According to a report by The Digital Fifth in July 2024, the fintech industry experienced an influx of USD 61 million, marking the third consecutive month this year to exceed last year’s funding benchmarks. Additionally, it revealed that wealthtech and payments were the top funded segments.
In September 2022, the NPCI launched UPI Lite, a simplified version of UPI aimed at streamlining low-value transactions under Rs 500 per day. Supported by PhonePe, Paytm, and Google Pay, UPI Lite does not require a PIN and allows users to manage small transactions without cluttering their bank statements. The RBI has also introduced auto-replenishment …
This may be the ‘biggest’ reason why you should use UPI Lite Read More »
This latest plan includes multiple offers and discounts and allows students to transfer up to 1,000 units in any major currency for free and avail Exact Amount Guarantee.
India has seen an enormous growth in digital payments with the volume of transactions growing at a CAGR of 55 per cent from FY21-FY24, while the value has grown by 20 per cent in the similar time frame, highlighted a report by 1Lattice.
The company has seen a marginal increase in its merchant subscriber base and a return to January 2024 levels for daily merchant payment GMV, which are seen as critical for the company’s recovery and future growth.
More than 59% of the total loans disbursed by fintechs were given to users below the age of 35, and the average ticket size of personal loans decreased to Rs. 9,861 in the first half of fiscal 24, from Rs. 10,955 in fiscal 22. However, delinquency rates are higher among younger age groups.
Zaggle Prepaid Ocean Services Ltd reported a net profit surge of nearly 714% for the first quarter ending June 30, 2024, reaching Rs 16.7 crore. Revenue from operations increased by 113% to Rs 252 crore. The growth was driven by higher credit card volumes and strong performance of its Zoyer platform, alongside strategic client additions.
More than 59% of the total loans disbursed by fintechs were given to users below the age of 35, and the average ticket size of personal loans decreased to Rs. 9,861 in the first half of fiscal 24, from Rs. 10,955 in fiscal 22. However, delinquency rates are higher among younger age groups.
Flipkart has integrated its various fintech services into a single vertical named ‘Flipkart Pay’. This new platform includes services like UPI, bill payments, insurance, and co-branded credit cards. The move follows recent expansions and a spinoff of PhonePe. Meanwhile, Amazon is also boosting its fintech activities, creating a more competitive payments market.
The funds will be used to expand the digital personal loans segment and capitalise on technological advancements to be part of India’s growing digital lending industry.
