The transition to UPI-based ATMs will be gradual, and consumers will not immediately switch to using standalone UPI ATMs overnight.
However, the second quarter of FY24 is expected to be muted, and, with that, the hope of double-digit growth is now being pushed to FY25. However, analysts are expecting the momentum in the closure of record total contract values (TCVs) will continue, as has been the case over the last two quarters.
The average ticket size (ATS) of all transactions on United Payments Interface (UPI) in H1 2023 was pegged at Rs 1,604, marking a 10 per cent decline, compared to Rs 1,774 in H1 2022, according to data from Worldline India's Digital Payments Report. The reduction in the overall ATS on UPI is a good sign, suggesting a deeper embedding of UPI as it is being used for smaller or micro-transactions, and the dip is driven by the growth in person-to-merchant (P2M) transactions, the report said. The ATS of P2M transactions dipped 21 per cent from Rs 839 in H1 2022 to Rs 659 in H1 2023.
With over 80 million Unified Payments Interface (UPI) users, Amazon Pay, the payments business of e-commerce giant Amazon, has been growing at 40-50 per cent year-on-year (Y-o-Y), said Mahendra Nerurkar, chief executive officer (CEO) and vice-president (V-P), Amazon Pay India. "Leveraging just the micro peer-to-peer (P2P) transactions on UPI is not a business model. "While we have enabled those features, we do not chase monthly active users based on this.
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
The key risk factors would be anti-incumbency, small vote share swings causing large impact on outcomes and the 2004 example.
The Directorate General of Civil Aviation (DGCA) on Tuesday suspended Air India's Boeing simulator facility in Mumbai after finding certain alleged lapses during a spot check, a DGCA official said. The pilots, who were scheduled to undergo refresher courses at the Mumbai facility, will now not be able to do so.
The National Association of Software Services Companies (Nasscom) on Tuesday launched the Talent Connect portal to bridge the gap between recruiters and digitally skilled and certified candidates. The portal, which has been in the work for the last 28 months has 100,000 candidates and companies such as Tata Consultancy Services (TCS), Tech Mahindra and Salesforce recruiting from it. The platform, for the first time, is also making an attempt to bridge the gap of skill-based talent to employers, rather than the current practice of academic focused talent base.
Krithi Krithivasan is the kind of person one might look to when the need is to calm things down and put things back on track.
Price Waterhouse Chartered Accountants (PwC India) has resigned as the auditor of Paytm Payments Services, the fintech major said in a regulatory filing on Monday. "...we wish to inform you that M/s. Price Waterhouse Chartered Accountants LLP ... statutory auditors of material subsidiary i.e. Paytm Payments Services Limited (PPSL) have resigned with effect from August 7, 2023," the company added. Paytm said that the statutory auditors had not raised any concerns or issues and that the company had noted PwC's resignation.
'Companies are coming to the campuses, and we have companies booking their slots for the placement season, but the overall number of companies signing is low, and the hiring numbers are also lower.'
'They have got the advisory council, a CEO has been appointed finally, and they have made some headway on the term loan B.'
'We have not seen too many large deals compared to last quarter.'
The first-quarter performance of top IT services players, as well as mid-cap firms, has been subdued, reflecting macro uncertainties. The numbers of the top four firms show several misses, hinting at difficult times ahead. One mismatch is the total contract value (TCV) signed by the firms and the revenue growth registered.
The gauge for the performance of informational technology (IT) stocks soared nearly 5 per cent-most in nearly three years-as growth worries eased following a robust order book posted by bellwether Tata Consultancy Services (TCS). The Nifty IT index rose 4.5 per cent to close at 30,945. This was the biggest single-day gain since September 14, 2020. Industry titan TCS' shares rose 5 per cent to Rs 3,509.
India's information technology (IT) sector will witness subdued hiring in 2023-24 as macro uncertainties impact demand environment, with clients either taking a pause on spend or stopping discretionary spend, say human resource experts. To begin with, unlike earlier years, the three large IT players TCS, HCLTech, and Wipro have not provided any new hiring targets for the financial year. And Wipro has said that its hiring target will depend on the demand environment.
Byju Raveendran, CEO and founder of the eponymous edtech giant, has told shareholders that the company will set up a board advisory committee (BAC). This was part of a discussion on July 4 with shareholders at an emergency general meeting (EGM). Raveendran also said that in the next EGM in three weeks will give details about BAC's members and composition.
Google, in its latest appeal to the Supreme Court, has said the Competition Commission of India (CCI) is protecting Amazon's interests after having complained that India's anti-competition body (CCI) had copied part of a European Commission ruling against it for allegedly abusing the market dominance of Android. The latest twist to the Google-CCI case comes as Google filed an appeal in the Supreme Court on June 26, against the National Company Law Appellate Tribunal's (NCLAT's) March 29 order. The tech giant's contention is that the NCLAT failed to apply the "effect analysis" part in the CCI order.
After assuring shareholders that Byju's is on a strong footing, Chief Executive Officer Byju Raveendran, after much delay, spoke to employees in a townhall session. In his first-ever address to employees since problems began at Byju's, Raveendran spoke about the resignation of auditors and board members, the Term Loan B dispute, and the future of educational technology (edtech). Raveendran also asked his team to 'rise above the noise' and work with resilience and determination.
Tata Communications on Wednesday announced that it would acquire NYSE-listed Kaleyra, a global omnichannel integrated communication services provider with a set of proprietary platforms offering targeted personalisation through messaging, video, push notification, e-mails and voice-based services, and chatbots. The acquisition is an all cash deal. Tata Communications has agreed to acquire Kaleyra at a price per share of $7.25, for a total consideration to Kaleyra shareholders of approximately $100 million, besides the assumption of all outstanding debt.
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