BUSINESS
After UPI, PhonePe dominates Bharat Bill Pay with 49% volume share in August
The company-wise data, which was released for the first time, shows that BillDesk and Paytm Payments Bank are the second and third largest players with a volume market share of 17 and 16 percent, respectively.
BUSINESS
This startup wants you to get a credit card and bank account even before you land in US
Zolve has seen 40,000 signups in its beta mode and is seeing interest from immigrants outside of India as well.
BUSINESS
Upstox eyes 10 million customers, awaits SEBI framework on digital gold
In its next phase of growth, Upstox will look to provide tools for customers to decide asset strategies. Upstox eventually wants to become a wealth management platform and is exploring multiple products.
BUSINESS
ZestMoney raises $50 million in Series C funding
ZestMoney's existing investors include Goldman Sachs, Quona Capital, Xiaomi and Alteria Capital among others.
BUSINESS
Dhan takes on Zerodha, Groww; eyes 1 million users in 18 months
Pravin Jadhav, Founder and CEO of Dhan, said the holding company Raise Financial Services will be open to acquiring more licenses through acquisitions and will launch more financial products.
BUSINESS
Flipkart Big Billion Days to have 100,000 kiranas, 375,000 sellers
Flipkart said that it has on-boarded 75,000 new sellers and ramped up its supply chain infrastructure ahead of the festive season. The company will extend a credit line of up to Rs 70,000 to customers under its Pay Later option for Big Billion Days.
BUSINESS
Salesforce Ventures invests in digital payments firm Razorpay
The company said this fund infusion will accelerate its growth in modernising the financial infrastructure for small businesses and large enterprises by providing automated payment and business banking solutions.
BUSINESS
Bright Money raises $31 million led by Sequoia, Falcon Edge and Hummingbird Ventures
The company, which uses artificial intelligence to help users manage their wealth and debt, said that it will use these funds to double its team head of a public launch of its platform.
BUSINESS
Pine Labs raises $100 million from Invesco ahead of planned IPO
This comes after Pine Labs raised $600 million at a valuation of $3 billion led by Fidelity, Blackrock and other investors in July this year.
BUSINESS
Account Aggregator framework takes off: Over 10,000 accounts linked; 14,000 consent requests served
The AA ecosystem awaits more banks to go live on the network to achieve its full potential. Even as use cases are expected to evolve extensively, players do not see this as a huge threat to credit bureaus.
BUSINESS
Why the SEC wants to sue crypto exchange Coinbase and is this a concern in India
Coinbase says the regulator sees its lending product as involving securities. In India, cryptocurrency is widely viewed as an asset class, even as a law is awaited.
BUSINESS
Crypto exchanges hopeful of a middle ground on regulation even as RBI Guv raises red flag
Crypto exchange heads expect no concerns if cryptocurrencies are classified in the upcoming bill as an asset class and not as a currency. Any concerns can be addressed through dialogue, they added.
BUSINESS
Global crypto governing standards not easily replicable in India: Jayant Sinha
Sinha said, “Crypto assets and decentralized finance have caused regulators around the world to focus on protection for consumers. Even as global standards evolve, the Indian situation will be different.”
BUSINESS
August UPI transactions: PhonePe leads, Google Pay gains
PhonePe continued to dominate the monthly value of UPI transactions with a share of over 47 percent, Google Pay’s market share jumped to 38 percent.
BUSINESS
Fintech startup Slice lowers credit limit on cards to Rs 2,000, entering UPI next
The startup expects one million customers to avail of the new credit cards by FY22-end. In the longer term, Slice plans to expand to financial services and other consumer businesses.
BUSINESS
Byju's acquires online test preparation platform Gradeup, to rebrand it as Byju’s Exam Prep
The ed-tech company said that Gradeup will be rebranded as Byju's Exam Prep and will help it grow its presence in the online competitive examination preparation category.
BUSINESS
Crypto transactions should be taxed based on payment channels, tracked through repository: R Gandhi
The Former Deputy Governor added that while cryptocurrency trading is meant to be independent, it must be amenable to the laws of the land. CoinDCX Co-founder and CEO Sumit Gupta stressed how regulators must not clamp down on evolving technology.
BUSINESS
PhonePe Pulse report: Telangana sees highest user penetration
Digital payments in India have ballooned in the past few years and the pandemic has accelerated adoption further. PhonePe dominates UPI transactions with a 46 percent market share.
BUSINESS
Indian SaaS industry revenue may grow 14x to $75.3 billion by 2025: Report
The report by Chiratae Ventures and Zinnov says India’s digital talent will double from 0.8 million in 2020 to 1.5 million in 2025. Indian SaaS companies may fulfill 19% of global SaaS demand by 2025, it adds.
BUSINESS
Scale key to leveraging India’s digital payments potential, says PayU India CEO
CEO Anirban Mukherjee says PayU, having acquired BillDesk for $4.7 billion, will continue to follow a mix of organic and inorganic strategies in pursuit of growth
BUSINESS
Should I run an ad telling people not to install my app: PhonePe CEO Sameer Nigam
In an exclusive interview, PhonePe founder and CEO Sameer Nigam shares his views on NPCI’s plans to cap the market share of payment apps at 30 percent.
BUSINESS
Nandan Nilekani says Account Aggregator framework can democratise credit, reform healthcare access
Nilekani said that digital footprints from account aggregators when properly used, empowered by consumers using their own data, will enable a huge amount of credit to small businesses.
BUSINESS
Payment companies will become graveyard like telecom unless they do this: BillDesk co- founder Srinivasu MN
BillDesk co-founder Srinivasu ML is at his candid best in a rare interview, talking about its $4.7 billion acquisition by PayU, evolution over 20 years, the early days of BillDesk and why payments and telecom have some similarities.
BUSINESS
Explained: UPI moment for lending? Account Aggregator ecosystem to go live today
Experts believe that account aggregation, when fully implemented, will do for lending what UPI did for payments. It will enable swift sharing of verified data and democratise lending, they say.
