Given past impetus on technology-led development, the momentum on digital payments, tech-based startups, entrepreneurship and innovation could continue, despite the likely return of coalition politics.
India’s UPI processed a record 14.04 billion transactions in May 2024, valued at Rs 20.45 lakh crore. Despite a slight dip in April, UPI remains the fastest-growing digital payments platform in India, with a 49% year-on-year increase.
The veteran Indian banking executive’s extensive experience will accelerate Cashfree Payments’ mission to enhance the payments ecosystem.
Binance, the world’s largest cryptocurrency exchange, has halted ‘cash deals’ for P2P trades in India, affecting traders who used the rupee ‘cash option’ to avoid tax regulations.
CASHe is setting up a new technology excellence centre in Hyderabad, planning to hire 150 techies by 2024 to expand its digital engineering capabilities.
100X.VC, a Mumbai venture capitalist firm, injected $2.7 million into 17 startups in their 11th cohort. This brings their total portfolio to 161 companies. Ninad Karpe, founder and partner at 100X.VC, said they invested Rs 1.25 crore in each startup and provided mentorship to help them refine their products and go-to-market strategies.
The payments firm said that it will only be able to support a select number of businesses with focus on international expansion for the time being.
The RBI also plans to explore multilateral linkages and collaborative opportunities for the Fast Payment System (FPS) with regions such as the European Union and the SAARC.
The company has promoted its CTO Amjad Raza Khan to Chief Executive Officer.
Users can store and manage Gift Cards within the Google Wallet app, and will receive reminders to use them at checkout.
