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BHIM-UPI has recorded over 15,547 crore transactions during the January-November phase this year, underscoring its role as a key enabler of India’s digital economy.
Acting upon RBI’s measures announced in April this year, central bank now allows full-KYC PPIs to link with third-party UPI apps, enabling users to make and receive UPI payments beyond issuer apps. Transactions will use UPI credentials for authentication, ensuring security. Updated Master Directions empower PPI issuers to support interoperability.
Zaggle recently invested about Rs 48 crore to acquire stakes in two companies. It picked up a 98.32 per cent controlling stake in Span Across IT Solutions (TaxSpanner) by infusing Rs 32.07 crore and another Rs 15.60 crore was invested to secure a 26 per cent stake in Mobileware Technologies.
Digital lenders disbursed 3 crore loans valued around Rs 37,000 crore by September quarter-end. Growth moderated to 19% compared to 44% last year. 34 FACE member companies participated. Total disbursements reached Rs 69,863 crore in the first half. Average loan size was Rs 10,891, with most loans between Rs 10,000 – Rs 25,000.
December will be seeing the celebration of various grand festivals such as Christmas and New Year’s celebrations. Keeping these prominent festivities in mind, Jio Payments Bank has introduced attractive rewards and offers for those opening a new savings bank account with them.
UPI transactions at retail stores have risen by 33% in semi-urban and rural areas this year. Insurance policy purchases and premium collections increased significantly. Credit product volumes grew by 297%, while micro ATM and AePS cash withdrawals declined. PayNearby’s report highlights the critical role of digital retail stores in enhancing financial access and economic progress.
Fintech unicorn Razorpay is relocating its headquarters from the US to India, aiming to go public by 2026. Despite potential tax implications, the reverse flipping process is underway, with RBI approval and NCLT involvement. Razorpay’s valuation stands at $7.5 billion.
Aditya Birla Capital takes the lead as the first BFSI company to integrate lending, insurance, and investments on ONDC Network. Through their ONDC, various buyer apps will offer Aditya Birla Capital’s loans, health insurance, and mutual funds.
Razorpay, a payment and banking platform for businesses, celebrates its 10th anniversary by granting Rs 1 Lakh in ESOPs to each current employee. This marks the latest in a series of ESOP buybacks, highlighting the company’s ongoing efforts to provide liquidity and reward employee contributions.
Paytm has launched its first insurance product, a COVID-19 insurance plan, in partnership with Reliance General Insurance. The plan offers coverage up to ₹2 lakh for loss of pay, quarantine expenses, and treatment costs. Available to individuals aged three months to 60 years, the policy is valid for one year with a 15-day waiting period …
