Several executives argue that UPI has the potential to grow tenfold, but warn that the absence of a monetisation model risks stagnating the real-time payments system, which has been recording all-time-high transaction volumes every year.
Customers would be able to make money transfers, pay utility bills and recharge their mobile and DTH connections with just one click and a single PIN entry
Private sector lender Axis Bank on Wednesday launched the country's first contactless wearable payment devices to allow customers make on-the-go transactions more conveniently. Announcing the 'Wear N Pay' wearable devices brand, Axis Bank said it is the first bank in India to offer such a service. The bank has partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform, it said in a release.
Fintech firm MobiKwik on Monday filed a draft red herring prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (Sebi), for its initial public offering (IPO). According to its DRHP, the company plans to raise Rs 1,900 crore, which includes a fresh issue of Rs 1,500 crore and an offer for sale of Rs 400 crore. The selling shareholders include American Express Travel, Bajaj Finance, Cisco Systems and Sequoia Capital India, besides founder Bipin Preet Singh. MobiKwik is the latest among tech majors wanting to list on stock exchanges. Food delivery start-up Zomato will launch its IPO on Wednesday.
Prepaid one offered by HDFC Bank and Apollo Hospitals gives discounts but one needs to spend it at designated hospitals and pharmacies to avail benefits
Lender had 5.12 mn cards - almost a third of the total number of credit cards in the industry - at the end of November, 2013.
Walmart-owned fintech firm PhonePe said it has crossed 500 million lifetime registered users on its platform. With this milestone, 1 in 3 Indians are now on PhonePe. The company said it is the first Indian internet company to have reached this scale globally. This milestone has been achieved in just over 7 years since the PhonePe UPI (Unified Payments Interface) payments launched in August 2016.
Digital payments provider Paytm is all set to make its market debut as early as this year, with an aim to raise $3 billion (around Rs 22,000 crore). If successful, this could be the biggest initial public offering (IPO) by an Indian company, breaking Coal India's 2010 record of Rs 15,475 crore. According to media reports, the board of One97, parent company of Paytm, is all set to meet this Friday to formally approve the IPO plan.
A platform that helps retailers reduce failed transactions while keeping the cost down, Innoviti is all set for India's digital payments revolution.
HDFC Bank managing director Aditya Puri on Wednesday said the lender's business is returning to pre-COVID-19 levels and full normalcy is expected to be restored soon.
Paytm will look to raise up to $1.5 billion as part of primary share sale, leading up to its initial public offering (IPO), which is planned for November, a person familiar with the developments said. The company is looking to file its draft red herring prospectus (DRHP) by July, according to sources. According to this person, though the details of the listing are being worked out, Paytm may take the qualified institutional buyer (QIB) route to list and issue fresh equity to raise funds.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
The groups plan to take on well-entrenched players like Amazon, Flipkart, and Paytm by merging their offline businesses with e-commerce initiatives.
The proposed investment will be made over a period of five years in our India operations, which includes an R&D facility at Pune and another centre at Vadodara.
This makes it the most valued fintech company in the country after Paytm and Walmart-owned PhonePe.
Poor earnings show in the September quarter (Q2FY24), with hints of likely weakness in asset quality going ahead, forced analysts to cut earnings estimates of SBI Cards and Payment Services (SBI Card). On the bourses, shares of the State bank of India arm tumbled 7.4 per cent to Rs 732 apiece on the BSE in the intraday trade as investors factord in near-term concerns. Analysts at Motilal Oswal Financial Services, for instance, slashed SBI Card earnings by 8 per cent and 10 per cent for FY24 and FY25, respectively, as they expect the company to face pesistent magin pressure.
India is currently home to 52 unicorn startups and one of the fastest-growing startup ecosystems.
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
Ways on how consumers can maximise benefits.
Google of food, Zomato is keen to do more acquisitions in 2015.
Loan rates will change at the next reset, while deposit rates will continue till maturity.
Walmart, the world's largest retailer, is hoping to get more than 30,000 consumers through its e-commerce pilot project that will be launched in the first week of July.
Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
Aditya Puri thinks the government is on track.
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