Fintech News

SWISS-SNB/Swiss National Bank’s Jordan against issuing of retail CBDC

Freo’s FY 2023-24 revenue hit Rs 350 crore. Profitable since Dec 2023, 5X revenue surge with 25M users by FY24. 40% Q4 FY24 contribution margin, diverse revenue streams, SIDBI investment, Anuj Kacker co-founder.

Freo joins the likes of Navi, Fibe and Kreditbee in profitability, reports positive cash flow over the last four months. They target various consumer segments with innovative financial services, ensuring sustainable business growth and asset quality.

Ecommerce, gaming, utilities, and government services dominated India’s online transactions in H2 2023. UPI transactions surged, mobile wallets gained popularity, and in-store purchases increased. UPI continues to be the king of digital payments in India. The report highlights a remarkable 56% year-on-year growth in UPI transactions between July and December 2023.

Reserve Bank of India UPI: Now individuals don’t need to depend upon third party prepaid payment instrument (PPI) wallets in order to make UPI payments. “To provide more flexibility to PPI holders, it is now proposed to permit linking of PPIs through third-party UPI applications,” said RBI Governor Shaktikanta Das.

Bitcoin reached a record high of $73,798 in mid-March atop a surge of inflows into dedicated US exchange-traded funds that debuted in January. The token has since retreated about 9% as ETF demand cooled. A gauge of smaller digital assets has slumped even more over the same period, shedding some 20%.

Pai Platforms launched PaiPai app on ONDC, while PhonePe introduced Pincode app. Paytm aims for 10 million ONDC merchants. Paytm Mall previously raised $400 million with Alibaba investment.

The QIP received an overwhelming response from both domestic and foreign institutional investors, the brokerage firm said. Angel One allotted 58,70,818 equity shares to qualified institutional buyers at Rs 2555.01 a share.

The RBI has made the change to help lift transaction volumes for the retail CBDC, a source familiar with the pilot said. The process is still in the early stages and the third-party apps will have to seek the RBI’s approval to offer CBDC wallets, the source added. The source did not wish to be …

India to broaden e-rupee distribution beyond banks to boost retail use: RBI Read More »

The RBI Governor also said that it has been decided to all the distribution of Central Bank Digital Currency (CBDC) through non-bank payment system operators to make CBDC-Retail accessible to a broader segment of users. The CBDC pilots are currently in operation with the increasing number of use cases and participating banks.