Category Added in a WPeMatico Campaign
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.
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.
