UPI transactions in India surged 52 per cent year-on-year to 78.97 billion in the first half of 2024, with transaction value increasing 40 per cent to Rs 116.63 trillion, reveals Worldline India’s latest report. PhonePe and Google Pay remain the leading UPI apps, collectively dominating market share alongside Paytm.
Bengaluru (Karnataka) [India], Truecaller launches blue tick verification for all Premium users in India. The new Verified Badge service allows users to verify their identity through the government-backed Unified Payments Interface (UPI) to confirm their correct names.
The Reserve Bank of India (RBI) has announced enhancements to UPI 123PAY and UPI Lite Wallet, increasing transaction limits to facilitate wider adoption. The move aims to boost financial inclusion and convenience for users, particularly in areas with limited internet connectivity.
According to investors, regulatory minefields and market realities have led to a sharp decline in Indian fintech valuations, with caution and diligence now defining investment decisions.
Appreciate has conducted a Rs 100 mutual fund transaction on the ONDC Network. They are partnering with Nippon India AMC to make investments accessible. Their goal is to democratize financial services and include low-ticket investments. This aligns with ONDC’s vision of financial inclusion, expanding its services to mutual funds, following successful digital lending efforts.
Pre-approved ICICI Bank customers can now instantly activate a credit line of up to ₹2 lakh on the PhonePe app for UPI transactions, enhancing digital credit access during the festive season.
Former Head of Consumer Banking at Kotak Mahindra Bank, Virat Diwanji has been appointed as the Additional Director at Zaggle.
Global FinTech funding rebounded in September 2024, reaching USD 2.2 billion, up from USD 1.74 billion in August, according to latest data by 1Lattice. This uptick signals a potential recovery in the sector, with top FinTechs securing significant investments from major investors.
Paytm is prioritizing rebuilding its consumer payments business after facing regulatory setbacks. The company lost a significant number of users due to RBI restrictions on its payments bank operations. To regain lost users, Paytm is focusing on the consumer payments business and exploring new opportunities like the Third-Party Application Provider (TPAP) model.
Manmeet Singh Dhody, who was the CTO of payments till now, moves into the role of AI Fellow.
