Angel One launches Fin One to boost financial awareness among young Indians
Angel One Ltd, a prominent fintech brokerage in India, has announced the launch of Fin One, a digital-first initiative set to transform financial literacy for a billion Indians.

Niyogin Fintech Q4 Results Live : loss falls by 15.04% YOY
Niyogin Fintech Q4 Results Live : Niyogin Fintech declared their Q4 results on 14 May, 2024, showcasing a significant growth in revenue and a reduction in losses. The topline increased by 48.75% year-over-year, while the loss decreased by 15.04% compared to the same period last year.

Two top executives to sell 1.86% stake in PB Fintech for ₹1,053 crore
Mumbai: Two top executives of PB Fintech are planning to sell some portion of their stake in the company for ₹1,053 crore through block deals with a floor price of ₹1,258 per share, a 6 per cent discount to the closing share price on Thursday. According to the term-sheet seen by businessline, Yashish Dahiya and Alok Bansal will be selling 54 lakh shares and 29.7 lakh shares respectively, cumulatively representing 1.86 per cent equity of the fintech. According to the shareholding pattern at the end of March 2024, Dahiya held 4.63 per cent stake or 2.1 crore shares in the company, while Bansal held 75.4 lakh shares or 1.67 per cent stake.

PhonePe UPI payments launched in Sri Lanka

PhonePe-LankaPay tie up: Here's how you can now make UPI payments via PhonePe in Sri Lanka
PhonePe on Wednesday, May 15 announced a partnership with LankaPay to allow its users to pay using unified payment interface (UPI) in Sri Lanka. At a recent event to mark the collaboration, PhonePe said its app users travelling to Sri Lanka can make payments using UPI across the LankaPay QR merchants.

India, Zimbabwe likely to ink pact for cooperation in fast payments system

It was agreed during the third session of India-Zimbabwe Joint Trade Committee (JTC), which was held here on May 13 and 14.

Anushka and Virat-backed 'Go Digit' to hit market today

Razorpay unveils new employee health insurance policy with sibling coverage, HIV/AIDS treatments

BimaPay raises $2 million funding to scale operations, enhance technology

Fintech startup BimaPay raises $4 million in pre-Series A funding
BimaPay has raised $4 million in a pre-Series A funding round led by LC Nueva Investment Partners. The funds will be used to improve its tech infrastructure and to expand its reach. Founded by Hanut Mehta and Mohit Gupta along with Kapil Garg, BimaPay offers insurance premium financing, where they provide customers with flexible payment options. The startup also supports insurance intermediaries by addressing their day-to-day cash-flow requirements. k amoghavarsha

UPI growth 2.0: Efforts on to crack DBT code
Bengaluru: The Reserve Bank of India and banks are looking to get beneficiaries of the government's direct benefit transfer (DBT) schemes to do their routine transactions on the Unified Payments Interface (UPI) platform, in a bid to make more people transact digitally instead of cash.
 

Paytm to focus on UPI Lite wallet for low-value transactions
One97 Communications, the parent company that owns the Paytm brand said on Monday it plans to focus on its UPI Lite wallet to cater to users who prefer a digital wallet for low-value payments.

Zomato to surrender RBI licence to operate as online payment aggregator
New Delhi: Food tech major Zomato on Monday said its subsidiary Zomato Payment Pvt Ltd (ZPPL) has decided to voluntarily surrender the certificate of authorisation it obtained from the Reserve Bank to operate as an online payment aggregator.

Ippopay ropes in ex-RBI regional director as its senior advisor
Chennai-based fintech firm Ippopay Technologies has appointed former Reserve Bank of India (RBI) regional director SMN Swamy as a senior advisor. Swamy, who has held leadership roles across RBI offices in Chennai, Thiruvananthapuram, Bengaluru, Hyderabad, Ahmedabad and Mumbai over a decade-long career, brings deep regulatory and banking operations experience to Ippopay.

UPI payments see surge in India, leading people to overspending too: Experts

Fintech firm Zeta launches UPI-linked digital credit service for banks | Here’s how this will work
Fintech platform Zeta has announced the launch of its ‘Digital Credit’ as a service offering.

Intellect Design Arena crosses ₹2,500 crore revenue mark in a fiscal
Chennai: Intellect Design Arena Ltd, the Chennai-based fintech company reported a reduced net profit of ₹85 crore in the fourth quarter ended March 31, 2024, as against ₹91 crore in the corresponding quarter last year. The net profit was without considering one-off exceptional item of MAT credit write-off of ₹12.51 crore in Q4FY24, says a release. Total revenue for Q4FY24 stood at ₹612 crore (₹621 crore).

Zeta launches digital credit as service for banks in India
 

Paytm refutes reports on invoking loan guarantees due to repayment defaults by lending partners

Paytm Payments Bank transfers bill payment operations to Euronet Services
Euronet, an American payment technology company, manages backend settlement systems for various digital payment methods in India.

Paytm denies claims on its lending partners invoking loan guarantees

The Noida-based company clarified that it does not offer a First Loss Default Guarantee (FLDG) or loan guarantees to its lending partners.

NPCI to delay payments market cap by two years, helping PhonePe, Google Pay

The National Payments Corporation of India (NPCI), the quasi-regulator, will extend by as much as two years a year-end deadline to cap at 30% the market share of any company processing payments via the Unified Payment Interface (UPI), the sources with direct knowledge of the matter told Reuters.
 

RBI guv meets stakeholders to further widen UPI reach

NPCI beefs up infosec team with two senior appointments

RBI holds meeting to discuss UPI strategies
The Reserve Bank of India(RBI) Governor Shaktikanta Das has on Wednesday, held a meeting with major stakeholders in the unified payments interface ecosystem to discuss potential strategies for further expanding the reach of the unified payments interface (UPI).

UPI Service providers sought regulatory intervention to make transactions remunerative

Paytm Paytments Bank moves bill pay business to Euronet India

PhonePe corners 49% share in UPI space in April
PhonePe has retained its leadership in the unified payments interface (UPI) ecosystem with a market share of nearly 49% in April across peer-to-peer and peer-to-merchant transactions. The company has maintained leadership in overall UPI transactions for more than 40 months now.

India’s Unified Payment Interface (UPI): A Landscape Revolution for Development
India’s Unified Payment Interface (UPI) has profoundly reshaped the landscape of development within the nation, serving as a revolutionary tool that transcends traditional financial boundaries and accelerates socioeconomic growth. Introduced to simplify and unify diverse payment systems, UPIs have significantly enhanced transactional ease and accessibility, promoting financial inclusion across various demographic segments. Its ability to integrate multiple bank accounts into a single mobile application, enabling direct bank payments through a simple identifier, eliminates the need for disclosing bank details, thus fostering a secure and efficient digital economy. This paradigm shift not only supports the growth of digital transactions in urban areas but also extends its benefits to rural settings, contributing to the reduction of the digital divide. The rapid adoption of UPIs underscores their effectiveness in providing a robust platform for microtransactions, which is vital for small businesses and daily wage earners, thereby catalyzing economic development and inclusivity. As the UPI continues to evolve, it promises to further innovate the payment landscape, potentially making India a global leader in digital payment solutions.

Paytm: Two more top executives depart amid restructuring efforts
Bengaluru : Bengaluru: Paytm's chief business officers, Bipin Kaul and Ajay Vikram Singh, have resigned, following the recent departure of the company's president and chief operating officer Bhavesh Gupta, according to a person in the know.