Fintech News

WhatsApp Pay will continue to comply with all existing UPI guidelines and circulars applicable to existing Third-Party Application Providers (TPAPs), it said.

Mswipe, a point of sale (POS) solutions provider, has registered a loss of Rs 46.2 crore in FY24, against Rs 49 crore loss in FY23.

Bengaluru police arrested four individuals, including an Axis Bank relationship manager, for defrauding Cred of Rs 12 crore. The group used fake documents and manipulated bank details to withdraw the funds. The scam was uncovered after detecting suspicious transactions in Dreamplug Paytech Solutions’ accounts.

As per the statement on Development and Regulatory Policies dated April 05, 2024, it has been decided to enable UPI payments from/to full-KYC PPIs through third-party UPI applications, the RBI said in a release.

BHIM-UPI has recorded over 15,547 crore transactions during the January-November phase this year, underscoring its role as a key enabler of India’s digital economy.

Acting upon RBI’s measures announced in April this year, central bank now allows full-KYC PPIs to link with third-party UPI apps, enabling users to make and receive UPI payments beyond issuer apps. Transactions will use UPI credentials for authentication, ensuring security. Updated Master Directions empower PPI issuers to support interoperability.

​​Zaggle recently invested about Rs 48 crore to acquire stakes in two companies. It picked up a 98.32 per cent controlling stake in Span Across IT Solutions (TaxSpanner) by infusing Rs 32.07 crore and another Rs 15.60 crore was invested to secure a 26 per cent stake in Mobileware Technologies.

Digital lenders disbursed 3 crore loans valued around Rs 37,000 crore by September quarter-end. Growth moderated to 19% compared to 44% last year. 34 FACE member companies participated. Total disbursements reached Rs 69,863 crore in the first half. Average loan size was Rs 10,891, with most loans between Rs 10,000 – Rs 25,000.

December will be seeing the celebration of various grand festivals such as Christmas and New Year’s celebrations. Keeping these prominent festivities in mind, Jio Payments Bank has introduced attractive rewards and offers for those opening a new savings bank account with them.

UPI transactions at retail stores have risen by 33% in semi-urban and rural areas this year. Insurance policy purchases and premium collections increased significantly. Credit product volumes grew by 297%, while micro ATM and AePS cash withdrawals declined. PayNearby’s report highlights the critical role of digital retail stores in enhancing financial access and economic progress.