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From being an early player offering online payments to internet companies back in 2011, to facing severe competition from new-age startups such as Paytm and Razorpay, to a failed attempt to acquire Billdesk and facing a merchant acquisition embargo from the Reserve Bank of India, PayU has had a chequered history in India.
Meanwhile, a fall in US retail sales in October after months of strong gains pointed to a cooling economy and strengthened expectations that the Fed is done hiking rates.
Federal Bank has launched unified payment interface (UPI) lite functionality for small value digital payments. UPI Lite functionality is an offline small value UPI payment method which can be used within specified transactional limits. However there is no requirement of installing a seperate app for UPI Lite as existing UPI apps supports this feature.
Data showed US consumer prices were unchanged in October, and the annual rise in underlying inflation was the smallest in two years. In the 12 months through October, the CPI climbed 3.2% – below economists’ estimates – after rising 3.7% in September. However, the global cryptocurrency market witnesses a decline in values of major cryptos.
Ajay Kumar Choudhary, who was the previous executive director in charge of the fintech department has retired, said a senior banker in the know. Choudhary has been appointed to the board of RBI Innovation Hub, the person added.
Banking infrastructure and lending solutions provider Knight Fintech is in final stages to close a $25 million funding round led by Accel. Existing backers 3one4 Capital and Prime Venture Partners are also expected to participate in the new funding round. However, final contours of the deal are still being worked out.
UK-based blockchain-based wholesale payments firm, Fnality seeks to bridge the gap between mainstream and digital finance to cut the time and cost of settling, managing collateral and making payments for financial market transactions. It has raised around USD 95 million in a second round of funding and awaits for approval to begin operations.
Razorpay will seek clearance from the National Company Law Tribunal (NCLT) in the next two months to merge its American holding company with its India unit. It would then also officially appoint an auditor for the valuation discussions.
While regulatory scrutiny has increased, the industry continues to grapple with issues of speculation and insufficient safeguards.
The report emphasises the evolving preferences of borrowers and lenders, signalling a shift towards digital financial services.
