Category Added in a WPeMatico Campaign
According to data from National Payments Corporation of India, UPI processed Rs 23.49 lakh crores across 16.58 billion financial transactions in October 2024. This marks a 45% on-year growth from 11.4 billion transactions a year ago. UPI now has 632 banks connected to its platform and dominates India’s payments landscape.
India’s fintech ecosystem is witnessing rapid growth, with players like One97 Communications Ltd (Paytm) scaling operations while working toward achieving steady-state economics.
Speaking with ET, Raman Khanduja, cofounder, Mintoak said that through this deal with Z3Partners, the idea is to reach out to more banks in West Asia and Africa, since some of the investor’s limited partners are well connected in those areas. Currently Mintoak gets less than 10% of its overall revenue from its international business …
Mintoak gets a new investor Z3Partners through a secondary deal Read More »
The programme invites applications from startups developing gender-inclusive financial solutions, specifically those with a proven MVP/Product, in the pre-Seed to pre-Series A funding stage, or already generating revenue or traction.
The company plans to launch commercial operations in a few weeks, Anurag Jain, its Founder and Executive Director, said.
With the draft rules emphasising transparency, entities must provide clear, detailed notices about data collection, usage, and the process for withdrawing consent, all while ensuring the notices are available in English and 22 Indian languages.
Facial recognition-based Aadhaar payments, launched by NPCI, have not gained traction even after a year due to limited implementation by banks. Public-sector banks like SBI seek a desktop version from UIDAI. Facial recognition promises lower costs and better reliability compared to other Aadhaar verification methods.
MobiKwik’s first post-listing results for Q2FY25 highlight strong growth, with Payments GMV surging 267.3% YoY and total income rising 42% YoY. The company expanded its user base to 167 million and merchant network to 4.4 million while maintaining industry-leading margins.
Indian FinTechs finally showed revival at the close of 2024, securing USD 425.4 million of funding in December, a significant rebound from November’s USD 130.4 million, the lowest monthly tally for the year. Six deals were closed, with Shubham Housing Finance landing the largest investment of USD 118 million. The trend is also opposite to …
FinTech Funding December 2024: Indian FinTechs raised USD 425.4 Mn Read More »
If each phone number and each bank account can be traced and leads the authorities to the culprit, this menace can be checked to quite an extent. The RBI’s latest six amendments to KYC rules is a step in the right direction – proper implementation must be ensured by instituting strict regulatory mechanism.
