Fintech

The central bank has recently granted in-principle authorisation to a total of 37 existing payment aggregators and 23 new ones.

The company said the growth was primarily driven by market expansion, leadership in the digital payments market, and the launch and scale-up of products and businesses.

One major hurdle appears to be a lack of awareness among users as many seem to be confusing CBDC with the Unified Payments Interface (UPI), which has hindered adoption.

While there has been a funding winter in startups over the past year, funding has seen an uprise in early stage deal funding and decline in late stage deals funding. FinTechs across the globe raised about USD 2.56 billion in September, while the top 20 deals summed up to about USD 1.8 billion.

The government-promoted AI app has collaborated with NPCI to allow a range of tasks, including checking bank account balances, processing electricity payments, recharging Fastags, managing mobile and landline payments, handling gas payments, settling challan payments through voice commands in Indian languages.

The Hurun India rich list of 2023 includes 84 startup founders with a total wealth of Rs 4,23,600 crore. The average age of these founders is 41, and they represent the impact of the startup revolution in India. Radha Vembu of Zoho and Nikhil Kamath of Zerodha are among the prominent founders on the list. …

84 startup founders make it to Hurun India rich list, youngest is 20-years-old Read More »

Prime Minister Narendra Modi on Saturday announced that the governments of both India and Sri Lanka are working together on fintech sector connectivity by linking Unified Payments Interface (UPI) and Lanka Pay.

With festivities round the corner, the festive fervor is at its peak with rebounding economic sentiments and millennials are borrowing aggressively not just for their festive buys but also for vacations and staycations during festivities, hotel bookings and more. Digital lenders have also geared up and are offering lucrative offers to tap into the borrowing …

Digital lenders tap into millennials’ borrowing sentiments with lucrative festive offers Read More »

The Reserve Bank of India (RBI) has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank for failing to comply with regulatory guidelines. The bank was found to have violated licensing guidelines, delayed reporting of cybersecurity incidents, and failed to secure mobile banking applications.

On Monday, Razorpay launched its latest solution, Optimizer, which will allow businesses with large transaction volumes to avoid failures by rerouting them in real time.