Lazypay

With this, PayU Payments board's strength now stand at seven, alongside existing members--CEO Anirban Mukherjee and Chief Finance Officer (CFO) Arvind Agarwal.

PayU Finance elevates Deepak Mendiratta as CEO, former DBS bank chief is new CFO

Former chief risk officer Mendiratta replaces Prashanth Ranganathan who quit six months ago. The rejig runs parallel to leadership changes taking place across the board at PayU

PayU India reports $400 million in revenue for FY23

India revenues grow 31 percent as enterprise and MSME business and personal loan business grow three times

Loan apps ban: Industry insiders call it a good move to remove bad actors

Fintech startup founders weigh in possibilities of illegal cross border data sharing and cybersecurity threats

Ahead of ban order, RBI gave a list of apps working with NBFCs to govt

"We have given a list of apps which work with NBFCs (non-banking finance companies) to the government. On that basis, the government has taken this step," Governor Shaktikanta Das told reporters in Mumbai.

PayU's LazyPay, IndiaBulls Home Loans, Kissht among websites blocked by govt

The government has blocked 232 apps operated by overseas entities, including Chinese, for being involved in betting, gambling and unauthorised loan service.

Google reviewing MeitY directive to block loan, betting apps: Sources

Along with online lending platforms like Kissht and PayU-backed LazyPay, Meity's ban list includes Kreditbee, Ola Avail Finance, and a few home loan and B2B lending apps.

Swiggy customer flags misleading UPI claims on app. CEO’s response

Swiggy CEO Sriharsha Majety fixed “misleading” claims about UPI performance on the food delivery app after a customer flagged the issue on Twitter.

Paytm rises as Citi bets on faster customer growth versus rival PayU

At current valuations, the overhang risks from further selling by existing pre-IPO shareholders of Paytm are overdone, Citi says.

Former Nykaa CFO Arvind Agarwal joins PayU India

Agarwal will be joining PayU India as CFO after a two-year stint at Nykaa. Nykaa had informed stock exchanges of his exit in a regulatory filing on November 22.

PayU India's revenue grew by 38% in the first half of FY23

PayU India's growth was aided by increased digitisation in retail through e-commerce, financial services and bill payments, besides travel and hospitality bouncing back, parent company Prosus has said in its earnings presentation

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

BNPL players expect up to 8X credit spike in festive bonanza despite RBI speed-breakers

Fintechs looking to capture market share from players restricted by new norms; see inflation as a tailwind for credit demand.

More trouble for Slice: SBM Bank India to stop onboarding new customers for credit on PPI

The bank had sent a communication to Slice, Uni and PayU's LazyPay on pausing new customer onboarding after the Reserve Bank of India (RBI) approved the first set of guidelines on digital lending on August 10. Uni and LazyPay had stopped onboarding new customers since June.

Licensed digital lenders violating specified domain not acceptable, says RBI governor

Shaktikanta Das' comments come after the RBI said that loading of credit lines on to prepaid payment instruments (PPIs) is prohibited, a model adopted by many fintechs. RBI to come up with digital lending guidelines within a few weeks, he added.

Slice seeks RBI nod to issue credit cards amidst uncertainty over business model

Industry experts however, believe that it may be difficult for Slice to get RBI approval as the regulator may be selective in giving the green signal to NBFCs to issue credit cards.

With rising interest rates, inflation, RBI’s lens, India’s BNPL players may face speed breakers ahead

Experts are revising growth estimates downwards for the industry for FY23 in light of the current macro environment. Besides, increased focus on compliance may make these players lend in a more structured manner and not at the same pace as earlier.

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.

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

PayU India's revenue grew by 48 percent in FY22 led by growth in payment volumes, says Prosus

The company's credit-line linked card offering LazyCard saw loan disbursals of $586 million till March 31, 2022. The card has come under scrutiny after RBI said that loading of credit lines into prepaid payment instruments like wallets and prepaid cards is prohibited

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.

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.

RBI's new credit card issuance rules: Three key points explained

RBI's directions on credit cards say that registered NBFCs cannot issue credit cards or similar products without the regulator's approval.

How Federal, Equitas Small Finance, RBL and SBM Bank India are riding the bank-fintech partnership wave

These banks are expanding their digital presence with a branch-lite, distribution heavy model. With a strong digital presence through fintechs, the banks are looking to serve the next set of digital customers.