The growth in personal loans for fintech major Paytm may remain muted in the future and not replicate a three-digit year-on-year (Y-o-Y) growth that it recorded in the previous years, a person familiar with the matter said. Sources said the personal loans book may grow in the range of 30 to 40 per cent Y-o-Y on its current base. On a quarter-on-quarter (Q-o-Q) basis, the number of personal loans the Noida-based fintech company disbursed has dropped 20 per cent from 0.3 million in the first quarter of this financial year (Q1FY24) to 0.24 million in Q2FY24, according to regulatory filings.
Since the first Aadhaar number was issued in September 2010, more than 1.33 billion Aadhaar cards have been generated till June 2022. With the Aadhaar enrolment of adult Indians nearing 100 per cent, the main objective of the Unique Identity Authority of India (UIDAI), which was to give Unique Identification numbers (UID) to all residents of India, is almost achieved, said a senior government official. "Enrolment will now be much more update-based, because people keep updating their mobile numbers and addresses.
At present, there were 150 lakh (1.5 billion) branches with the deposits of Rs 5.60 lakh crore (Rs 5.6 trillion) of deposits, Kumar said claiming that no other government organisation could match such a huge customer network.
While analysts assessed One97 Communications (Paytm) Q1FY24 results as in-line with guidance, the market was disappointed and the stock fell by around 5 per cent. Paytm reported a net loss of Rs 360 crore, but revenue grew 39 per cent year-on-year (YoY) to Rs 2,340 crore. It was supported by strong growth in gross merchandising value (GMV), higher disbursements and the addition of subscription devices.
Income velocity based on currency with the public went down from 0.93 in October to 0.84 in March says a report from SBI's economic research department
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Almost all banks that issue contactless cards provide users with a 100 per cent liability cover.
As you swipe your credit/debit card with carefree abandon at merchant outlets, banks are losing money to the tune of Rs 3,800 crore annaully, says Soumya Kanti Ghosh
These directions on enhancing security of card transactions will come into effect from March 16, 2020, as per the RBI notification.
While Bihar and J&K have the least proportion of bank account holders using debit cards at PoS machines, Telangana's record is the highest.
As Narendra Modi and his ministers vigorously campaign for a shift to a cashless society, Rediff.com's Syed Firdaus Ashraf reports on what is really happening on the ground.
A large number of people using cards at PoS Cards being used more frequently Small-ticket transactions Mastercard South Asia head Porush Singh calls these the three key trends for a cashless future. And post-demonetization India, he believes, is steadily moving towards it.
Digital-pay companies see 10x growth spurt after demonetisation, report Ayan Pramanik & Shine Jacob/Business Standard from Bengaluru.
Mastercard is keen on being known not as a payments player but a technology company.
Debit card use at POS terminals increasing at rapid clip, transactions at ATMs declining
A merchant using the bank's merchant App, QR code, PoS or Payment gateways, across all segments, including electronics, apparel, grocery, stand to win assured cashback and prizes on volume build-up, EMI or digital transactions.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
The value of transactions through debit and credit cards used at the PoS fell to Rs 64,200 cr in February
Gaurav Mohta lists three ways to ensure a smooth financial situation for your family despite rising interest rates.
The facility will be available at 2,500 petrol pumps
The Reserve Bank of India's (RBI's) recent decision to allow credit cards for payments through the Unified Payments Interface (UPI) is likely to attract a merchant discount rate (MDR), said a top payment industry source. For smaller merchants, a subsidy for MDR could be provided. "With credit card-UPI linkage, UPI will not only be a payment instrument but also a lending platform. "How can banks lend without a commercial model? Also, the government has said MDR will be zero for payment products but not for lending products," the source said, indicating the MDR regime for credit card-linked UPI payments.
PDS: Smart ration cards need to be smarter
The coronavirus pandemic has changed how businesses look at payments. Earlier, fintech companies said when they were talking to merchants, they were not interested in digitisation.
Be careful if you find your postal mails/ bank and financial statements intercepted, pilfered or tampered with.
As the POS machines are not easily accessible to customers, cashiers are asking customers to tell them the PIN so that they can enter it.
RBI data on Dec 2014 showed 1.05 million PoS machines in the country.
The CPIO had rejected the three RTI queries on the ground that the Rs 10 Postal Order meant for fees for providing the information, was blank in one and in the other two cases, they were made out in favour of the CPIO.
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.
Neymar's spokeswoman said the athlete would vigorously defend himself if any claim is presented, describing the allegations as baseless and adding that the endorsement deal ended for commercial reasons.
Cardholders must ensure their debit cards are used in their presence.
The 'severely' spreading virus of the Trojan family has been detected conducting its clandestine operations at the point of sale counters placed at retail terminals after the RBI made it mandatory in December last year for debit cards holders to punch in their PIN every time they make a purchase.
Companies are innovating with tech tools to ensure that you spend less time at the cash counter.
Debit cards may have made it easy for us to forgo carrying any cash. Only, these cards have transactional hazards and are known to have let down their users on occasions.
Customers are increasingly preferring to pay through EMIs while buying high-value consumer items, as affordability has become a key factor in the post-pandemic scenario, payments solution provider Ezetap said on Thursday. Buying ability of consumers across the country has been significantly reduced due to the pandemic. They are either avoiding a single big payment or entirely skipping to buy any new item, Ezetap said.
ICICI Bank on Tuesday introduced cash withdrawal facility at point of sale (PoS) terminals at merchant outlets.
Reports suggest this lot could fetch the cybercriminal as much as $130 million upon sale.
The facility is now available at 258 Big Bazaar and fbb stores in over 115 cities and towns across the country
Reliance has significant investments in telecom, consumer retail and media businesses in India.
