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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.
INDIA-PAYMENTS-India delays UPI payments market share cap in relief for Walmart-backed PhonePe, Google Pay
WhatsApp Pay will continue to comply with all existing UPI guidelines and circulars applicable to existing Third-Party Application Providers (TPAPs), it said.
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.
Bengaluru police arrested four individuals, including an Axis Bank relationship manager, for defrauding Cred of Rs 12 crore. The group used fake documents and manipulated bank details to withdraw the funds. The scam was uncovered after detecting suspicious transactions in Dreamplug Paytech Solutions’ accounts.
As per the statement on Development and Regulatory Policies dated April 05, 2024, it has been decided to enable UPI payments from/to full-KYC PPIs through third-party UPI applications, the RBI said in a release.
