BUSINESS
UPI logs 3.55 billion transactions in August worth Rs 6.39 lakh crore
NPCI's Bharat BillPay, too, saw transactions grow from 51.13 million in July to 58.88 million in August. Their value crossed the Rs 10,000-crore-mark in August, coming in at Rs 10,307.40 crore
BUSINESS
Explained | PayU-BillDesk deal worth $4.7 billion: Who gains and how
With PayU and BillDesk operating complementing businesses in India, the acquisition will help PayU address the gaps in its portfolio. For BillDesk founders, a seemingly expensive valuation is a great outcome given the stock markets would have valued them even higher.
BUSINESS
Aim to create a digital 'Pigmy' to encourage daily savings, says Setu CEO Sahil Kini
Setu provided the Application Programming Interface to provide Equitas Small Finance Bank FDs on Google Pay. Kini said that hundreds of FDs have been booked already within a few days since the interface went live.
BUSINESS
PayU to acquire BillDesk for $4.7 billion: Prosus
The acquisition brings Prosus' cumulative investment in Indian tech to over $10 billion.
BUSINESS
PhonePe receives insurance broking licence, can now offer products from all insurance companies
The licence will allow PhonePe to distribute products from all insurance companies and offer personalised product recommendations to users.
BUSINESS
PayU, Alpha Wave Incubation lead $12 million investment round in Indiagold
With this round, Indiagold has raised a total of $14 million. Other investors include Leo Capital, Better Tomorrow Ventures, 3one4 Capital and Zerodha-backed Rainmatter Capital.
BUSINESS
Four years ago, everything changed in India; We call it the Jio effect: PhonePe CEO Sameer Nigam
80 per cent of PhonePe’s users come from non-metros. The fintech is thus focused on ensuring products remain simple to use and access for Tier-II & III customers.
BUSINESS
PhonePe receives in-principle approval from RBI to operate as account aggregator
The licence will enable the free and instant exchange of financial data between the Financial Information Users (FIUs) and Financial Information Providers (FIPs) with due consent from customers.
BUSINESS
Millennials open a NiyoX savings account every 30 seconds, product crosses 5 lakh customers
The fintech’s NiyoX account, which is offered in partnership with Equitas Small Finance Bank and Visa, has 82 per cent of customers below the age of 35.
BUSINESS
Google to 'significantly expand' Play support team, says committed to resolving issues
Google is committed to listening to the ecosystem and acting swiftly to help resolve issues that can tarnish the experience of a user or a developer, David Kleidermacher, VP Engineering, Android Security and Privacy, has said
BUSINESS
Prime Venture Partners announces fourth fund of $100 mn, to invest in Crypto, Electric Vehicle & Gaming platforms
Prime Venture Partners will look to make 15 to 20 investments through this fund and will expand its investments into decentralized finance/cryptocurrency, electric vehicle and gaming infrastructure.
BUSINESS
BharatPe forays into consumer fintech space with P2P product 12% Club
BharatPe aims to achieve an investment AUM of $100 million and a lending AUM of $50 million from 12% Club by the end of FY22. The upper limit for investments by an individual has been set at Rs 10 lakh, which will be increased to Rs 50 lakh over the next few months.
BUSINESS
Credit Saison India raises $47 million from Japanese parent company
Credit Saison India aims to become a neo lending conglomerate and is targetting to achieve Assets Under Management (AUM) worth $1 billion in the next few years.
BUSINESS
Why companies are lining up for RBI’s PA license & what the card data hiccup is, explained
The RBI has received around 30 applications for the PA license, a source said, adding that most companies will choose to apply because without the license their costs will go up. They added that the number will of applications is likely to increase closer to the September 30 deadline
BUSINESS
NPCI International to offer UPI in UAE, ties up with Mashreq Bank
The UAE will be the third country to accept UPI payments outside of India after Singapore and Bhutan.
BUSINESS
Flipkart Wholesale aims to triple footprint, expand to 2,700 cities by December
The platform expects the number of registered suppliers to increase by 58 percent by the end of 2021. It witnessed a 17 percent growth in the kirana customer base between January and June 2021.
BUSINESS
Smallcase raises $40 million from Amazon, Premji Invest and Faering Capital
The startup will use this funding to add more asset classes and grow its use cases. It is currently in the process of adding mutual funds, bonds, and global equities to the platform.
BUSINESS
INDmoney wants to become super money app: Ashish Kashyap
With an aim to provide end-to-end financial solutions, the company will soon be selling insurance through its platform. It will also look at offering on-tap loans through its platform.
BUSINESS
Exclusive: ZestMoney to foray into insurance, gets IRDAI’s corporate agent licence
ZestMoney will offer sachet-sized insurance plans which will be co-created with the insurance players, especially for its customers in Tier-II and III cities
BUSINESS
Whatsapp adds payments background feature for UPI transactions
This is similar to the feature available in Google Pay where users can choose from a range of backgrounds while transferring money.
INDIA
Moneycontrol Masterclass | Nuanced approach to reopening schools needed, there is severe learning loss: Experts
Since the onset of the pandemic, schools have remained shut and have shifted to a virtual at-home learning environment. The threat of a third wave may mean a second year of online learning for kids. As the debate around reopening schools grows louder, we assess the impact of long hours of online learning and if India is ready to send its kids to school.
BUSINESS
KreditBee offers RuPay credit card, aims to become a neo bank in two years
The company’s Co-founder and CEO Madhusudan Ekambaram said that in the next three to five years the company hopes to grow its customer base to 10 percent of India’s population. KreditBee will soon foray into the Buy Now Pay Later (BNPL) segment, he added.
BUSINESS
Super apps: WhatsApp best placed, Tata yet to have a core use case: Report
A super app comes with multiple apps and brands under a company, offered within one umbrella app which has at least two strong use-cases.
BUSINESS
NPCI appoints former PayU top executive Noopur Chaturvedi as Bharat BillPay CEO
NPCI says Noopur Chaturvedi's mandate is to work on the RBI's vision to scale up the Bharat Bill Pay System platform. In June, the RBI permitted mobile prepaid recharges as a biller category in BBPS to be implemented on or before August 31.
