Category Added in a WPeMatico Campaign
The Enforcement Directorate found serious compliance failures by multiple fintech companies during a money laundering probe linked to a Rs 33 lakh cyber fraud. These companies ignored KYC norms and accepted money from dubious sources, which was converted to cryptocurrency and transferred internationally.
The accused have allegedly scammed customers out of Rs 2,200 crore across 20 states in India, and transferred the proceeds out of India. A part of this was frozen with the payment gateways.
BROADRIDGE-INDIA-US fintech firm Broadridge to boost India headcount by 26% in 3 years, top exec says
The fintech fund was set up in 2021, with an objective to invest in early-stage fintechs, has its second fund after raising Rs 200 crore from UHNI, HNI and family offices.
The average transaction size for UPI-enabled credit cards is Rs 1,125, significantly lower than the Rs 4,000 average for traditional credit cards, making it an ideal option for everyday purchases, according to Kiwi 2024 report.
As a part of this partnership, more than 200 individuals from select NGOs will be trained under a train-the-trainer model, equipping them with knowledge and tools to spread digital payment awareness.
The Kiwi 2024 report highlights that UPI-enabled card users now make an average of 40 transactions per month, eight times more than traditional credit card users. Monthly spending has increased by 5%, reaching Rs 40,000 per user. With an average transaction size of Rs 1,125, these cards are becoming the preferred choice for daily purchases.
The company’s management expects contribution margins, excluding UPI incentives, to remain in the 50-55% range, with potential for improvement to 55-60% including incentives.
PhonePe on Tuesday announced the launch of an extensive campaign around the ongoing Mahakumbh mela in Pragyaraj.
Navi Technologies, cofounded by Flipkart’s Sachin Bansal, was defrauded of Rs 14.26 crore. Scammers exploited a system bug, using a third-party payment gateway to manipulate payment amounts, marking transactions as successful for Rs 1 while the company was charged the full amount. A case has been filed in Bengaluru against the unidentified scammers.
