Shares of One97 Communications (OCL), which provides financial services under the brand 'Paytm', and has a banking arm Paytm Payments Bank (PPBL), hit the 5 per cent upper circuit at Rs 428.10 on the National Stock Exchange (NSE) in Monday's (February 26) intraday trade. The up move in the stock on Monday came after the Reserve Bank of India (RBI) asked the National Payments Corporation of India (NPCI), in post stock market hours, to look into the possibility of migrating PPBL customers, using the UPI handle '@paytm', to four-to-five other banks.
India's flagship payment platform, the Unified Payments Interface (UPI), ended the 2022 calendar year on a high note as the volume of transactions touched a record 7.82 billion in December, amounting to Rs 12.82 trillion, again a record high. Data released by the National Payments Corporation of India (NPCI), the umbrella body for retail digital payments in the country, showed volume of transactions in December was up 7.12 per cent compared to November, while value of transactions was up 7.73 per cent during the same period.
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.
Lending on peer-to-peer platforms is fraught with higher risks but investors can earn as much as 12% to 36%.
One reason why volumes have not increased in the retail segment is that users are not aware of merchants who accept digital currency.
The Reserve Bank will launch the first pilot for retail digital rupee in Mumbai, New Delhi, Bengaluru and Bhubaneswar on December 1, and later expand it to nine more cities in the initial phase. This follows a month after the RBI had started a pilot in the digital rupee - wholesale segment on November 1. The Reserve Bank announces the launch of the first pilot for retail digital rupee (e?-R) on December 1, 2022, the central bank said in a statement on Tuesday.
The Sri Lankan authorities will hand over the fishermen to the Indian consulate after which they will be repatriated to India after completing all the necessary COVID-19 protocols.
In May 2019, Sebi had penalised the NSE as well as two of its former heads - Narain and Chitra Ramkrishna - for allowing Sampark to provide the dark fibre connectivity to stock brokers, despite not having the authorised licence. Dark fibre refers to an unused optical fibre used for high-speed connectivity.
Its entry will increase competition especially when WhatsApp too has received approvals to launch payment service.
Several exchanges are facing a cash crunch with committed investment not coming from venture capital funds and trading activity seeing a sharp decline, reports Rajesh Bhayani.
Join Rajeev Mahajan, Founder Director & CEO, Antworks Money, for an online chat at 2 pm, Thursday, January 25
The Enforcement Directorate on Friday said it has issued a show cause notice to the country's largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA). WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic cryptocurrency start-up and its directors Nischal Shetty and Hanuman Mhatre, along with the company, have been named in the notice issued by the central probe agency after completion of investigation. The agency issued a statement saying that it stumbled upon the transactions of the company during an ongoing money laundering probe into the "Chinese-owned" illegal online betting applications.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
Since trading in virtual currencies is not illegal, they traded in cash or through barter in some instances.
India is among the top ten countries in the world with highest number of online piracy cases, which pose a big threat to the country's film and television industry, according to a research commissioned by the Motion Picture Distributors Association (MPDA).
In an online chat with readers January 24, Rajeev Mahajan of Antworks answered queries on personal loans and peer to peer lending.
If banks won't lend, seek a loan from fintech lenders or P2P platforms to help you get out of a debt trap.
In this month itself, UPI can hit 2 billion transactions and by March 2021, it should reach 2.15 billion transactions in a month.
A large part of the work that CEO Sumit Gupta does is focused on educating users and the larger community about investing in cryptocurrencies, reports Neha Alawadhi.
Prime Minister Narendra Modi and his Japanese counterpart Yoshihide Suga met in Washington, DC, on Thursday to discuss ways to further cement the bilateral strategic ties ahead of the first in-person Quad meeting to be hosted by US President Joe Biden.
WhatsApp on Wednesday said it expects to facilitate the purchase of "affordable sachet-sized" health insurance through its platform by the end of the year as part of its efforts to provide users in India with greater access to financial solutions. The Facebook-owned company noted that its 'Payments' feature is now available to users across the country (currently up to 20 million users) with support from banking partners - State Bank of India, HDFC, ICICI and Axis Bank.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Most e-commerce firms offer aggressive discounting and freebies, with specific purchases.
With India turning net savvy, online shopping has become the latest fad with most of the net surfers recommending Internet shopping, a shot in the arm for online retailers, a study revealed.
Commenting on the study Subho Ray, president, IAMAI, said, "This is the first attempt to get an estimate of this market and we are hopeful that the MVAS industry with now get the required attention from the government and the industry."
If true then it would be a major disruption in the industry
'Like doctors, health workers, police, bankers are also COVID warriors,' notes Tamal Bandyopadhyay.
If borrowers don't have access to a bank's credit facility, it could make sense to use peer-to-peer systems.
'Our network somehow saves 3,000 lives every year, but there's so much more to do, as every death due to shortage of blood is easily avoidable.'
Fintech players are customising solutions for rural markets and helping SMEs learn how to use the services
Take an education loan. Encourage them to freelance while studying.
These institutes, while expensive, are a viable alternative to studying abroad.
Reserve Bank of India (RBI) Governor Raghuram Rajan spoke on a host of issues at his last post-policy interaction with the media
Internet-based systemic wisdom connects machines and people, and will drive next-gen enterprises, said Huawei's Yatish Nagavalli.
