BUSINESS
RBI Policy | UPI to allow blocking funds for multiple auto-debits, BBPS expanded to non-recurring payments
UPI currently includes functionality to process payment mandates for recurring as well as single-block-and-single-debit transactions. The new facility will enable a customer to block funds in his/her account for specific purposes, which can be debited whenever needed.
BUSINESS
NPCI extends UPI market cap deadline to December 31, 2024, in a relief to PhonePe, Google Pay
The guidelines requiring each UPI third-party app to adhere to a 30 percent transaction volume cap were first introduced in November 2020.
BUSINESS
Payments Council launches common icon library for uniformity, fraud prevention
Project Pratima lays down the design principles and basic guidelines to make icons easily recognisable and accessible to users across platforms of the members of the Payments Council of India.
BUSINESS
RBI’s Retail digital rupee pilot kicks off today: Five things to know
RBI said on November 29 while announcing the pilot that the implementation will be done in phases with a few banks and cities to start with and the scope will eventually be expanded.
BUSINESS
Digital lenders align with new RBI norms ahead of November 30 deadline, brace for consolidation
Fintechs have changed core business models, lending flows and processes since the new digital lending norms came into effect in August.
BUSINESS
CoinDCX publishes Proof of Reserves, CEO Sumit Gupta says exchange will take more steps towards transparency
Following the fall of the erstwhile second-largest global crypto exchange FTX, its token FTT and the subsequent bankruptcy, debates have picked up around the need for exchanges to be more transparent.
BUSINESS
Five Star Finance eyes Rs 7,000 crore in assets under management by FY23-end
The management of Five Star Finance said that the company will continue investing in growing its branch network and adding technological capabilities.
BUSINESS
Financial management app Salt eyes 100,000 users by end of 2023, fundraise by early next year
Salt cofounder Shinjini Kumar said that the platform might seek a licence from the Insurance Regulatory and Development Authority of India (IRDAI) to offer select insurance products, in addition to adding other savings and investment products.
BUSINESS
Uni to offer co-branded credit cards, loans after RBI norms disallowed pre-paid card offering
In a communication to customers, Uni said that it will now offer a co-branded credit card, besides a product that will enable customers to avail a part of their salary in the form of an interest-free deposit in the middle of the month.
BUSINESS
Mumbai startup founders team up to form ‘brand Mumbai’
Mumbai currently houses a sixth or about 18 of the country’s 108 unicorns, the third most after Bengaluru and Delhi/NCR (National Capital Region), but has never been recognised as a startup hub, primarily due to high cost of living
BUSINESS
PB Fintech CEO Yashish Dahiya: Investors need to know we are a boring company that will keep growing; there will be no tamasha
PB Fintech is aiming to deliver Rs 1,000 crore in profits by FY27. The company aims to increase the annual run rate for insurance premiums from Rs 10,000 crore currently to Rs 35,000 crore by FY27.
BUSINESS
Quona Capital closes $332 million fintech fund to invest in emerging markets
In India, Quona Capital sees an opportunity to invest in fintech infrastructure, embedded and verticalised finance as well as insurtech.
BUSINESS
WhatsApp Business India revenue set to cross $1 billion by next year, experts see WeChat moment
Enterprises including banks, insurance, retail businesses and new-age companies are driving the largest volume and revenue for the messaging app's business offerings. Other emerging areas include travel, hospitality and education.
BUSINESS
Slice bets on card-linked bank accounts to stay afloat as RBI Nov deadline for digital lending norms nears
In a mail to customers, Slice said that the card will be temporarily suspended in November to transition to the new system
BUSINESS
SafeGold to allow customers to lease idle gold to jewellers for yields of up to 5%
In the next 5-6 years, SafeGold is looking to clock annualised revenues of Rs 300-400 crore through gold leasing. The company will soon extend gold leasing through doorstep gold collection across the country.
BUSINESS
Bitter battle ahead? BillDesk shareholders prepare to sue Prosus for walking away from $4.7 billion deal
Prosus announced the termination of the deal yesterday. The news came after the acquisition received a go-ahead from the Competition Commission of India on September 5.
BUSINESS
Fintech Files: Part 3 | When the RBI sneezes, fintechs catch a cold
A slew of circulars from the Reserve Bank of India has forced the fintech industry to abandon its growth-at-all-costs approach and scramble to comply with the stringent regulations
BUSINESS
Prosus terminates PayU's $4.7 billion acquisition of BillDesk
Certain conditions precedent were not fulfilled by September 30, 2022 long stop date and the agreement has been terminated automatically in accordance with its terms, Prosus has said
BUSINESS
CRED launches UPI scan and pay, move may help increase in-app transaction volumes
CRED said that users will be allowed to create an alias UPI ID, helping them mask personal details like mobile numbers, ensuring enhanced privacy during payments. It is also offering 2x rewards for payments made to partner merchants.
BUSINESS
Cashfree Payments gets RBI nod for payment aggregator license
The company which provides payment gateway and payment acceptance services has also received in-principle approval for a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI).
BUSINESS
Tokenisation adoption in full steam as deadline nears; players concerned over teething problems
With the new deadline coming right in the middle of the festive season, merchants are rushing to align with the norms to avoid any loss in sales.
BUSINESS
Razorpay buys customer loyalty and rewards platform PoshVine in 7th acquisition
The acquisition of PoshVine would enable Razorpay to encourage more interaction between merchants, banks, and consumers by driving additional channels for rewards and driving additional spending digitally.
BUSINESS
Global Fintech Fest: Founders get a starry reception, regulators talk business
Global Fintech Fest held in Mumbai last week gave fintechs the much-needed adrenaline shot as they battle slowdown and regulatory squeeze and provided a platform to showcase why their growth is crucial to change India’s financial landscape.
BUSINESS
PhonePe CEO Sameer Nigam makes renewed pitch for MDR, warns there is no path to recovery otherwise
Nigam pointed out that when payment modes are made free of cost there is an underlying assumption that companies involved in these businesses will have alternate sources of revenue. However, that may be possible for banks, but not startups, he added.
