UPI is an instant real-time payment system developed by NPCI to facilitate inter-bank transactions through mobile phones. NPCI backed RuPay debit and credit cards compete with international networks like Visa and Mastercard. Speaking at the same Fintech Fest, the Governor also said RBI will focus on strengthening financial infrastructure, including cross-border payment systems. “India, with …
The Reserve Bank of India has designated the Fintech Association for Consumer Empowerment (FACE) as a Self-Regulatory Organisation in the FinTech Sector. The RBI received three applications, including FACE, for this recognition, and one application has been returned for resubmission. The governor indicated that more such organisations could be approved in the future.
India has always been a “rule-taker” but it has a prominent role to play in rule-making in the fin-tech solutions and DPI area given that most of these technologies are made in the country, a senior diplomat said on Wednesday.
PhonePe CEO Sameer Nigam said the 30% market share cap on Unified Payment Interface is a hurdle for its IPO plans. This and more in today’s ETtech Top 5.
A PwC India report predicts UPI transaction volume to rise to 439 billion by 2028-29, accounting for 91% of retail digital payments. The digital payments landscape will see significant growth, with overall transactions increasing from 159 billion in 2023-24 to 481 billion by 2028-29. Credit card usage is also expected to grow substantially.
The report identifies the key challenges faced by merchants and consumers in the adoption of digital payment services at the grassroots level.
Equal has invested in Onemoney, India’s largest account aggregator. This partnership aims to enhance financial data security and democratise financial products. Both companies plan to innovate responsibly, focusing on consent-based and privacy-focused financial data sharing and governance within the BFSI sector.
Paytm Money appointed NV Srinivasan as non-executive independent director. Srinivasan had earlier chaired the Reserve Bank of India’s Technical Advisory Committee for the fixed income, money markets and derivatives association (FIMMDA). He brings with him extensive experience in finance, risk management, and banking. He aims to contribute to Paytm Money’s mission of transforming India’s investment …
Paytm Money appoints NV Srinivasan as non-executive independent director Read More »
In March 2022, the tech-driven composite debt platform formerly known as CredAvenue, raised $137 million in a Series B funding round led by New York-based VC firm Insight Partners. Following a secondary share sale, it attained unicorn status and was valued at $1.5 billion.
Pop has reached more than 1.5 million transactions since its launch. The app’s UPI rewards, via Popcoins, are merchant-funded and can be redeemed to buy products from direct-to-consumer (D2C) brands in categories such as beauty, personal care, electronics, fashion, and home goods – all housed within the Pop app.
