Category Added in a WPeMatico Campaign
India has seen an enormous growth in digital payments with the volume of transactions growing at a CAGR of 55 per cent from FY21-FY24, while the value has grown by 20 per cent in the similar time frame, highlighted a report by 1Lattice.
The company has seen a marginal increase in its merchant subscriber base and a return to January 2024 levels for daily merchant payment GMV, which are seen as critical for the company’s recovery and future growth.
More than 59% of the total loans disbursed by fintechs were given to users below the age of 35, and the average ticket size of personal loans decreased to Rs. 9,861 in the first half of fiscal 24, from Rs. 10,955 in fiscal 22. However, delinquency rates are higher among younger age groups.
Zaggle Prepaid Ocean Services Ltd reported a net profit surge of nearly 714% for the first quarter ending June 30, 2024, reaching Rs 16.7 crore. Revenue from operations increased by 113% to Rs 252 crore. The growth was driven by higher credit card volumes and strong performance of its Zoyer platform, alongside strategic client additions.
More than 59% of the total loans disbursed by fintechs were given to users below the age of 35, and the average ticket size of personal loans decreased to Rs. 9,861 in the first half of fiscal 24, from Rs. 10,955 in fiscal 22. However, delinquency rates are higher among younger age groups.
Flipkart has integrated its various fintech services into a single vertical named ‘Flipkart Pay’. This new platform includes services like UPI, bill payments, insurance, and co-branded credit cards. The move follows recent expansions and a spinoff of PhonePe. Meanwhile, Amazon is also boosting its fintech activities, creating a more competitive payments market.
The funds will be used to expand the digital personal loans segment and capitalise on technological advancements to be part of India’s growing digital lending industry.
With angel tax being scrapped off in this year’s Union Budget, the startup ecosystem and investors are much relieved and predict that this will further boost both domestic and foreign investments into the ecosystem. ETBFSI spoke to a few investors and brings to its readers a comprehensive view on this tax scheme which was introduced …
Angel Tax scrapped: Detailed FAQ on the tax structure & how it’ll pan out Read More »
A recent report by FACE highlighted that digital personal loans by Fintech NBFCs, though worth 11 per cent of the personal loan market by sanction value, continue to expand their outreach by seizing opportunities of vast underserved markets and customer preference for digital credit. Fintech loans drive the loan volumes, significantly contributing to digital financial …
Significant uptick in fintech loans, 9 cr loans sanctioned by Fintech NBFCs: Report Read More »
When a cyber villain affects a system, it is as unstoppable as an earthquake or pandemic. Traders, for example, who have had their cryptocurrencies and funds locked on WazirX due to a recent cyberattack are now facing the consequences. Due to these incidents, what is now coming to the fore is that unlike banks or …
