to politics, set to soar under new government as well
The roots of the instant money-transfer system are too firmly entrenched in the Indian economy leaving no option but growth.
BUSINESS
US-based payments giant Stripe goes invite-only in India amid regulatory changes
The company said it is unable to promise "easy onboarding" for all new users in the country and will focus on international business.
BUSINESS
Why credit line on UPI has not taken off yet
The lack of a strong business case for any of the participants in the ecosystem means that none of them are keen to take the product to the market.
TECHNOLOGY
Groww banega crorepati: Active user base set to cross 1 crore in May
Groww's approach to education and investment helped them stand out from the trading-focused competitors.
BUSINESS
Quick commerce makes up third of dosa-batter maker iD's sales; grows 100 times in 2 years
Earlier Bigbasket was the largest online platform for ID, which was mostly a scheduled delivery model. But customers clearly have a preference for quick commerce and hence others have overtaken Bigbasket, says ID founder PC Musthafa
BUSINESS
After the equity rush by retail investors, fintechs see bonds taking off
Fintechs expect retail participation in the bond market to grow similar to the equity markets during the Covid lockdown as Sebi allows companies to issue bonds at a face value of Rs 10,000. Bonds could prove to be a competitor to FDs.
