Fintech

FINTECH-Fintech company Revolut swings to $553 million profit

In comparison, private players like HDFC Bank, Axis Bank, ICICI Bank, Yes Bank and IDFC First have an average UPI technical decline of 0.04%. Among private players, Bandhan Bank has seen technical declines of over 1%.

Unified Payments Interface (UPI) which had crossed the 11 billion mark in October with 11.41 billion transactions, 12 billion mark in December with 12.02 billion transactions, 13 billion mark in March 2024 recording 13.44 billion transactions and 14 billion mark in May with 14.04 billion transactions, has witnessed a slight decline and clocked 13.89 billion …

UPI transactions witness marginal dip in June, clocks 13.89 bln in volume Read More »

Uttar Pradesh is home to over 9 million MSME units. In 2017, the state had the sixth-largest economy in India, but today, it has become the second-largest economy in the country.

A report by BCG & QED Investors highlighted that the embedded finance market is expected to have a robust growth reaching approximately USD 320 billion in revenues by 2030, and it will be mainly led by payments, lending and insurance.

The RBI has highlighted concerns over consumer loans, noting that over half of borrowers have three or more loans simultaneously. The Financial Stability Report flags high delinquency rates, especially among personal loans under ₹50,000 and loans from fintech lenders. Despite overall improvements in credit quality, stress in retail loans remains significant, particularly for private sector …

Fintech lenders have high delinquency levels in small value loans says RBI Read More »

LazyPay partners with Blinkit for seamless checkout, expanding its portfolio. PayU’s revenue grows in India, driven by the credit business despite regulatory challenges. India remains a key market for digital payments, with significant growth projected in digital credit transactions.

Groww faces ‘fraud’ allegation: A customer’s complaint against Groww, has sparked concerns over investment safety via execution-only platforms (EOPs). The investor alleged via social media that investments made through Groww could not be withdrawn despite the app showing them as invested. Groww responded, asserting no deduction occurred and the mutual fund transaction did not take …

Groww user alleges ‘fraud’, says app shows mutual fund investment but can’t redeem, company denies; what are lessons for MF investors? Read More »

Amazon Pay India intensified competition with Paytm, PhonePe, and Google Pay, receiving a capital infusion of Rs 600 crore. The company invested Rs 950 crore in the platform and Amazon Seller Services, facing challenges due to RBI actions. With tie-ups for various services, Amazon Pay India reported significant operational revenue and narrowed net losses.

India has recently introduced new notifications to clarify KYC and co-lending standards for fintechs. Similarly, the consumer financial protection bureau in the US is preparing to develop guidelines under Section 1033 of the Dodd-Frank Act, which aims to empower customers by giving them control over their financial data and the right to access and share …

Monthly instant payments jump 4x in 3 years: Study Read More »