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The reduction in digital payment incentives raises concerns about the future growth and sustainability of UPI and other digital payment methods, especially given the significant costs involved in maintaining the payments infrastructure.
The partnership will enable Paytm to expand its presence by reaching a broader merchant base through Axis Bank. At the same time, it will enhance the latter’s merchant acquiring portfolio by improving transaction efficiency, according to a statement released on Tuesday.
Industry is hopeful that eventually this will be scaled up, and a higher sum of money will be disbursed to banks which will eventually be paid to payment applications. To promote digital payments the central government has made low value UPI and RuPay debit card payments at zero cost.
The announcement to abolish angel tax for all classes of investors was made during the presentation of Budget 2024-25 in the Lok Sabha.
Top venture capitalists and investors commented that the abolishment of angel tax will attract not just domestic investors but also foreign investments and will also bring confidence in the startup ecosystem as well as among investors.
NPCI introduces ‘UPI One World’ wallet service for international travelers in India, offering a cashless payment solution linked to UPI. The service simplifies transactions for foreign nationals and NRIs from G20 countries, providing a convenient alternative to carrying cash.
Valued at $700 million, Kreditbee flipping base to India will set the stage for a domestic initial public offering by the company — the key reason behind moving domicile here. Khatabook, another fintech backed by Y Combinator and Tribe Capital, has also begun work on moving its domicile to India from the US, sources briefed …
Kreditbee, Khatabook’s domicile shift likely to pave way for IPOs Read More »
The huge amount of inward remittances to India every year and the freelancers and software service companies in India catering to global companies make cross-border payments a big opportunity for India. The Economic Survey for 2023-24 sees remittances growing 4% to $129 billion by 2025.
The Economic Survey 2023-24 calls for closing regulatory gaps in the fintech sector and aligning with global best practices. It emphasizes moving towards data-based lending instead of judgment-based lending, particularly for small businesses. The survey also suggests evolving a common approach for user data like KYC across regulators and highlights India’s goal to become a …
Eco Survey calls for need to plug regulatory gaps in fintech sector Read More »
The UPI payments space has seen an influx of new players in recent times. The entrants are challenging the dominance of PhonePe and Google Pay, which control more than 80% share of the market.
