BUSINESS
Exclusive: PayU’s LazyPay mulls major shift to credit card from prepaid card after RBI’s diktat
The company has been in talks with its partner bank SBM Bank India for the move since RBI restricted the role of co-branding entities to only marketing and distribution of prepaid cards in April. The pivot to credit cards is likely to be fast-tracked now.
BUSINESS
RBI Financial Stability Report: Fintech delinquencies halved to 2.26% in March
Further, the report reiterated RBI's stance that fintech has exposed the banking system to new risks, and the presence of Big Techs like Apple, Google, Meta, Amazon, etc in fintech has increased risks to financial stability.
BUSINESS
Slice updates terms, will levy 36% interest if repayment not done in one instalment
The company has also detailed that the credit lines are extended by its partner NBFCs after the RBI said that issuing credit through prepaid payment instruments like the Slice card is prohibited
BUSINESS
Payments council urges RBI to treat full KYC prepaid instruments like bank accounts
The Payments Council of India's letter estimates that over 10 million credit-linked prepaid instruments are active currently with over Rs 3,500 crore of payment volumes processed in May 2022.
BUSINESS
Digital lenders seek 6-month extension, meeting with RBI, on PPI-based lending
The representation by the Digital Lenders Association of India (DLAI) after RBI barred loading credit lines into prepaid payment instruments (PPIs) such as wallets and prepaid cards, impacting players like Slice and Uni.
BUSINESS
IPO-bound Pine Labs acquires fintech infra startup Setu for $70-75 million
Setu offers open APIs across four categories—data, payments, investments, and lending. The company's founders will continue to lead the firm and brand name and the team of Setu will be retained.
BUSINESS
RBI's freeze on PPI-led lending: Industry bodies to write to RBI, Govt on their stance on supporting innovation
The representations will seek further clarity to assess the impact of RBI’s notice on lending through PPIs.
BUSINESS
RBI nukes multiple Indian fintechs through guidelines on prepaid instruments
RBI’s notice to many fintechs on June 20 is pushing fast-growing fintechs to pull breaks and reconsider their core business offerings.
AUTOMOBILE
Freo starts offering savings account with Equitas Small Finance Bank
Freo’s move is opposite of that to its peers in the consumer neobanking platform space like Jupiter, Fi, Niyo, and others. These players began by offering savings accounts in partnership with banks and are now foraying into lending.
BUSINESS
Non-banks can't load credit lines into prepaid payment instruments: RBI tells fintechs
The move may impact credit products of fintech players who extend credit through prepaid payment instruments such as prepaid cards and wallets.
BUSINESS
Exclusive | Niyo in talks to raise $100-150 million, to also acquire lending platform Smartcoin
The planned fundraise is said to fetch the company a valuation of $500 million and is likely to be led by private equity firm Multiples.
BUSINESS
Crypto crash impact: Indian exchanges work on cutting costs, gear up for harsh winter
High cash burn, low trading volumes, the 1 percent TDS regime that’s set to kick in next month and a new regulatory set-up in the works are worries for crypto firms. While larger players are holding up, start-ups are feeling the squeeze.
BUSINESS
Coinbase lays off 8% of India staff, hires former Prosus official to relaunch operations in the country
Former Prosus Ventures and Niti Aayog executive Arnab Kumar has been hired as as Director of India Market Expansion
BUSINESS
Banks seek six-month extension from RBI to implement new norms for credit, debit and co-branded cards
Meanwhile, fintechs and banks are working on a way that will allow a separate entity under the card-issuing entity to access data, while another co-branding entity will not have access to data as per the norms.
BUSINESS
MC Interview | Slowdown in startup funding does not change Federal Bank’s fintech strategy, says ED Shalini Warrier
According to Shalini Warrier, fintechs with the right customer proposition, a strong segment strategy, and proven founder capability will not find it difficult to raise funds
BUSINESS
Exclusive: BharatPe founding member Satyam Nathani quits in third key exit in a week
The exit of founding member Satyam Nathani comes days after chief revenue officer Nishit Sharma and head of institutional debt partnerships Chandrima Dhar resigned
BUSINESS
Credit cards on UPI opens up a host of possibilities, but leaves many questions unanswered
The payments industry is awaiting clarification on how the pricing of such an arrangement will work. From the look of it, many see this as advantageous for RuPay.
BUSINESS
Ecosystem largely prepared to implement tokenisation, says RBI Dy Governor T Rabi Sankar
The Deputy Governor said that the ecosystem is working on a few collateral issues that have come to RBI's notice, which will be adjusted as they proceed with the implementation.
BUSINESS
RBI Monetary Policy | Credit cards can now be linked to your UPI, starting with RuPay
Until now customers could only link their bank accounts through debit cards to UPI.
BUSINESS
Gold loan platform Rupeek lays off over 180 of its employees
"With deep regret, we have taken the difficult decision to part ways with 10-15 percent of the employees," the company said in a statement.
BUSINESS
Coinbase’s decision to withdraw job offers brings a rude shock, uncertainty for many Indians
Many refused admissions to higher studies to accept a job at Coinbase. The move has impacted Indians who are on a deadline before their visa in the US expires and they are forced to come back home, altered plans for others.
BUSINESS
Low volumes, cautious buyers: The new reality for NFT marketplaces in the shadow of the crypto crash
Lifted by the hype around NFTs, the market for digital tokens hit a peak of $23 billion last year; it has now dropped by almost half to $12 billion, according to CoinMarketCap, a price tracking website for crypto assets.
BUSINESS
PhonePe is made in India and will list in India, says CEO Sameer Nigam
Nigam said that the Walmart and Flipkart-owned startup will go public once its core businesses turn profitable and its new-age initiatives achieve good scale.
BUSINESS
Slice raises $50 million in Series C round, led by existing investor Tiger Global
The investment also saw participation from its existing investors Moore Strategic Ventures and Insight Partners, and new investor Japan's GMO Venture Partners.
