Fintech News

The launch of Bettapay aligns with the government’s recent directive urging employers to ensure that all wage payments to workers are made digitally, the company said.

The acquisition makes Signzy as one of the largest RegTech companies in the country providing advanced risk and compliance solutions to financial institutions.

According to a recent report by Growthpal, there has been a marginal decline in mergers and acquisitions in the fintech space in 2023, with lending leading the acquisitions with about 30 per cent, followed by payments and wealthtech. Here’s what the report revealed:

PhonePe expects to increase market share due to Paytm’s troubles. CEO Sameer Nigam emphasizes compliance and plans to attract rival customers. Paytm has shifted accounts to Axis Bank to continue operations after the RBI deadline. CEO Sameer Nigam without naming Paytm said that the company may capitalise where its competitors are at a loss.

American online payments gateway service provider PayPal has registered its operations with the Financial Intelligence Unit of India, about six years after a protracted legal battle ensued between the two entities. PayPal has also appointed a principal officer, as stipulated under the anti-money laundering law, for conducting official communication with the FIU while the appointment …

PayPal registers with FIU under anti-money laundering law Read More »

Union Minister Rajeev Chandrasekhar supports RBI’s measures against Paytm Payments Bank, emphasises legal compliance, warns about consequences of non-compliance and highlights the ‘genetic flaw’ of entrepreneurs and startups in the fintech sector operating in the digital economy. Contrary to the perception that the RBI’s action against PPBL has unsettled the fintech sector, Chandrasekhar disagreed, stating …

Entrepreneurs and startups have this ‘genetic flaw’: IT minister Chandrasekhar on Paytm Payments Bank Read More »

The scrip of crisis-hit fintech company surged 5 per cent each to Rs 376.45 and Rs 376.25 apiece — its upper circuit limit — on the BSE and NSE. The 30-share BSE Sensex benchmark gained 37.98 points or 0.05 per cent to 72,746.14, while NSE Nifty rose 3.05 points to 22,110.60.

With declining options and increasing business risks, the company faces a scenario where revenue growth may decelerate, margins could come under pressure, and losses might widen.

Bitcoin’s m-cap increased to $1.027 trillion in the last 24 hours. The token’s dominance is currently 51.81%, according to CoinMarketCap. BTC volume in the last 24 hours fell 13.3% to $18.6 billion. Altcoins like Polygon and Internet Computer rose 6% and 9%, while Solana, Dogecoin, Shiba Inu, Toncoin, Polkadot, and Cardano gained up to 2%.

To retain the mobile wallet functionality within the Paytm app, One97 Communications, the parent company of Paytm, would need to submit a fresh application to the RBI for a prepaid payment instrument licence.