SabPaisa, a payment solutions provider, has received final approval from RBI to function as a Payment Aggregator under the Payments and Settlement Systems Act, 2007. Pathikrit Dasgupta, the CEO, highlighted the milestone, dedication to excellence, and aspiration to emerge as a premier fintech entity in India.
The RBI’s new framework marks a significant step towards self-regulation and maturity in the fintech sector, paving the way for sustainable growth and innovation.
New York [US]/ Bangalore (Karnataka) [India], Leading global AI-powered credit underwriting platform provider Scienaptic AI announced today that Fi (Epifi Technologies Pvt. Ltd.) has completed deployment and is live on its Credit Decisioning Engine platform. This deployment facilitates a faster and more robust decision-making process, enabling individuals to access Fi’s products and services efficiently. Fi …
India, a global leader in FinTech innovations such as secure payment systems, paperless lending, mobile banking, and digital wallets, ranks third globally in this sector, behind only the USA and China.
In the Asia-Pacific region, mobile and digital wallets have overtaken traditional payment methods like cash and bank transfers for e-commerce payments.
A recent report by Fintech Association for Consumer Empowerment highlighted that over 10 crore loans has been disbursed in the previous financial year, with a jump of 35 per cent in volume and 49 per cent in value, in FY24.
This significant uptake of alternative payment solutions can be attributed to the widespread usage of mobile wallets, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning QR codes.
With the help of credit on UPI, people and companies can obtain bank credit lines that have already been approved. Now customers can scan to use their credit on UPI with ICICI Bank mobile app’s PayLater option.
In an exclusive interaction with ETBFSI, Vikas Bansal, Whole-Time Director of Amazon Pay India, confirmed the entry into Credit on UPI business, and said the Fintech is working with the NPCI, and banks. On the question of launch date, he said that it will happen ‘very soon’. He further spoke on the recent development of …
Exclusive: Amazon Pay’s Credit on UPI will finance from online food to washing machine Read More »
FinTech Leaders spoke on the need of a broader licensing framework for the fintech ecosystem, with more and more fintechs voluntarily wanting to be regulated. They further highlighted how every digital lender has a hero product today but are unsure about what next they can bring to the table.
