Fintech News

Given the month of festivities, UPI transaction volume witnessed a significant uptick from 15.04 Bn in September to reaching 16.68 Bn in October. Immediate Payment Service (IMPS) transactions rose to 467 million in volume and Rs 6.29 trillion in value, while FASTag, India’s toll collection system, processed 345 million transactions worth Rs 61.15 billion. Aadhaar …

UPI clocks 535 Mln daily transactions in Oct; crosses 16.58 Bn in volume Read More »

Consumer payment companies like PhonePe, Paytm, Amazon Pay, and Cred have significantly reduced their marketing expenditures and customer incentives, reflecting a maturing digital payments market in India. This trend indicates a shift from aggressive customer acquisition strategies to a more sustainable approach focused on profitability.

Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore, said Global Finance and Tech Network (GFTN) will strengthen fintech collaboration between India and Singapore. GFTN will also explore investment opportunities and focus on building on existing partnerships like the UPI-PayNow linkage.

Total expenses for the Bengaluru-based firm fell to Rs 3,280 crore in FY24 from Rs 3,635 crore a year earlier, with employee benefit expenses declining marginally to Rs 216.4 crore from Rs 227.2 crore.

Jaiswal said that Digital pathways are fast connecting India-Spain technological partnership

The Monetary Authority of Singapore (MAS) has launched the Global Finance & Technology Network (GFTN) to bolster Singapore’s status as a premier Global FinTech hub. Led by Chairman Ravi Menon, GFTN aims to drive innovation and growth in the financial services sector. Sopnendu Mohanty will be the Group CEO for GFTN.

The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google’s Africa Investment Fund and Verod Capital came in as new investors.

Cashfree Payments has secured the Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI), adding to its existing Payment Aggregator and Payment Aggregator-Cross Border licenses. This will help the fintech expand its payment offerings, driving innovation and growth in India’s digital payments ecosystem.

According to the startup, the funding round, led by Nexus Venture Partners, will enable them to advance product innovation and expand its offerings.

The initiative aims to support over 30 startups in its initial year, TurboStart Founder and CEO, Ganesh Raju, told ET. “Unlike traditional funds that require high-value investments, TurboStart’s model allows smaller ticket sizes, enabling more investors to participate with multiple transactions with full transparency,” he said.