Earlier WhatsApp could provide UPI services to up to 100 million users. India is the biggest market for WhatsApp with 500 million users. The limit has been lifted since the UPI infrastructure is better now
The bankruptcy of banking-as-a-service startup Synapse Financial Technologies left thousands of fintech customers without access to funds held in accounts that were, in some cases, advertised as protected by the Federal Deposit Insurance Corp. The debacle has put partnerships between banks and fintech startups in the regulatory hot seat and accelerated a wave of enforcement …
Regulation, deals and crypto: Fintech themes to watch in 2025 Read More »
Basic Home Loan, a fintech start-up, secured $10.6 million in Series B funding. The funds will be used to grow its market presence, develop its lending book, and upgrade technology. They are targeting significant loan disbursement growth and have assisted over 250,000 families since 2020.
A new cyber scam called ‘Jumped Deposit’ targets UPI users. Scammers deposit a small amount in your account, and when you check your balance, you unknowingly authorize a withdrawal. Review your account for suspicious transactions regularly and verify unexpected deposits with your bank. Protect your sensitive information like PINs and OTPs.
Heading into 2025, the fintech sector is expected to emphasise B2B infrastructure solutions, AI-driven compliance automation, and secured credit products. Despite a slowdown in consumer lending, venture investors are eyeing business lending and digital public infrastructure innovations, with AI increasing efficiency in compliance and fraud detection.
Unified Payment Interface (UPI) transactions closed the year with an all-time high transaction volume of 16.73 billion in December 2024, surpassing October’s 16.58 billion transactions. Immediate Payment Service (IMPS) transactions rose to 441 million in volume while FASTag, India’s toll collection system, processed 382 million transactions. Aadhaar Enabled Payment System (AePS) transactions also reached 93 …
UPI clocks 540 mln daily transactions, crosses 16.73 Bn volume mark in Dec ‘24 Read More »
The removal of the cap on WhatsApp Pay’s users could challenge the existing duopoly of PhonePe and Google Pay, prompting these players to innovate further and enhance user experience.
WhatsApp Pay will continue to comply with all existing UPI guidelines and circulars applicable to existing Third-Party Application Providers (TPAPs), it said.
INDIA-PAYMENTS-India delays UPI payments market share cap in relief for Walmart-backed PhonePe, Google Pay
Mswipe, a point of sale (POS) solutions provider, has registered a loss of Rs 46.2 crore in FY24, against Rs 49 crore loss in FY23.
