India’s fintech sector has reached new heights, with a combined market value of $90 billion across 26 unicorns, including one decacorn, and a thriving ecosystem of soonicorns and minicorns. According to a recent report by Beams FinTech Fund and JM Financial, India is home to a vibrant fintech industry, boasting 10,200 registered fintech startups.
Paytm will focus on achieving profit after tax instead of centring on operational profit before employees stock option, the fintech’s founder and CEO Vijay Shekhar Sharma said on Thursday.
NPCI has reported a 37% growth in its net profit at Rs 1,134 crore for FY24. Total revenue was up 42% at Rs 3,278 crore on a consolidated basis. Income from payment services increased 37% to Rs 2,693 crore during the reporting period.
FinTech giant Paytm is set to reapply for a payment aggregator license with the Reserve Bank of India (RBI), the company’s CEO revealed in the AGM. Despite facing challenges, including a recent increase in net loss, Paytm remains committed to driving growth and innovation in the industry.
Paytm founder Vijay Shekhar Sharma announced at the company’s 24th annual general meeting that they aim to achieve profitability soon. The company will strictly adhere to regulatory guidelines and adopt a compliance-first approach. Paytm plans to expand its merchant network and build cross-sell capabilities around financial services like loans, mutual funds, and insurance products.
NPCI charges for credit line on UPI: The NPCI has released a circular to the banks regarding how charges will be levied on the pre-sanctioned credit line on UPI offered by banks. The charges specified in the circular will be effective from October 16, 2024. How the new charges on UPI credit line will impact …
T Koshy, MD & CEO elaborated on the operational dynamics of the network, explaining that ONDC provides the essential ‘language’, the framework for communication between buyer and seller interfaces. This model enables a gateway for buyer requests to be broadcast to sellers and maintains a directory of authorized service providers.
India is advocating for enhanced transparency from fintech firms, credit card companies, and payment aggregators at the Financial Action Task Force. The aim is to ensure sender and recipient details in cross-border transactions are accessible to law enforcement agencies. This proposal seeks to improve information sharing without imposing excessive costs on the industry.
The penetration of personal loans has seen growth, with increases of 24 per cent in Bihar, 21 per cent in Tamil Nadu, and 20 per cent in Uttar Pradesh in FY’24 compared to the previous year.
PhonePe has partnered with Liquid Group to enable Indian travelers in Singapore to make payments using the PhonePe app. This collaboration allows users to scan merchant QR codes and pay in Indian Rupees. The partnership also facilitates international remittances via UPI, enhancing convenience for NRIs in Singapore.
