Fintech News

Investors can now buy mutual funds directly from AMCs without paying any commission to the platform. For its services, the Accel-backed startup will charge the customer a small fee.

The National Payments Corporation of India discussed partnerships with startups to introduce biometric authentication for UPI transactions. This would enable users to verify payments using fingerprints on Android devices and face ID on iPhones, replacing the current UPI PIN. The move followed the RBI’s proposal for alternative authentication methods to enhance security and user experience.

Sources told us that PhonePe is looking to set up local subsidiaries in these geographies, apply for a payment licence, and offer domestic digital payment systems there. With the Indian experience, the PhonePe leadership is confident of getting a toehold in these emerging economies. This comes as the National Payments Corporation of India plans the …

PhonePe eyes South East Asia, Middle East for its global forays Read More »

Credit card transactions through UPI have hit Rs. 10,000 crore, with Rs. 100-200 crore spent via credit lines, according to NPCI. ICICI Bank leads in disbursing these pre-approved loans. Despite slow growth in credit lines, banks aim to attract new customers by providing small loans against fixed deposits.

Minister of State for Finance Pankaj Chaudhary announced that the government and RBI are working to expand the global reach of UPI, which is currently available in seven countries. The RBI’s Payments Vision Document 2025 includes global expansion of UPI and RuPay cards as a key goal. Efforts involve collaboration with international stakeholders and institutions. …

Govt taking initiatives to expand UPI’s global reach: Pankaj Chaudhary Read More »

Even before the Unified Payments Interface (UPI) was born, India’s retail payments story had gone digital, riding on mobile wallets. These were prepaid payment instruments that needed to be loaded and could be used to pay each other and scan QR codes. But these wallets are dying with reduced adoption.

According to a report by KPMG, VC investments globally rebound to USD 94.3 billion while deal volume declines. AI continues to draw big bets by VC investors with AI accounting for over half of the ten largest funding rounds globally during Q2 2024.

According to a report by The Digital Fifth in July 2024, the fintech industry experienced an influx of USD 61 million, marking the third consecutive month this year to exceed last year’s funding benchmarks. Additionally, it revealed that wealthtech and payments were the top funded segments.

In September 2022, the NPCI launched UPI Lite, a simplified version of UPI aimed at streamlining low-value transactions under Rs 500 per day. Supported by PhonePe, Paytm, and Google Pay, UPI Lite does not require a PIN and allows users to manage small transactions without cluttering their bank statements. The RBI has also introduced auto-replenishment …

This may be the ‘biggest’ reason why you should use UPI Lite Read More »

This latest plan includes multiple offers and discounts and allows students to transfer up to 1,000 units in any major currency for free and avail Exact Amount Guarantee.