With over 600 million monthly active users and 500 million daily active users, WhatsApp had a golden opportunity to take the UPI crown from PhonePe. It was WhatsApp's game to lose, and the instant messaging platform lost it. And how.
About 89 percent of the Rs 2,000 notes in circulation were issued prior to March 2017, and are at the end of their estimated lifespan of four-five years.
Aadhaar through e-KYC has also brought down costs of verification, leading to savings in costs for customer acquisition from Rs 500–700 ($6-9) per person to Rs 3 (0.4 cent).
In January, PhonePe announced raising $1 billion in tranches at a valuation of $12 billion. Since then, the fintech unicorn has raised $350 million from General Atlantic, $100 million from Tiger Global Management, Ribbit Capital and TVS Capital, and $200 million from its largest shareholder--Walmart
Paytm CEO and founder Vijay Shekhar Sharma said, 'Right now government is paying for payment charges to be charged to merchants for payments from UPI.'
In the comparable period, Razorpay, a top rival of BillDesk in the Indian market, recorded a surge in net profit to Rs 7.37 crore from Rs 6.18 crore in the preceding year.
“I don't think UPI has achieved its potential yet. For a country like India, we should do 10x of what we are doing,” Asbe said.
In value terms, these transactions are worth Rs 6.27 lakh crore, registering a growth of 17 per cent from Rs 5.36 lakh crore in February 2022, RBI governor Shaktikanta Das said.
Bill Gates met Prime Minister Narendra Modi on March 3 - a meeting he called the highlight of his trip to India. The two discussed education, healthcare, climate change and the rise of digital payments in India.
The next big thing will be credit in India and getting a loan will be as easy as making a payment in the next 3-4 years, Nilekani said.
Apart from executing transactions in no network areas, such a facility will be of help in urban pockets experiencing bad networks and also in aircraft, according to a statement.
Speaking to the press on the sidelines of the G20 digital economy working group meeting in Lucknow, Union Minister Ashwini Vaishnaw said that Singapore had already completed its UPI integration.
Can standardising app icons build trust & familiarity in digital payments?
Ashneer Grover has alleged that there is a serious breach of data of over 150 million UPI users at BharatPe by Bhavik Koladiya.
RBI governor Shaktikanta Das said that to begin with, this service will be permitted to travellers from G20 countries arriving at select international airports.
In FY22, UPI accounted for 52 percent of the total 8,840 crore financial digital transactions with a total value of Rs 126 lakh crore, the government noted in its pre-Budget Economic Survey
US card networks may get to tap small Indian retailers who otherwise can’t afford them. On that hangs a tale of rivals putting profit before parochialism
Razorpay expects to resume onboarding after a few weeks
Sources said regulations prevent any company from using IPO proceeds for a share buyback.
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.
Digital currencies have many benefits like zero currency loss and lower operational costs associated with physical cash management.
CreditVidya offers services for entire loan life cycles from origination to underwriting to collections of loans. The platform also allows customers to seek loans from its lending partners.